Derivative Instruments and Hedging Activities (Tables)
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3 Months Ended |
Mar. 30, 2025 |
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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 March 30, 2025, all of which were interest rate swaps: | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amount
(In millions) | | Description | | Hedge Designation | | Effective Date | | Expiration Date | | | | | | | | | | | $ | 550.0 | | | Pay 3.765% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | December 30, 2022 | | May 27, 2027 | | $ | 200.0 | | | Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | December 30, 2022 | | May 27, 2027 | | $ | 300.0 | | | Pay 3.7675% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | December 30, 2022 | | May 27, 2027 | | $ | 400.0 | | | Pay 3.7575% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | December 30, 2022 | | May 27, 2027 | | $ | 350.0 | | | Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) | | Designated cash flow hedge | | December 30, 2022 | | May 27, 2027 |
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| Schedule of Currency Hedging Instruments |
The following table provides details of the currency hedging instruments outstanding as of March 30, 2025: | | | | | | | | | | | | | Description | Notional Amount
(In millions) | | Hedge Designation | | Foreign currency forward contracts | $ | 493.0 | | | Cash Flow Hedge | | Foreign currency forward contracts | $ | 788.2 | | | 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 months ended March 30, 2025 and March 31, 2024: | | | | | | | | | | | | | | | | | | | Designated Hedging Instruments | | (In millions) | Amount of Loss (Gain) Recognized in OCI on Hedges | | Location of Amounts Reclassified from AOCI into Income | | Amount of (Gain) Loss Reclassified from AOCI into Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 30, 2025 | | | | | | | Foreign currency forward contracts (sales) | $ | 2.6 | | | Total revenues | | $ | (1.1) | | | Foreign currency forward contracts (purchases) | $ | 0.3 | | | Cost of sales, excluding amortization of intangibles | | $ | — | | | Interest rate derivatives | $ | 13.5 | | | Interest expense, net | | $ | (2.6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | | | | Foreign currency forward contracts (sales) | $ | (2.8) | | | Total revenues | | $ | 1.3 | | | Foreign currency forward contracts (purchases) | $ | 0.8 | | | Cost of sales, excluding amortization of intangibles | | $ | — | | | Interest rate derivatives | $ | (35.0) | | | Interest expense, net | | $ | (7.2) | |
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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 Loss (Gain) Recognized in OCI | | Amount of Pre-tax (Gain) Loss Recognized in Other Expense, Net for Amounts Excluded from Effectiveness Testing | | | | | | | | | | | | | | Three Months Ended March 30, 2025 | | | | | Foreign exchange contracts | $ | 12.3 | | | $ | (3.1) | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | | Foreign exchange contracts | $ | (11.0) | | | $ | (2.0) | |
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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 March 30, 2025 and December 29, 2024: | | | | | | | | | | | | | (In millions) | March 30, 2025 | | December 29, 2024 | | Designated cash flow hedges | | | | | Interest rate derivatives: | | | | | Prepaid expenses and other current assets | $ | 0.9 | | | $ | 1.3 | | | Other assets | — | | | 12.4 | | | Other liabilities | 3.7 | | | — | | | Foreign currency forward contracts: | | | | | Prepaid expenses and other current assets | 6.0 | | | 11.0 | | | Other assets | 4.0 | | | 9.1 | | | Other current liabilities | 2.2 | | | 3.3 | | | Other liabilities | 9.6 | | | 1.4 | | | | | | Non-designated hedging instruments | | | | | | | | | | | | | Foreign currency forward contracts: | | | | | Prepaid expenses and other current assets | 4.3 | | | 2.8 | | | Other current liabilities | 4.6 | | | 0.7 | |
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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 March 30, 2025 and December 29, 2024: | | | | | | | | | | | | | (In millions) | March 30, 2025 | | December 29, 2024 | | Designated cash flow hedges | | | | | Interest rate derivatives: | | | | | Prepaid expenses and other current assets | $ | 0.9 | | | $ | 1.3 | | | Other assets | — | | | 12.4 | | | Other liabilities | 3.7 | | | — | | | Foreign currency forward contracts: | | | | | Prepaid expenses and other current assets | 6.0 | | | 11.0 | | | Other assets | 4.0 | | | 9.1 | | | Other current liabilities | 2.2 | | | 3.3 | | | Other liabilities | 9.6 | | | 1.4 | | | | | | Non-designated hedging instruments | | | | | | | | | | | | | Foreign currency forward contracts: | | | | | Prepaid expenses and other current assets | 4.3 | | | 2.8 | | | Other current liabilities | 4.6 | | | 0.7 | |
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