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Financial Instruments (Tables)

12 Months Ended

Jan. 02, 2021

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)
									2020						2019						2020						2019
Notes payable and current maturities of long-term debt*									$	(255.1)					$	—					$	(5.1)					$	—
Long-term debt*									—						(255.0)						—						(5.0)
*			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 September 1, 2021.

The fair values of derivative instruments included within the accompanying Consolidated Balance Sheets as of 2020 and 2019 year end are as follows:

												2020												2019
(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						$	5.1					$	—					$	5.0					$	—
Derivatives not designated as hedging instruments:
Foreign currency forwards						Prepaid expenses and other assets						$	12.2					$	—					$	3.5					$	—
Foreign currency forwards						Other accrued liabilities						—						7.0						—						4.6
Equity forwards						Prepaid expenses and other assets						13.5						—						15.2						—
												25.7						7.0						18.7						4.6
Total derivative instruments												$	30.8					$	7.0					$	23.7					$	4.6

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)						2020						2019						2018
Derivatives in Hedging Relationships:
Treasury locks						$	1.4					$	—					$	(0.8)

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
						2020												2019												2018
(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:						$	(54.0)					$	8.7					$	(49.0)					$	8.8					$	(50.4)					$	4.2
Gain (loss) on fair value hedging relationships:
Interest rate swaps
Long-term debt						$	(15.7)					$	—					$	(15.4)					$	—					$	(15.4)					$	—
Derivatives designated as hedging instruments						3.9						—						2.0						—						1.5						—
Gain on cash flow hedging relationships:
Treasury locks
Gain reclassified from accumulated OCI into income						$	1.6					$	—					$	1.5					$	—					$	1.5					$	—
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: 

						Statement of Earnings Presentation						Gain (Loss) Recognized in Income on Derivatives
			(Amounts in millions)																																	2020						2019						2018
Gain (loss) on derivative relationships:
Foreign currency forwards						Other income   (expense) –  net						$	(6.6)					$	(20.0)					$	(40.4)
Net exposures						Other income   (expense) –  net						2.7						16.4						36.5
Equity forwards						Operating expenses						$	1.0					$	3.0					$	(2.1)
Stock-based deferred compensation liabilities						Operating expenses						(1.2)						(3.0)						2.0

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 2020 and 2019 year end are as follows: 

						2020												2019
(Amounts in millions)						Carrying Value						Fair Value						Carrying Value						Fair Value
Finance receivables – net						$	1,666.5					$	2,024.4					$	1,633.6					$	1,920.6
Contract receivables – net						487.2						545.4						460.8						505.5
Long-term debt, notes payable and current maturities of long-term debt						1,450.6						1,678.2						1,149.8						1,238.8

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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 gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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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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