XML 40 R31.htm IDEA: XBRL DOCUMENT v3.23.2

Financial Instruments (Tables)

6 Months Ended

Jul. 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 July 1, 2023 and December 31, 2022 were as follows:

					Fair Value
(In millions)		Location			July 1, 2023				December 31, 2022
Assets:
Foreign exchange contracts		Other current assets			$	2.3			$	5.0
Interest rate contracts		Other current assets				-				84.6
		Total assets			$	2.3			$	89.6
Liabilities:
Foreign exchange contracts		Other current liabilities			$	2.7			$	0.7
Commodity contracts		Other current liabilities				0.3				3.6
		Total liabilities			$	3.0			$	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 twenty-six weeks ended July 1, 2023 and six months ended June 30, 2022 were as follows:

(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Fair Value and    Cash Flow Hedging Relationships
		Twenty-Six Weeks Ended July 1, 2023
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	1,327.2			$	54.6			$	11.6
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			-				-				4.4
Derivative designated as hedging instruments			-				-				(2.9	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			4.0				-				-
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			-				2.6				-
(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Fair Value and    Cash Flow Hedging Relationships
		Six Months Ended June 30, 2022
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	1,413.8			$	52.3			$	2.4
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			-				-				(10.4	)
Derivative designated as hedging instruments			-				-				7.7
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			1.3				-				-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			(0.3	)			-				-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			-				1.4				-

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended July 1, 2023 and three months ended June 30, 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 July 1, 2023
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	695.6			$	27.7			$	5.2
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			-				-				3.1
Derivative designated as hedging instruments			-				-				(2.1	)
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			(0.3	)			-				-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			-				1.5				-
(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Fair Value and    Cash Flow Hedging Relationships
		Three Months Ended June 30, 2022
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	742.0			$	30.5			$	0.2
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			-				-				(8.4	)
Derivative designated as hedging instruments			-				-				7.2
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.9				-				-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			(0.4	)			-				-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			-				1.2				-

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

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

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration