Derivative Instruments and Hedging Activities (Tables)
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6 Months Ended |
Jun. 28, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Interest Rate Derivatives |
The following table summarizes the Company’s interest rate derivative agreements as of June 28, 2026, all of which were interest rate swaps: | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amount
(In millions) | | Description | | Hedge Designation | | Effective Date | | Expiration Date | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 175.0 | | | Pay 3.7435% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 16, 2032 | | $ | 100.0 | | | Pay 3.6275% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 22, 2030 | | $ | 200.0 | | | Pay 3.7435% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 16, 2032 | | $ | 250.0 | | | Pay 3.6275% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 22, 2030 | | $ | 100.0 | | | Pay 3.6275% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 22, 2030 | | $ | 225.0 | | | Pay 3.7435% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 16, 2032 | | $ | 250.0 | | | Pay 3.6275% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 22, 2030 | | $ | 100.0 | | | Pay 3.6275% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 22, 2030 | | $ | 100.0 | | | Pay 3.7435% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 16, 2032 | | $ | 100.0 | | | Pay 3.7435% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | August 22, 2025 | | August 16, 2032 |
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| Schedule of Currency Hedging Instruments |
The following table provides details of the currency hedging instruments outstanding as of June 28, 2026: | | | | | | | | | | | | | Description | Notional Amount
(In millions) | | Hedge Designation | | Foreign currency forward contracts | $ | 533.7 | | | Cash Flow Hedge | | Foreign currency forward contracts | $ | 894.1 | | | Non-designated |
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| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
The following table summarizes pre-tax gains and losses from designated derivative and non-derivative instruments within AOCI for the three and six months ended June 28, 2026 and June 29, 2025: | | | | | | | | | | | | | | | | | | | Designated Hedging Instruments | | (In millions) | Amount of Loss (Gain) Recognized in OCI on Hedges | | Location of Amounts Reclassified from AOCI into Loss | | Amount of Loss (Gain) Reclassified from AOCI into Loss | | Three Months Ended June 28, 2026 | | | | | | | Foreign currency forward contracts (sales) | $ | 1.6 | | | Total revenues | | $ | 0.7 | | | Foreign currency forward contracts (purchases) | $ | — | | | Cost of sales, excluding amortization of intangibles | | $ | — | | | Interest rate derivatives | $ | (6.8) | | | Interest expense, net | | $ | 0.8 | | | | | | | | | Six Months Ended June 28, 2026 | | | | | | | Foreign currency forward contracts (sales) | $ | 0.9 | | | Total revenues | | $ | 0.6 | | | Foreign currency forward contracts (purchases) | $ | (0.1) | | | Cost of sales, excluding amortization of intangibles | | $ | 0.1 | | | Interest rate derivatives | $ | (27.8) | | | Interest expense, net | | $ | 1.5 | | | | | | | | | Three Months Ended June 29, 2025 | | | | | | | Foreign currency forward contracts (sales) | $ | 3.5 | | | Total revenues | | $ | (1.2) | | | Foreign currency forward contracts (purchases) | $ | (0.1) | | | Cost of sales, excluding amortization of intangibles | | $ | 0.1 | | | Interest rate derivatives | $ | 2.9 | | | Interest expense, net | | $ | (2.5) | | | | | | | | | Six Months Ended June 29, 2025 | | | | | | | Foreign currency forward contracts (sales) | $ | 6.1 | | | Total revenues | | $ | (2.3) | | | Foreign currency forward contracts (purchases) | $ | 0.2 | | | Cost of sales, excluding amortization of intangibles | | $ | 0.1 | | | Interest rate derivatives | $ | 16.4 | | | Interest expense, net | | $ | (5.1) | |
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| Schedule of Net Investment Hedges |
The effect of the Company’s net investment hedges on OCI and the Consolidated Statements of Loss are shown below: | | | | | | | | | | | | | Net Investment Hedging Relationships | | (In millions) | Amount of Pre-tax (Gain) Loss Recognized in OCI | | Amount of Pre-tax (Gain) Loss Recognized in Other (Income) Expense, Net for Amounts Excluded from Effectiveness Testing | | Three Months Ended June 28, 2026 | | | | | Foreign exchange contracts | $ | (3.3) | | | $ | (1.7) | | | | | | | Six Months Ended June 28, 2026 | | | | | Foreign exchange contracts | $ | (10.5) | | | $ | (3.4) | | | | | | | Three Months Ended June 29, 2025 | | | | | Foreign exchange contracts | $ | 34.6 | | | $ | (3.0) | | | | | | | Six Months Ended June 29, 2025 | | | | | Foreign exchange contracts | $ | 46.9 | | | $ | (6.1) | |
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| Schedule of Derivative Assets at Fair Value |
The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of June 28, 2026 and December 28, 2025: | | | | | | | | | | | | | (In millions) | June 28, 2026 | | December 28, 2025 | | Designated cash flow hedges | | | | | Interest rate derivatives: | | | | | Prepaid expenses and other current assets | $ | — | | | $ | 0.3 | | | Other assets | 8.0 | | | — | | | Other liabilities | 0.1 | | | 19.9 | | | Foreign currency forward contracts: | | | | | Prepaid expenses and other current assets | 23.5 | | | 4.8 | | | Other assets | — | | | 18.5 | | | Other current liabilities | 33.5 | | | 27.7 | | | Other liabilities | 16.5 | | | 35.1 | | | | | | Non-designated hedging instruments | | | | | | | | | | | | | Foreign currency forward contracts: | | | | | Prepaid expenses and other current assets | 4.4 | | | 8.6 | | | Other current liabilities | 4.3 | | | 4.4 | |
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| Schedule of Derivative Liabilities at Fair Value |
The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of June 28, 2026 and December 28, 2025: | | | | | | | | | | | | | (In millions) | June 28, 2026 | | December 28, 2025 | | Designated cash flow hedges | | | | | Interest rate derivatives: | | | | | Prepaid expenses and other current assets | $ | — | | | $ | 0.3 | | | Other assets | 8.0 | | | — | | | Other liabilities | 0.1 | | | 19.9 | | | Foreign currency forward contracts: | | | | | Prepaid expenses and other current assets | 23.5 | | | 4.8 | | | Other assets | — | | | 18.5 | | | Other current liabilities | 33.5 | | | 27.7 | | | Other liabilities | 16.5 | | | 35.1 | | | | | | Non-designated hedging instruments | | | | | | | | | | | | | Foreign currency forward contracts: | | | | | Prepaid expenses and other current assets | 4.4 | | | 8.6 | | | Other current liabilities | 4.3 | | | 4.4 | |
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