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Financial Instruments (Tables) | 9 Months Ended
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Sep. 28, 2019
Notes To Financial Statements [Abstract] |
Summary of Fair Value of Derivatives | A summary of the fair values of the Company’s derivatives recorded in the Condensed Consolidated Balance Sheets at September 28, 2019 and December 29, 2018 is as follows:
(Millions of Dollars) | Balance Sheet Classification |  | September 28, 2019 |  | December 29, 2018 |  | Balance Sheet Classification |  | September 28, 2019 |  | December 29, 2018
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts Cash Flow | LT other assets |  | $ | — |  |  | $ | — |  |  | LT other liabilities |  | $ | 59.7 |  |  | $ | — |
Foreign Exchange Contracts Cash Flow | Other current assets |  | 19.5 |  |  | 18.1 |  |  | Accrued expenses |  | 2.7 |  |  | 0.6 |
| LT other assets |  | 0.1 |  |  | — |  |  | LT other liabilities |  | — |  |  | — |
Net Investment Hedge | Other current assets |  | 58.2 |  |  | 5.7 |  |  | Accrued expenses |  | 12.2 |  |  | 1.5 |
| LT other assets |  | — |  |  | — |  |  | LT other liabilities |  | 12.8 |  |  | 13.8 |
Non-derivative designated as hedging instrument: |  |  |  |  |  |  |  |  |  |  |
Net Investment Hedge |  |  | — |  |  | — |  |  | Short-term borrowings |  | 874.3 |  |  | 228.9 |
Total designated as hedging |  |  | $ | 77.8 |  |  | $ | 23.8 |  |  |  |  | $ | 961.7 |  |  | $ | 244.8 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts | Other current assets |  | $ | 6.2 |  |  | $ | 9.1 |  |  | Accrued expenses |  | $ | 11.2 |  |  | $ | 5.4 |
Total |  |  | $ | 84.0 |  |  | $ | 32.9 |  |  |  |  | $ | 972.9 |  |  | $ | 250.2 |
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings for Active Derivative Financial Instruments | The tables below detail pre-tax amounts of derivatives designated as cash flow hedges in Accumulated other comprehensive loss during the periods in which the underlying hedged transactions affected earnings for the three and nine months ended September 28, 2019 and September 29, 2018:
|  | Third Quarter 2019
(Millions of dollars) |  | Gain (Loss) Recorded in OCI |  | Classification of Gain (Loss) Reclassified from OCI to Income |  | Gain (Loss) Reclassified from OCI to Income |  | Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing
Interest Rate Contracts |  | $ | (31.3 | ) |  | Interest expense |  | $ | (4.1 | ) |  | $ | — |
Foreign Exchange Contracts |  | $ | 16.6 |  |  | Cost of sales |  | $ | 5.8 |  |  | $ | — |
|  | Year-to-Date 2019
(Millions of Dollars) |  | Gain (Loss) Recorded in OCI |  | Classification of Gain (Loss) Reclassified from OCI to Income |  | Gain (Loss) Reclassified from OCI to Income |  | Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing
Interest Rate Contracts |  | $ | (59.7 | ) |  | Interest expense |  | $ | (12.2 | ) |  | $ | — |
Foreign Exchange Contracts |  | $ | 21.1 |  |  | Cost of sales |  | $ | 8.3 |  |  | $ | — |
|  | Third Quarter 2018
(Millions of dollars) |  | Gain (Loss) Recorded in OCI |  | Classification of Gain (Loss) Reclassified from OCI to Income |  | Gain (Loss) Reclassified from OCI to Income |  | Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing
Interest Rate Contracts |  | $ | 10.4 |  |  | Interest expense |  | $ | (3.7 | ) |  | $ | — |
Foreign Exchange Contracts |  | $ | (2.0 | ) |  | Cost of sales |  | $ | (4.6 | ) |  | $ | — |
|  | Year-to-Date 2018
(Millions of Dollars) |  | Gain (Loss) Recorded in OCI |  | Classification of Gain (Loss) Reclassified from OCI to Income |  | Gain (Loss) Reclassified from OCI to Income |  | Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing
Interest Rate Contracts |  | $ | 32.2 |  |  | Interest expense |  | $ | (11.3 | ) |  | $ | — |
Foreign Exchange Contracts |  | $ | 21.0 |  |  | Cost of sales |  | $ | (16.6 | ) |  | $ | — |
A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 28, 2019 and September 29, 2018 is as follows:
|  | Third Quarter 2019 |  | Year-to-Date 2019
(Millions of Dollars) |  | Cost of Sales |  | Interest Expense |  | Cost of Sales |  | Interest Expense
Total amount in the Consolidated Statements of Operations and Comprehensive Income in which the effects of the cash flow hedges are recorded |  | $ | 2,393.6 |  |  | $ | 72.4 |  |  | $ | 7,083.1 |  |  | $ | 219.2 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Foreign Exchange Contracts: |  |  |  |  |  |  |  |
Hedged Items |  | $ | (5.8 | ) |  | $ | — |  |  | $ | (8.3 | ) |  | $ | — |
Gain (loss) reclassified from OCI into Income |  | $ | 5.8 |  |  | $ | — |  |  | $ | 8.3 |  |  | $ | — |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |
Gain (loss) reclassified from OCI into Income 1 |  | $ | — |  |  | $ | (4.1 | ) |  | $ | — |  |  | $ | (12.2 | )
Details of Foreign Exchange Contracts Pre-Tax Amounts |
|  | Year-to-Date 2019
(Millions of Dollars) |  | Total Gain (Loss) Recorded in OCI |  | Excluded Component Recorded in OCI |  | Income Statement Classification |  | Total Gain (Loss) Reclassified from OCI to Income |  | Excluded Component Amortized from OCI to Income
Forward Contracts |  | $ | 15.4 |  |  | $ | 5.2 |  |  | Other, net |  | $ | 3.4 |  |  | $ | 3.4 |
Cross Currency Swap |  | $ | 59.4 |  |  | $ | 36.9 |  |  | Other, net |  | $ | 22.2 |  |  | $ | 22.2 |
Option Contracts |  | $ | (1.8 | ) |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
Non-derivative designated as Net Investment Hedge |  | $ | 39.4 |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
|  | Third Quarter 2018
(Millions of Dollars) |  | Total Gain (Loss) Recorded in OCI |  | Excluded Component Recorded in OCI |  | Income Statement Classification |  | Total Gain (Loss) Reclassified from OCI to Income |  | Excluded Component Amortized from OCI to Income
Forward Contracts |  | $ | (2.6 | ) |  | $ | 1.1 |  |  | Other, net |  | $ | 2.3 |  |  | $ | 2.3 |
Cross Currency Swap |  | $ | 6.0 |  |  | $ | 1.4 |  |  | Other, net |  | $ | 1.7 |  |  | $ | 1.7 |
Option Contracts |  | $ | (2.4 | ) |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
Non-derivative designated as Net Investment Hedge |  | $ | 2.9 |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
|  | Year-to-Date 2018
(Millions of Dollars) |  | Total Gain (Loss) Recorded in OCI |  | Excluded Component Recorded in OCI |  | Income Statement Classification |  | Total Gain (Loss) Reclassified from OCI to Income |  | Excluded Component Amortized from OCI to Income
Forward Contracts |  | $ | 29.6 |  |  | $ | 7.3 |  |  | Other, net |  | $ | 6.4 |  |  | $ | 6.4 |
Cross Currency Swap |  | $ | (1.1 | ) |  | $ | 9.7 |  |  | Other, net |  | $ | 5.1 |  |  | $ | 5.1 |
Option Contracts |  | $ | (3.3 | ) |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
Non-derivative designated as Net Investment Hedge |  | $ | 41.8 |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments | Foreign Exchange Contracts: Foreign exchange forward contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities (such as affiliate loans, payables and receivables). The objective is to minimize the impact of foreign currency fluctuations on operating results. The total notional amount of the forward contracts outstanding at September 28, 2019 was $1.2 billion, maturing on various dates through 2020. The total notional amount of the forward contracts outstanding at December 29, 2018 was $1.0 billion, maturing on various dates through 2019. The gain (loss) recorded in income from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for the three and nine months ended September 28, 2019 and September 29, 2018 are as follows:
(Millions of Dollars) | Income Statement Classification |  | Third Quarter 2019 |  | Year-to-Date 2019 |  | Third Quarter 2018 |  | Year-to-Date 2018
Foreign Exchange Contracts | Other, net |  | $ | 2.0 |  |  | $ | 0.7 |  |  | $ | (5.9 | ) |  | $ | 9.0 |

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