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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

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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