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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Apr. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Currency Forward Contracts oreign currency forward contracts were as follows (in millions):
April 1, 2023December 31, 2022
British Pound (GBP)$213.1 $224.9 
European Euro (EUR)65.8 61.7 
Swedish Krona (SEK)65.6 56.9 
United States Dollar (USD)54.8 51.7 
Chinese Yuan (CNH)26.5 34.4 
Danish Krone (DKK)26.3 51.7 
Canadian Dollar (CAD)19.7 24.9 
Mexican Peso (MXN)19.4 13.3 
Hungarian Forint (HUF)15.8 10.6 
Polish Zloty (PLZ)15.7 25.2 
Norwegian Krone (NOK)10.5 12.4 
Other (1)
26.3 25.9 
Total$559.5 $593.6 
(1) Number consists of various currencies notional amounts, none of which individually exceed $10 million in either period presented.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The balance sheet location and gross fair value of our derivative instruments were as follows (in millions):
Balance Sheet LocationApril 1, 2023December 31, 2022
Designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$1.6 $1.1 
Interest rate swap agreementsPrepaid expenses and other current assets— 3.0 
Foreign currency forward contractsOther non-current assets0.7 0.7 
Interest rate swap agreementsOther non-current assets24.9 47.5 
Total designated derivative assets$27.2 $52.3 
Non-designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$1.1 $2.4 
Total non-designated derivative assets$1.1 $2.4 
Designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities$2.3 $4.2 
Cross-currency swapOther accrued liabilities111.3 96.1 
Total designated derivative liabilities$113.6 $100.3 
Non-designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities$0.8 $1.0 
Amount of Gain/(Loss) Recognized against Earnings
The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Consolidated Statements of Operations were as follows (in millions):
Three months ended
Non-Designated DerivativesIncome Statement LocationApril 1, 2023April 2, 2022
Foreign currency forward contractsOther expense (income), net$(1.2)$0.5 
Interest expense, net(0.6)(0.4)
$(1.8)$0.1 
Foreign currency optionsOther expense (income), net$— $3.5 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the effect of derivative instruments designated as hedging instruments in AOCI (in millions):
Gain/(Loss)
Reclassified from AOCI into EarningsRelated to Amounts Excluded from Effectiveness Testing
Amount Recorded in OCI(1)
Classification AmountClassificationAmount Recognized in Earnings on Derivatives
Three Months Ended April 1, 2023
Cash flow hedges:
Interest rate swap agreements$24.9 Interest expense, net$2.9 Interest expense, net$— 
Foreign currency forward contracts(6.7)Net sales0.4 Net sales— 
Cost of sales(0.2)Cost of sales— 
Other (income) expense, net0.1 
Total Cash flow hedges$18.2 $3.1 $0.1 
Net investment hedges:
Cross-currency swap$(23.7)Interest expense, net$(6.5)
Three Months Ended April 2, 2022
Cash flow hedges:
Interest rate swap agreements$— Interest expense, net$(0.5)Interest expense, net$— 
Foreign currency forward contracts$(7.2)Net sales0.3 Net sales$— 
Cost of sales(0.4)Cost of sales$0.1 
Other expense (income), net$0.1 
Total Cash flow hedges$(7.2)$(0.6)$0.2 
Net investment hedges:
Cross-currency swap$(4.6)Interest expense, net$(0.5)
(1) Net loss of $1.6 million is expected to be reclassified out of AOCI into earnings during the next 12 months.
Classification of Gain (Loss) Recognized in Earnings on Fair Value and Cash Flow Hedging Relationships
The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships were as follows (in millions):
Net SalesCost of SalesInterest Expense, netOther (Income) Expense, net
Three Months Ended April 1, 2023
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$1,181.7 $767.9 $43.7 $0.5 
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$0.4 $(0.2)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$— $— $— $0.1 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $2.9 $— 
Three Months Ended April 2, 2022
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$1,074.5 $736.7 $35.8 $(1.1)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$0.3 $(0.4)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$— $0.1 $— $0.1 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(0.5)$—