XML 55 R43.htm IDEA: XBRL DOCUMENT
v3.20.2

Financial Instruments (Tables) | 9 Months Ended
--- | ---
Oct. 03, 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):
|  | October 3, 2020 |  |  | December 31, 2019 |
Estimated aggregate fair value (1) |  | $ | 2,454.4 |  |  | $ | 2,384.6 |
Aggregate carrying value (1) (2) |  |  | 2,325.0 |  |  |  | 2,334.4 |
(1) | Includes Term Loan Facility and Notes (excludes "other" debt)
(2) | Excludes the impact of unamortized debt issuance costs and unamortized original issue premium (discount)
Reconciliation of Cash, Cash Equivalents and 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):
|  | October 3, 2020 |  |  | September 28, 2019 |
Balance sheet - cash and cash equivalents |  | $ | 1,250.4 |  |  | $ | 1,300.9 |
Restricted cash included in other current assets |  |  | 5.1 |  |  |  | 15.6 |
Restricted cash included in other long-term assets |  |  | 2.7 |  |  |  | 6.8 |
Statement of cash flows - cash, cash equivalents and restricted cash |  | $ | 1,258.2 |  |  | $ | 1,323.3 |
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):
|  | October 3, 2020 |  |  | December 31, 2019 |
Current assets |  | $ | 8.9 |  |  | $ | 17.1 |
Other long-term assets |  |  | 41.9 |  |  |  | 42.1 |
|  | $ | 50.8 |  |  | $ | 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):
|  | October 3, 2020 |  |  | December 31, 2019 |
Fair value of foreign currency contracts designated as cash flow hedges: |  |  |  |  |  |  |  |
Other current assets |  | $ | 15.0 |  |  | $ | 44.0 |
Other long-term assets |  |  | 5.8 |  |  |  | 7.3 |
Other current liabilities |  |  | (21.6 | ) |  |  | (4.5 | )
Other long-term liabilities |  |  | (3.7 | ) |  |  | (0.2 | )
|  |  | (4.5 | ) |  |  | 46.6 |
Notional amount |  | $ | 1,225.4 |  |  | $ | 1,465.8 |
Outstanding maturities in months, not to exceed |  |  | 24 |  |  |  | 24 |
Fair value of derivatives designated as net investment hedges: |  |  |  |  |  |  |  |
Other long-term liabilities |  | $ | (7.9 | ) |  | $ | (4.4 | )
Notional amount |  | $ | 300.0 |  |  | $ | 300.0 |
Outstanding maturities in months, not to exceed |  |  | 48 |  |  |  | 57 |
Fair value of foreign currency contracts not designated as hedging instruments: |  |  |  |  |  |  |  |
Other current assets |  | $ | 7.2 |  |  | $ | 6.9 |
Other current liabilities |  |  | (5.9 | ) |  |  | (3.2 | )
|  |  | 1.3 |  |  |  | 3.7 |
Notional amount |  | $ | 1,728.6 |  |  | $ | 697.0 |
Outstanding maturities in months, not to exceed |  |  | 15 |  |  |  | 12 |
Total fair value |  | $ | (11.1 | ) |  | $ | 45.9 |
Total notional amount |  | $ | 3,254.0 |  |  | $ | 2,462.8 |
Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss | 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 |
|  | October 3, 2020 |  |  | September 28, 2019 |  |  | October 3, 2020 |  |  | September 28, 2019 |
Gains (losses) recognized in accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 21.1 |  |  | $ | (5.0 | ) |  | $ | (60.3 | ) |  | $ | 37.4 |
Net investment hedge contracts |  |  | (13.9 | ) |  |  | 1.7 |  |  |  | (3.5 | ) |  |  | 1.7 |
Interest rate swap contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9.5 | )
|  |  | 7.2 |  |  |  | (3.3 | ) |  |  | (63.8 | ) |  |  | 29.6 |
(Gains) losses reclassified from accumulated other comprehensive loss to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  | (0.2 | ) |  |  | 1.3 |  |  |  | (0.7 | ) |  |  | 2.3 |
Cost of sales |  |  | 3.5 |  |  |  | (12.6 | ) |  |  | 10.0 |  |  |  | (35.5 | )
Interest expense |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 1.8 |  |  |  | 0.9 |
Other expense, net |  |  | 0.1 |  |  |  | - |  |  |  | (0.1 | ) |  |  | - |
|  |  | 4.0 |  |  |  | (10.7 | ) |  |  | 11.0 |  |  |  | (32.3 | )
Comprehensive income (loss) |  | $ | 11.2 |  |  | $ | (14.0 | ) |  | $ | (52.8 | ) |  | $ | (2.7 | )
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 |  | $ | 6.6 |
Interest rate swap contracts |  |  | 2.4 |
Total |  | $ | 9.0 |
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 October 3, 2020 and December 31, 2019, are shown below (in millions):
|  | October 3, 2020 |
|  | Frequency |  | Asset (Liability) |  |  | Valuation Technique |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Foreign currency contracts, net |  | Recurring |  | $ | (3.2 | ) |  | Market/ Income |  | $ | - |  |  | $ | (3.2 | ) |  | $ | - |
Net investment hedges |  | Recurring |  | $ | (7.9 | ) |  | Market/ Income |  | $ | - |  |  | $ | (7.9 | ) |  | $ | - |
Marketable equity securities |  | Recurring |  | $ | 50.8 |  |  | Market |  | $ | 50.8 |  |  | $ | - |  |  | $ | - |
|  | 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 |  |  | $ | - |  |  | $ | - |

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

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + 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 (c) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts. + 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 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration