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Financial Instruments (Tables)

3 Months Ended

Apr. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments

The fair values of derivative instruments on the consolidated balance sheets as of April 1, 2023 and December 31, 2022 were as follows:

				Fair Value
(In millions)		Location		April 1, 2023				December 31, 2022
Assets:
Foreign exchange contracts		Other current assets		$	3.7			$	5.0
Interest rate hedges		Other current assets			73.0				84.6
		Total assets		$	76.7			$	89.6
Liabilities:
Foreign exchange contracts		Other current liabilities		$	1.3			$	0.7
Commodity contracts		Other current liabilities			1.2				3.6
		Total liabilities		$	2.5			$	4.3

Effects of Derivative Financial Instruments on Consolidated Statements of Income

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended April 1, 2023 and the three months ended March 31, 2022 were as follows:

(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Fair Value and    Cash Flow Hedging Relationships
		Thirteen Weeks Ended April 1, 2023
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	631.7			$	26.8			$	6.3
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			—				—				1.3
Derivative designated as hedging instruments			—				—				(0.8	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			2.0				—				—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.2				—				—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				1.1				—
(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Fair Value and    Cash Flow Hedging Relationships
		Three Months Ended March 31, 2022
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	671.8			$	21.7			$	2.1
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			—				—				(2.0	)
Derivative designated as hedging instruments			—				—				0.5
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.4				—				—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.1				—				—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				0.2				—

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- References

No definition available.

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- Definition

Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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