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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Currency Forward Contracts
Notional amounts of foreign currency forward contracts were as follows (in millions):
September 30, 2023December 31, 2022
British Pound (GBP)$83.6 $224.9 
European Euro (EUR)77.4 61.7 
Swedish Krona (SEK)45.7 56.9 
United States Dollar (USD)35.7 51.7 
Danish Krone (DKK)26.3 51.7 
Chinese Yuan (CNH)22.7 34.4 
Canadian Dollar (CAD)20.0 24.9 
Polish Zloty (PLZ)5.9 25.2 
Norwegian Krone (NOK)5.1 12.4 
Hungarian Forint (HUF)3.7 10.6 
Mexican Peso (MXN)— 13.3 
Other (1)
4.7 25.9 
Total$330.8 $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 LocationSeptember 30, 2023December 31, 2022
Designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$0.6 $1.1 
Interest rate swap agreementsPrepaid expenses and other current assets— 3.0 
Foreign currency forward contractsOther non-current assets0.4 0.7 
Interest rate swap agreementsOther non-current assets71.5 47.5 
Total designated derivative assets$72.5 $52.3 
Non-designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$4.2 $2.4 
Total non-designated derivative assets$4.2 $2.4 
Designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities$0.8 $4.2 
Cross-currency swapOther accrued liabilities96.2 96.1 
Total designated derivative liabilities$97.0 $100.3 
Non-designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities$0.6 $1.0 
Amount of Gain/(Loss) Recognized against Earnings
The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Consolidated Statements of Operations were as follows (in millions):
Three Months EndedNine Months Ended
Non-Designated DerivativesIncome Statement LocationSeptember 30, 2023October 1, 2022September 30, 2023October 1, 2022
Foreign currency forward contractsOther (income) expense, net$(0.3)$(2.9)$(4.7)$(0.9)
Interest expense, net(1.6)0.1 (2.2)(0.2)
$(1.9)$(2.8)$(6.9)$(1.1)
Foreign currency optionsOther (income) expense, net$— $— $— $16.2 
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
Amount(2)
ClassificationAmount Recognized in Earnings on Derivatives
Three Months Ended
September 30, 2023
Cash flow hedges
Interest rate swap agreements$17.7 Interest expense, net$6.4 Interest expense, net$— 
Foreign currency forward contracts$(6.8)Net sales$(0.2)Net sales$0.2 
Cost of sales$0.2 Cost of sales$0.1 
Other (income) expense, net$— 
 $10.9 $6.4 $0.3 
Net investment hedges
Cross-currency swap$40.1 Interest expense, net$6.4 
Nine Months Ended
September 30, 2023
Cash flow hedges
Interest rate swap agreements$20.9 Interest expense, net$16.2 Interest expense, net$— 
Foreign currency forward contracts(17.0)Net sales— Net sales0.4 
Cost of sales0.4 Cost of sales0.1 
Other (income) expense, net(0.5)
 $3.9 $16.6 $— 
Net investment hedges
Cross-currency swap$(0.1)Interest expense, net$19.2 
Three Months Ended
October 1, 2022
Cash flow hedges
Interest rate swap agreements$65.4 Interest expense, net$0.5 Interest expense, net$— 
Foreign currency forward contracts$1.6 Net sales0.4 Net sales$(0.2)
Cost of sales(1.7)Cost of sales$(0.1)
Other (income) expense, net$(1.0)
 $67.0 $(0.8)$(1.3)
Net investment hedges
Cross-currency swap$90.5 Interest expense, net$(6.7)
Nine Months Ended
October 1, 2022
Cash flow hedges
Interest rate swap agreements$59.2 Interest expense, net$(1.4)Interest expense, net$— 
Foreign currency forward contracts(3.3)Net sales0.9 Net sales(0.3)
Cost of sales(2.9)Cost of sales(0.1)
Other (income) expense, net(1.7)
 $55.9 $(3.5)$(2.1)
Net investment hedges
Cross-currency swap$124.7 Interest expense, net$(10.9)
(1) Net gain of $1.2 million is expected to be reclassified out of AOCI into earnings during the next 12 months
(2) For additional details about the effect of the amounts reclassified from AOCI refer to Note 13.
Schedule of 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 September 30, 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
$1,123.8 $712.6 $43.5 $(0.6)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.2)$0.2 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.2 $0.1 $— $— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $6.4 $— 
Nine Months Ended September 30, 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$3,498.7 $2,245.6 $131.1 $(9.6)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$— $0.4 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.4 $0.1 $— $(0.5)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $16.2 $— 
Three Months Ended October 1, 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
$1,100.2 $737.3 $41.0 $(4.0)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$0.4 $(1.7)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.2)$(0.1)$— $(1.0)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $0.5 $— 
Nine Months Ended October 1, 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$3,296.3 $2,223.5 $115.1 $48.7 
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$0.9 $(2.9)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.3)$(0.1)$— $(1.7)
Treasury locks
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(0.1)$— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(1.4)$—