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Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Sep. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following table summarizes the Company’s interest rate derivative agreements as of September 29, 2024, all of which were interest rate swaps:
Notional Amount
(In millions)
DescriptionHedge DesignationEffective DateExpiration Date
$550.0 
Pay 3.765% fixed, receive floating rate
(1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
$200.0 
Pay 3.7725% fixed, receive floating rate
(1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
$300.0 
Pay 3.7675% fixed, receive floating rate
(1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
$400.0 
Pay 3.7575% fixed, receive floating rate
(1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
$350.0 
Pay 3.7725% fixed, receive floating rate
(1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
Schedule of Currency Hedging Instruments
The following table provides details of the currency hedging instruments outstanding as of September 29, 2024:
DescriptionNotional Amount
(In millions)
Hedge Designation
Foreign currency forward contracts$188.7 Cash Flow Hedge
Foreign currency forward contracts$833.6 Non-designated
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 nine months ended September 29, 2024 and October 1, 2023:
Designated Hedging Instruments
(In millions)Amount of Loss (Gain) Recognized in OCI on HedgesLocation of Amounts Reclassified from AOCI into IncomeAmount of Loss (Gain) Reclassified from AOCI into Income
Three Months Ended September 29, 2024
Foreign currency forward contracts (sales)$3.2 Total revenues$— 
Foreign currency forward contracts (purchases)$(0.1)Cost of sales, excluding amortization of intangibles$0.3 
Interest rate derivatives$41.7 Interest expense, net$(7.1)
Nine Months Ended September 29, 2024
Foreign currency forward contracts (sales)$(2.8)Total revenues$2.1 
Foreign currency forward contracts (purchases)$0.7 Cost of sales, excluding amortization of intangibles$0.3 
Interest rate derivatives$(4.1)Interest expense, net$(21.3)
Three Months Ended October 1, 2023
Foreign currency forward contracts (sales)$(1.0)Total revenues$1.8 
Foreign currency forward contracts (purchases)$(0.1)Cost of sales, excluding amortization of intangibles$0.4 
Interest rate derivatives$(28.0)Interest expense, net$(8.5)
Nine Months Ended October 1, 2023
Foreign currency forward contracts (sales)$0.7 Total revenues$2.7 
Foreign currency forward contracts (purchases)$(2.2)Cost of sales, excluding amortization of intangibles$2.1 
Interest rate derivatives$(54.1)Interest expense, net$(21.1)
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 OCIAmount of Pre-tax (Gain) Loss Recognized in Other Expense, Net for Amounts Excluded from Effectiveness Testing
Three Months Ended September 29, 2024
Foreign exchange contracts$20.2 $(3.3)
Nine Months Ended September 29, 2024
Foreign exchange contracts$1.9 $(8.2)
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 September 29, 2024 and December 31, 2023:
(In millions)September 29, 2024December 31, 2023
Designated cash flow hedges
Interest rate derivatives:
Prepaid expenses and other current assets$2.3 $0.2 
Other liabilities24.1 6.9 
Foreign currency forward contracts:
Prepaid expenses and other current assets2.1 3.2 
Other assets2.3 — 
Other current liabilities4.3 9.4 
Other liabilities16.9 8.5
Non-designated hedging instruments
Foreign currency forward contracts:
Prepaid expenses and other current assets3.6 3.5 
Other current liabilities1.8 2.7 
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 September 29, 2024 and December 31, 2023:
(In millions)September 29, 2024December 31, 2023
Designated cash flow hedges
Interest rate derivatives:
Prepaid expenses and other current assets$2.3 $0.2 
Other liabilities24.1 6.9 
Foreign currency forward contracts:
Prepaid expenses and other current assets2.1 3.2 
Other assets2.3 — 
Other current liabilities4.3 9.4 
Other liabilities16.9 8.5
Non-designated hedging instruments
Foreign currency forward contracts:
Prepaid expenses and other current assets3.6 3.5 
Other current liabilities1.8 2.7