Derivative Instruments & Hedging Activities |
9 Months Ended |
|---|---|
Oct. 03, 2026 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| DERIVATIVE INSTRUMENTS & HEDGING ACTIVITIES | 8. DERIVATIVE INSTRUMENTS & HEDGING ACTIVITIES The Company addresses certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments and hedging activities. The Company had previously entered into foreign currency forward contracts to reduce the effects of fluctuating foreign currency exchange rates. In addition, the Company had previously entered into interest rate derivatives to manage the effects of interest rate movements on the Company’s credit facilities.
Interest Rate Swap Contracts At October 3, 2026 and September 27, 2025, the Company had no active interest rate swap contracts. Previously, the Company had entered into interest rate swap transactions to hedge the variable interest rate payments on its credit facilities. In connection with these transactions, the Company paid interest based upon a fixed rate as agreed upon with the respective counterparties and received variable rate interest payments. The interest rate swaps were designated as hedging instruments and were accounted for as cash flow hedges. In June 2024, the Company's interest rate swap agreements were terminated in connection with its debt refinancing activities. Upon termination of these effective interest rate swaps designated as a cash flow hedges, the Company received proceeds of $7.1. At October 03, 2026, $5.4 was amortized from accumulated other comprehensive income into earnings as a reduction of interest expense. The remaining $1.7 will be amortized through 2028, of which $1.4, net of $0.3 of taxes, is recorded in accumulated other comprehensive loss. Foreign Currency Forward Contracts At October 3, 2026, the Company had no active foreign currency forward contracts outstanding. At September 27, 2025, the Company had a $0.5 liability, recorded within Other current liabilities, related to foreign currency forward exchange rate contracts. Net Investment Hedge The Company utilizes foreign currency denominated debt to hedge currency exposure in foreign operations. The Company has designated €90.0 of borrowings on the revolving credit facility as a net investment hedge of a portion of the Company’s European operations. The carrying value of the euro denominated debt totaled $101.3 as of October 3, 2026, and is included in the Revolving lines of credit line item in the Condensed Consolidated Balance Sheets. The gain on the net investment hedge recorded in Accumulated other comprehensive loss as part of the currency translation adjustment was $3.1, net of $1.1 of taxes, for the nine months ended October 3, 2026. |