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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Jan. 02, 2021
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 January 2, 2021 and December 28, 2019 follows:
(Millions of Dollars) |  | Balance Sheet Classification |  | 2020 |  | 2019 |  | Balance Sheet Classification |  | 2020 |  | 2019
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts Cash Flow |  | Other current assets |  | $ | — |  |  | $ | — |  |  | Accrued expenses |  | $ | 90.9 |  |  | $ | — |
|  | LT other assets |  | — |  |  | — |  |  | LT other liabilities |  | — |  |  | 40.5 |
Foreign Exchange Contracts Cash Flow |  | Other current assets |  | — |  |  | 7.0 |  |  | Accrued expenses |  | 23.7 |  |  | 7.8 |
Net Investment Hedge |  | Other current assets |  | 3.5 |  |  | 18.6 |  |  | Accrued expenses |  | 55.1 |  |  | 8.5 |
|  | LT other assets |  | — |  |  | — |  |  | LT other liabilities |  | 5.7 |  |  | 2.6 |
Non-derivative designated as hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |
Net Investment Hedge |  |  |  | — |  |  | — |  |  | Short-term borrowings |  | — |  |  | 335.5 |
Total Designated as hedging instruments |  |  |  | $ | 3.5 |  |  | $ | 25.6 |  |  |  |  | $ | 175.4 |  |  | $ | 394.9 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | Other current assets |  | $ | 10.5 |  |  | $ | 3.7 |  |  | Accrued expenses |  | $ | 15.6 |  |  | $ | 6.1 |
Total |  |  |  | $ | 14.0 |  |  | $ | 29.3 |  |  |  |  | $ | 191.0 |  |  | $ | 401.0 |
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 during the periods in which the underlying hedged transactions affected earnings for 2020, 2019 and 2018:
2020 (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 |  | $ | (70.9) |  |  | Interest expense |  | $ | (16.3) |  |  | $ | — |
Foreign Exchange Contracts |  | $ | (16.1) |  |  | Cost of sales |  | $ | 12.4 |  |  | $ | — |
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 (Effective Portion) |  | Gain (Loss) Recognized in Income (Ineffective Portion)
Interest Rate Contracts |  | $ | 33.1 |  |  | Interest expense |  | $ | (15.3) |  |  | $ | — |
Foreign Exchange Contracts |  | $ | 35.9 |  |  | Cost of sales |  | $ | (17.9) |  |  | $ | — |
A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2020, 2019 and 2018 is as follows:
| 2020 |  | 2019 |  | 2018
(Millions of dollars) | Cost of Sales |  | Interest Expense |  | 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 | $ | 9,566.7 |  |  | $ | 223.1 |  |  | $ | 9,636.7 |  |  | $ | 284.3 |  |  | $ | 9,131.3 |  |  | $ | 277.9 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts: |  |  |  |  |  |  |  |  |  |  |
Hedged Items | $ | (12.4) |  |  | $ | — |  |  | $ | 6.5 |  |  | $ | — |  |  | $ | 17.9 |  |  | $ | — |
Gain (loss) reclassified from OCI into Income | $ | 12.4 |  |  | $ | — |  |  | $ | (6.5) |  |  | $ | — |  |  | $ | (17.9) |  |  | $ | — |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |
Gain (loss) reclassified from OCI into Income 1 | $ | — |  |  | $ | (16.3) |  |  | $ | — |  |  | $ | (16.2) |  |  | $ | — |  |  | $ | (15.3) |
1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. The pre-tax gains and losses from fair value changes during 2020, 2019 and 2018 were as follows:
|  | 2020
(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 |  | $ | 0.8 |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
Cross Currency Swap |  | $ | (5.4) |  |  | $ | 60.7 |  |  | Other, net |  | $ | 18.2 |  |  | $ | 18.2 |
Option Contracts |  | $ | — |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
Non-derivative designated as Net Investment Hedge |  | $ | (8.5) |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
|  | 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 |  | $ | 6.4 |  |  | $ | 4.6 |  |  | Other, net |  | $ | 4.3 |  |  | $ | 4.3 |
Cross Currency Swap |  | $ | 54.8 |  |  | $ | 48.8 |  |  | Other, net |  | $ | 29.9 |  |  | $ | 29.9 |
Option Contracts |  | $ | (3.7) |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
Non-derivative designated as Net Investment Hedge |  | $ | 21.7 |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
|  | 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 |  | $ | 37.1 |  |  | $ | 8.6 |  |  | Other, net |  | $ | 8.2 |  |  | $ | 8.2 |
Cross Currency Swap |  | $ | (2.3) |  |  | $ | 5.8 |  |  | Other, net |  | $ | 6.8 |  |  | $ | 6.8 |
Option Contracts |  | $ | (2.0) |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
Non-derivative designated as Net Investment Hedge |  | $ | 61.8 |  |  | $ | — |  |  | Other, net |  | $ | — |  |  | $ | — |
Summary of Pre-tax effects of fair value hedging on Statement of Operations | A summary of the pre-tax effect of fair value hedge accounting on the Consolidated Statements of Operations for 2020, 2019 and 2018 is as follows:
|  | 2020 |  | 2019 |  | 2018
(Millions of dollars) |  | Interest Expense |  | Interest Expense |  | Interest Expense
Total amount in the Consolidated Statements of Operations in which the effects of the fair value hedges are recorded |  | $ | 223.1 |  |  | $ | 284.3 |  |  | $ | 277.9 |
Amortization of gain on terminated swaps |  | $ | (3.0) |  |  | $ | (7.7) |  |  | $ | (3.2) |
A summary of the amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of 2020 and 2019 is as follows:
(Millions of dollars) |  | 2020 Carrying Amount of Hedged Liability 1 |  | 2020 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
Current maturities of long-term debt |  | $ | — |  |  | Terminated Swaps |  | $ | — |
Long-Term Debt |  | $ | 4,245.4 |  |  | Terminated Swaps |  | $ | (20.8) |
1 Represents hedged items no longer designated in qualifying fair value hedging relationships.
(Millions of dollars) |  | 2019 Carrying Amount of Hedged Liability 1 |  | 2019 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
Current maturities of long-term debt |  | $ | 3.1 |  |  | Terminated Swaps |  | $ | 3.1 |
Long-Term Debt |  | $ | 3,176.4 |  |  | Terminated Swaps |  | $ | (17.5) |
1Represents hedged items no longer designated in qualifying fair value hedging relationships.
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 2020, 2019 and 2018 are as follows:
(Millions of Dollars) | Income Statement Classification |  | 2020 |  | 2019 |  | 2018
Foreign Exchange Contracts | Other-net |  | $ | (15.7) |  |  | $ | (4.1) |  |  | $ | 17.0 |

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