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Financial Instruments (Tables)

9 Months Ended

Sep. 28, 2019

Fair Value Disclosures [Abstract]

Estimated Aggregate Fair Value and Carrying Value of Debt Instruments

The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):

	September 28, 2019				December 31, 2018
Estimated aggregate fair value (1)	$	2,379.9			$	1,921.6
Aggregate carrying value (1) (2)	2,339.0				1,967.2

⁽¹⁾ Term Loan Facility and Notes (excludes "other" debt)

⁽²⁾ Excludes the impact of unamortized original issue discount and debt issuance costs

Reconciliation of Cash, Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the condensed consolidated statements of cash flows is shown below (in millions):

	September 28, 2019				September 29, 2018
Balance sheet - cash and cash equivalents	$	1,300.9			$	1,198.6
Restricted cash included in other current assets	15.6				8.5
Restricted cash included in other long-term assets	6.8				17.8
Statement of cash flows - cash, cash equivalents and restricted cash	$	1,323.3			$	1,224.9

Reconciliation of Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the condensed consolidated statements of cash flows is shown below (in millions):

	September 28, 2019				September 29, 2018
Balance sheet - cash and cash equivalents	$	1,300.9			$	1,198.6
Restricted cash included in other current assets	15.6				8.5
Restricted cash included in other long-term assets	6.8				17.8
Statement of cash flows - cash, cash equivalents and restricted cash	$	1,323.3			$	1,224.9

Marketable Equity Securities

Marketable equity securities, which the Company accounts for under the fair value option, are included in the accompanying condensed consolidated balance sheets as shown below (in millions):

	September 28, 2019				December 31, 2018
Current assets	$	16.1			$	4.8
Other long-term assets	39.5				42.5
	$	55.6			$	47.3

Notional Amount, Estimated Aggregate Fair Value and Related Balance Sheet Classification of Foreign Currency Derivative Contracts

The notional amount, estimated aggregate fair value and related balance sheet classification of the Company's foreign currency derivative contracts and net investment hedges are shown below (in millions, except for maturities):

	September 28, 2019				December 31, 2018
Fair value of foreign currency contracts designated as cash flow hedges:
Other current assets	$	22.0			$	20.6
Other long-term assets	2.5				2.8
Other current liabilities	(5.6		)		(8.4		)
Other long-term liabilities	(1.7		)		(2.0		)
	17.2				13.0
Notional amount	$	1,216.5			$	1,499.0
Outstanding maturities in months, not to exceed	24				24
Fair value of derivatives designated as net investment hedges:
Other long-term assets	1.7				—
Notional amount	$	300.0			$	—
Outstanding maturities in months, not to exceed	60				n/a
Fair value of foreign currency contracts not designated as hedging instruments:
Other current assets	$	9.2			$	6.1
Other current liabilities	(3.4		)		(4.8		)
	5.8				1.3
Notional amount	$	1,164.2			$	654.0
Outstanding maturities in months, not to exceed	15				12
Total fair value	$	24.7			$	14.3
Total notional amount	$	2,680.7			$	2,153.0

Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss and Net Gains (Losses) Expected to be Reclassified into Earnings

Pretax amounts related to foreign currency, net investment hedge and interest rate swap contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):

	Three Months Ended								Nine Months Ended
	September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign currency contracts	$	(5.0	)		$	54.6			$	37.4			$	67.3
Net investment hedges	1.7				—				1.7				—
Interest rate swap contracts	—				7.6				(9.5		)		4.7
	(3.3		)		62.2				29.6				72.0
(Gains) losses reclassified from accumulated other comprehensive loss to:
Net sales	1.3				(0.2		)		2.3				2.6
Cost of sales	(12.6		)		(8.0		)		(35.5		)		(15.2		)
Interest expense	0.6				—				0.9				—
	(10.7		)		(8.2		)		(32.3		)		(12.6		)
Comprehensive income (loss)	$	(14.0	)		$	54.0			$	(2.7	)		$	59.4

During the next twelve month period, net gains (losses) expected to be reclassified into earnings are shown below (in millions):

Net gains related to foreign currency contracts	$	16.4
Net losses related to interest rate swap contracts	(2.3		)
Total	$	14.1

Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level

Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of September 28, 2019 and December 31, 2018, are shown below (in millions):

	September 28, 2019
	Frequency		Asset (Liability)				Valuation Technique		Level 1				Level 2				Level 3
Foreign currency contracts, net	Recurring		$	23.0			Market/ Income		$	—			$	23.0			$	—
Net investment hedges	Recurring		$	1.7			Market/ Income		$	—			$	1.7			$	—
Marketable equity securities	Recurring		$	55.6			Market		$	55.6			$	—			$	—

	December 31, 2018
	Frequency		Asset (Liability)				Valuation Technique		Level 1				Level 2				Level 3
Foreign currency contracts, net	Recurring		$	14.3			Market/ Income		$	—			$	14.3			$	—
Interest rate swap contracts	Recurring		$	(14.7	)		Market/ Income		$	—			$	(14.7	)		$	—
Marketable equity securities	Recurring		$	47.3			Market		$	47.3			$	—			$	—

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