XML 56 R45.htm IDEA: XBRL DOCUMENT v3.22.2

Financial Instruments (Tables)

6 Months Ended

Jul. 02, 2022

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):

			July 2, 2022						December 31, 2021
Estimated aggregate fair value (1)			$	2,233.2					$	2,868.6
Aggregate carrying value (1) (2)			2,600.0						2,600.0

(1) Excludes "other" debt

(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 included in the accompanying condensed consolidated balance sheets and the accompanying condensed consolidated statements of cash flows is shown below (in millions):

			July 2, 2022						July 3, 2021
Balance sheet:
Cash and cash equivalents			$	828.0					$	1,401.7
Restricted cash included in other current assets			—						1.4
Restricted cash included in other long-term assets			2.9						1.6
Statement of cash flows:
Cash, cash equivalents and restricted cash			$	830.9					$	1,404.7

Reconciliation of Restricted Cash

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

			July 2, 2022						July 3, 2021
Balance sheet:
Cash and cash equivalents			$	828.0					$	1,401.7
Restricted cash included in other current assets			—						1.4
Restricted cash included in other long-term assets			2.9						1.6
Statement of cash flows:
Cash, cash equivalents and restricted cash			$	830.9					$	1,404.7

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):

			July 2, 2022						December 31, 2021
Current assets			$	3.3					$	3.5
Other long-term assets			48.6						58.8
			$	51.9					$	62.3

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 and net investment hedge contracts are shown below (in millions, except for maturities):

			July 2, 2022						December 31, 2021
Fair value of foreign currency contracts designated as cash flow hedges:
Other current assets			$	27.4					$	19.4
Other long-term assets			4.6						0.1
Other current liabilities			(10.5)						(10.1)
Other long-term liabilities			(1.7)						(2.8)
			19.8						6.6
Notional amount			$	1,117.2					$	1,077.6
Outstanding maturities in months, not to exceed			24						23
Fair value of derivatives designated as net investment hedges:
Other long-term assets			$	14.6					$	—
Other current liabilities			—						(3.2)
Other long-term liabilities			—						(1.6)
			14.6						(4.8)
Notional amount			$	300.0					$	300.0
Outstanding maturities in months, not to exceed			45						33
Fair value of foreign currency contracts not designated as hedging instruments:
Other current assets			$	5.1					$	2.2
Other current liabilities			(5.3)						(3.3)
			(0.2)						(1.1)
Notional amount			$	756.7					$	445.5
Outstanding maturities in months, not to exceed			12						12
Total fair value			$	34.2					$	0.7
Total notional amount			$	2,173.9					$	1,823.1

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 and net investment hedge contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):

			Three Months Ended												Six Months Ended
			July 2, 2022						July 3, 2021						July 2, 2022						July 3, 2021
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign currency contracts			$	(7.5)					$	23.2					$	32.0					$	26.2
Net investment hedge contracts			19.1						(2.6)						19.4						7.3
			11.6						20.6						51.4						33.5
(Gains) losses reclassified from accumulated other comprehensive loss to:
Net sales			(3.3)						(0.8)						(4.9)						(0.6)
Cost of sales			(7.0)						(9.8)						(14.0)						(17.3)
Interest expense			0.6						0.6						1.2						1.2
			(9.7)						(10.0)						(17.7)						(16.7)
Comprehensive income			$	1.9					$	10.6					$	33.7					$	16.8

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

Foreign currency contracts			$	16.9
Interest rate swap contracts			(2.4)
Total			$	14.5

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 July 2, 2022 and December 31, 2021, are shown below (in millions):

			July 2, 2022
			Frequency						Asset (Liability)						Valuation Technique						Level 1						Level 2						Level 3
Foreign currency contracts, net			Recurring						$	19.6					Market/ Income						$	—					$	19.6					$	—
Net investment hedges			Recurring						14.6						Market/ Income						—						14.6						—
Marketable equity securities			Recurring						51.9						Market						51.9						—						—

			December 31, 2021
			Frequency						Asset (Liability)						Valuation Technique						Level 1						Level 2						Level 3
Foreign currency contracts, net			Recurring						$	5.5					Market/ Income						$	—					$	5.5					$	—
Net investment hedges			Recurring						(4.8)						Market/ Income						—						(4.8)						—
Marketable equity securities			Recurring						62.3						Market						62.3						—						—

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:	dtr-types: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:	dtr-types: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:	dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

+ Details

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

X

- Definition

Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126999549&loc=SL98516268-108586

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

+ Details

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