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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Fair Value of Derivatives | A summary of the fair values of the Company’s derivatives recorded in the Consolidated Balance Sheets at December 28, 2019 and December 29, 2018 follows:
(Millions of Dollars) |  | Balance Sheet Classification |  | 2019 |  | 2018 |  | Balance Sheet Classification |  | 2019 |  | 2018
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts Cash Flow |  | LT other assets |  | $ | — |  |  | $ | — |  |  | LT other liabilities |  | $ | 40.5 |  |  | $ | — |
Foreign Exchange Contracts Cash Flow |  | Other current assets |  | 7.0 |  |  | 18.1 |  |  | Accrued expenses |  | 7.8 |  |  | 0.6 |
Net Investment Hedge |  | Other current assets |  | 18.6 |  |  | 5.7 |  |  | Accrued expenses |  | 8.5 |  |  | 1.5 |
|  | LT other assets |  | — |  |  | — |  |  | LT other liabilities |  | 2.6 |  |  | 13.8 |
Non-derivative designated as hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Investment Hedge |  |  |  | — |  |  | — |  |  | Short-term borrowings |  | 335.5 |  |  | 228.9 |
Total Designated as hedging instruments |  |  |  | $ | 25.6 |  |  | $ | 23.8 |  |  |  |  | $ | 394.9 |  |  | $ | 244.8 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | Other current assets |  | $ | 3.7 |  |  | $ | 9.1 |  |  | Accrued expenses |  | $ | 6.1 |  |  | $ | 5.4 |
Total |  |  |  | $ | 29.3 |  |  | $ | 32.9 |  |  |  |  | $ | 401.0 |  |  | $ | 250.2 |
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income 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 for active derivatives during the periods in which the underlying hedged transactions affected earnings for 2019, 2018 and 2017:
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 |  | $ | (40.5 | ) |  | Interest expense |  | $ | (16.2 | ) |  | $ | — |
Foreign Exchange Contracts |  | $ | (16.7 | ) |  | Cost of sales |  | $ | (6.5 | ) |  | $ | — |
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 |  | $ | 33.1 |  |  | Interest expense |  | $ | (15.3 | ) |  | $ | — |
Foreign Exchange Contracts |  | $ | 35.9 |  |  | Cost of sales |  | $ | (17.9 | ) |  | $ | — |
2017 (Millions of Dollars) |  | Gain (Loss) Recorded in OCI |  | Classification of Gain (Loss) Reclassified from OCI to Income |  | Gain (Loss) Reclassified from OCI to Income (Effective Portion) |  | Gain (Loss) Recognized in Income (Ineffective Portion*)
Interest Rate Contracts |  | $ | (8.4 | ) |  | Interest expense |  | $ | — |  |  | $ | — |
Foreign Exchange Contracts |  | $ | (66.6 | ) |  | Cost of sales |  | $ | 8.4 |  |  | $ | — |
* Includes ineffective portion and amount excluded from effectiveness testing on derivatives. A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2019 and 2018 is as follows:
| 2019 |  | 2018
(Millions of dollars) | Cost of Sales |  | Interest Expense |  | Cost of Sales |  | Interest Expense
Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded | $ | 9,636.7 |  |  | $ | 284.3 |  |  | $ | 9,131.3 |  |  | $ | 277.9 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |
Foreign Exchange Contracts: |  |  |  |  |  |  |
Hedged Items | $ | 6.5 |  |  | $ | — |  |  | $ | 17.9 |  |  | $ | — |
Gain (loss) reclassified from OCI into Income | $ | (6.5 | ) |  | $ | — |  |  | $ | (17.9 | ) |  | $ | — |
Interest Rate Swap Agreements: |  |  |  |  |  |  |
Gain (loss) reclassified from OCI into Income 1 | $ | — |  |  | $ | (16.2 | ) |  | $ | — |  |  | $ | (15.3 | )
1 Inclusive of the gain/loss amortization on terminated derivative financial instruments.
Details of Pre-Tax Amounts of Gains and Losses on Net Investment Hedges | The pre-tax loss from fair value changes during 2017 was as follows:
|  | 2017
Income Statement Classification (Millions of Dollars) |  | Amount Recorded in OCI Gain (Loss) |  | Effective Portion Recorded in Income Statement |  | Ineffective Portion* Recorded in Income Statement
Other-net |  | $ | (131.3 | ) |  | $ | — |  |  | $ | — |
*Includes ineffective portion.
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments | The gain (loss) recorded in the income statement from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for 2019, 2018 and 2017 are as follows:
(Millions of Dollars) | Income Statement Classification |  | 2019 |  | 2018 |  | 2017
Foreign Exchange Contracts | Other-net |  | $ | (4.1 | ) |  | $ | 17.0 |  |  | $ | 51.5 |

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