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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			$	-			$	-

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