XML 83 R44.htm IDEA: XBRL DOCUMENT v3.20.1
Financial Instruments (Tables)
 3 Months Ended
Apr. 04, 2020
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):
 
April 4,
2020
 
December 31,
2019
Estimated aggregate fair value (1)
$
2,062.3

 
$
2,384.6

Aggregate carrying value (1)(2)
2,331.2

 
2,334.4


(1) Includes Term Loan Facility and Notes
(2) Excludes the impact of unamortized debt issuance costs and unamortized original issue premium (discount)
Reconciliation of Cash, Cash Equivalents A reconciliation of cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated statements of cash flows is shown below (in millions):
 
April 4,
2020
 
March 30,
2019
Balance sheet - cash and cash equivalents
$
2,449.1

 
$
1,199.4

Restricted cash included in other current assets
11.2

 
13.9

Restricted cash included in other long-term assets
1.6

 
7.6

Statement of cash flows - cash, cash equivalents and restricted cash
$
2,461.9

 
$
1,220.9
Reconciliation of Restricted Cash A reconciliation of cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated statements of cash flows is shown below (in millions):
 
April 4,
2020
 
March 30,
2019
Balance sheet - cash and cash equivalents
$
2,449.1

 
$
1,199.4

Restricted cash included in other current assets
11.2

 
13.9

Restricted cash included in other long-term assets
1.6

 
7.6

Statement of cash flows - cash, cash equivalents and restricted cash
$
2,461.9

 
$
1,220.9
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):
 
April 4,
2020
 
December 31,
2019
Current assets
$
7.7

 
$
17.1

Other long-term assets
33.2

 
42.1

 
$
40.9

 
$
59.2
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):
 
April 4,
2020
 
December 31,
2019
Fair value of foreign currency contracts designated as cash flow hedges:
 
 
 
Other current assets
$
22.4

 
$
44.0

Other long-term assets
1.0

 
7.3

Other current liabilities
(94.1
)
 
(4.5
)
Other long-term liabilities
(33.6
)
 
(0.2
)
 
(104.3
)
 
46.6

Notional amount
$
1,275.9

 
$
1,465.8

Outstanding maturities in months, not to exceed
24

 
24

Fair value of derivatives designated as net investment hedges:
 
 
 
Other long-term assets
$
18.6

 
$
—

Other long-term liabilities
—

 
(4.4
)
 
18.6

 
(4.4
)
Notional amount
$
300.0

 
$
300.0

Outstanding maturities in months, not to exceed
54

 
57

Fair value of foreign currency contracts not designated as hedging instruments:
 
 
 
Other current assets
$
9.5

 
$
6.9

Other current liabilities
(44.2
)
 
(3.2
)
 
(34.7
)
 
3.7

Notional amount
$
1,086.3

 
$
697.0

Outstanding maturities in months, not to exceed
9

 
12

Total fair value
$
(120.4
)
 
$
45.9

Total notional amount
$
2,662.2

 
$
2,462.8
Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss and Net Gains (Losses) Expected to be Reclassified into Earnings
During the next twelve month period, net losses expected to be reclassified into earnings are shown below (in millions):
Net losses related to foreign currency contracts
$
71.8

Net losses related to interest rate swap contracts
2.4

Total
$
74.2


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
 
April 4,
2020
 
March 30,
2019
Gains (losses) recognized in accumulated other comprehensive loss:
 
 
 
Foreign currency contracts
$
(143.3
)
 
$
24.8

Net investment hedge contracts
23.0

 
—

Interest rate swap contracts
—

 
(14.7
)
 
(120.3
)
 
10.1

(Gains) losses reclassified from accumulated other comprehensive loss to:
 
 
 
Net sales
(0.1
)
 
0.5

Cost of sales
(7.6
)
 
(9.7
)
Interest expense
0.6

 
—

 
(7.1
)
 
(9.2
)
Comprehensive income (loss)
$
(127.4
)
 
$
0.9
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 April 4, 2020 and December 31, 2019, are shown below (in millions):
 
April 4, 2020
 
Frequency
 
Asset
(Liability)
 
Valuation
Technique
 
Level 1
 
Level 2
 
Level 3
Foreign currency contracts, net
Recurring
 
$
(139.0
)
 
Market/ Income
 
$
—

 
$
(139.0
)
 
$
—

Net investment hedges
Recurring
 
$
18.6

 
Market/ Income
 
$
—

 
$
18.6

 
$
—

Marketable equity securities
Recurring
 
$
40.9

 
Market
 
$
40.9

 
$
—

 
$
—

 
December 31, 2019
 
Frequency
 
Asset
(Liability)
 
Valuation
Technique
 
Level 1
 
Level 2
 
Level 3
Foreign currency contracts, net
Recurring
 
$
50.3

 
Market/ Income
 
—

 
50.3

 
—

Net investment hedges
Recurring
 
$
(4.4
)
 
Market/ Income
 
—

 
(4.4
)
 
—

Marketable equity securities
Recurring
 
$
59.2

 
Market
 
59.2

 
—

 
—