XML 78 R19.htm IDEA: XBRL DOCUMENT
v3.19.3

DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended
--- | ---
Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Interest Rate Swaps On March 8, 2018, we entered into an interest rate swap agreement (the “Swaps”) to hedge the interest rate risk on the variable interest rate borrowings under our senior credit agreement. The Swaps, which we have designated and are accounting for as cash flow hedges, had an initial notional amount of $260.0 and maturities through December 2021 and effectively convert a portion of the borrowings under our senior credit agreement to a fixed rate of 2.535%, plus the applicable margin. As of September 28, 2019, the aggregate notional amounts of the Swaps was $253.5. As of September 28, 2019 and December 31, 2018, the fair value of the Swaps were $3.2 (long-term liability) and $0.2 (long-term asset), respectively. The unrealized gain (loss), net of tax, recorded in AOCI was $(2.5) and $0.2 at September 28, 2019 and December 31, 2018, respectively. We reclassify AOCI associated with our Swaps into earnings as a component of interest expense when the forecasted transaction impacts earnings. Currency Forward Contracts From time to time, we enter into forward contracts to manage the exposure on contracts with forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities denominated in currencies other than the functional currency of certain subsidiaries (“FX forward contracts”). Certain of our FX forward contracts are designated as cash flow hedges. These changes in fair value are reclassified into earnings as a component of revenues or cost of products sold, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivative’s fair value is recorded as a component of “Other income (expense), net” in the period in which the transaction is no longer considered probable of occurring. We had FX forward contracts with an aggregate notional amount of $20.6 and $14.4 outstanding as of September 28, 2019 and December 31, 2018, respectively, with all of the $20.6 scheduled to mature within one year. There were no unrealized gains or losses recorded in AOCI related to FX forward contracts as of September 28, 2019 and December 31, 2018. The fair value of our FX forward contracts were not material to our condensed consolidated balance sheets as of September 28, 2019 and December 31, 2018. Commodity Contracts From time to time, we enter into commodity contracts to manage the exposure on forecasted purchases of commodity raw materials. At September 28, 2019 and December 31, 2018, the outstanding notional amount of commodity contracts was 3.8 and 3.9 pounds of copper, respectively. We designate and account for these contracts as cash flow hedges. We reclassify AOCI associated with our commodity contracts to cost of products sold when the forecasted transaction impacts earnings. As of September 28, 2019 and December 31, 2018, the fair value of these contracts were $0.6 (current liability) and $1.0 (current liability), respectively. The unrealized losses, net of taxes, recorded in AOCI were $0.4 and $0.8 as of September 28, 2019 and December 31, 2018, respectively. We anticipate reclassifying the unrealized losses as of September 28, 2019 to earnings over the next 12 months.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration