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Financial Instruments (Tables)

12 Months Ended

Dec. 28, 2019

Investments, All Other Investments [Abstract]

Fair Values of Derivative Instruments Included within Accompanying Consolidated Balance Sheets

Consolidated Balance Sheets Line Item Where Hedge Item is Recorded												Carrying Amount of the Hedged Assets/(Liabilities)																		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
															(in millions)																		(in millions)
												2019						2018						2019						2018
Long-term debt (1)												($255.0)						($254.6)						($5.0)						($4.6)
(1)			The interest rate swap transacted in March 2010 was designated as a hedge of the first $100 million issuance of the $250 million, 6.125% unsecured notes due in 2021.

The fair values of derivative instruments included within the accompanying Consolidated Balance Sheets as of 2019 and 2018 year end are as follows:

												2019																		2018
(Amounts in millions)						Balance Sheet Presentation						Derivative Assets Fair Value						Derivative Liability Fair Value						Derivative Assets Fair Value						Derivative Liability Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps						Other assets						$	5.0					$	—					$	4.6					$	—
Derivatives not designated as hedging instruments:
Foreign currency forwards						Prepaid expenses and other assets						$	3.5					$	—					$	2.8					$	—
Foreign currency forwards						Other accrued liabilities						—						4.6						—						3.2
Equity forwards						Prepaid expenses and other assets						15.2						—						14.3						—
												18.7						4.6						17.1						3.2
Total derivative instruments												$	23.7					$	4.6					$	21.7					$	3.2

Effect of Derivative Instruments Designated as Cash Flow Hedges Included in AOCI on the Consolidated Balance Sheets

The effect of derivative instruments designated as cash flow hedges as included in the Accumulated OCI on the Consolidated Balance Sheets is as follows: 

						Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative
(Amounts in millions)									2019						2018						2017
Derivatives in Hedging Relationships
Treasury locks						$	—					$	(0.8)					$	6.9

Effect of Derivative Instruments Designated as Fair Value and Cash Flow Hedges Included in the Consolidated Statements of Earnings

The effect of derivative instruments designated as fair value and cash flow hedges as included in the Consolidated Statements of Earnings is as follows: 

						Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
						2019																		2018																		2017
(Amounts in millions)									Interest expense						Other income (expense) - net						Interest expense						Other income (expense) - net						Interest expense						Other income (expense) - net
Total amounts of income and expense presented in the Consolidated Statements of Earnings						$	(49.0)					$	8.8					$	(50.4)					$	4.2					$	(52.4)					$	(7.8)
Gain (loss) on fair value hedging relationships
Interest rate swaps
Long-term debt						$	(15.4)					$	—					$	(15.4)					$	—					$	(15.4)					$	—
Derivatives designated as hedging instruments						2.0						—						1.5						—						2.8						—
Gain (loss) on cash flow hedging relationships
Treasury locks
Gain reclassified from accumulated OCI into income						$	1.5					$	—					$	1.5					$	—					$	1.6					$	—
Gain on settlement						—						—						—						13.3						—						—

Derivative Instruments Not Designated as Hedges Included in Consolidated Statements of Earnings

The effects of derivative instruments not designated as hedging instruments as included in the Consolidated Statements of Earnings are as follows: 

Derivatives not designated as hedging instruments						Statement of Earnings Presentation						Gain (Loss) Recognized in Income on Derivatives
			(Amounts in millions)																																	2019						2018						2017
Gain (loss) on derivative relationships
Foreign currency forwards						Other income   (expense) –  net						$	(20.0)					$	(40.4)					$	(25.8)
Net exposures						Other income   (expense) –  net						16.4						36.5						18.8
Equity forwards						Operating expenses						$	3.0					$	(2.1)					$	0.9
Stock-based deferred compensation liabilities						Operating expenses						(3.0)						2.0						(0.8)

Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements

The fair values of financial instruments that do not approximate the carrying values in the financial statements as of 2019 and 2018 year end are as follows: 

						2019																		2018
(Amounts in millions)						Carrying Value						Fair Value						Carrying Value						Fair Value
Finance receivables – net						$	1,633.6					$	1,920.6					$	1,592.9					$	1,845.4
Contract receivables – net						460.8						505.5						443.2						481.2
Long-term debt and notes payable						1,149.8						1,238.8						1,132.3						1,136.0

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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