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Financial Instruments Financial Instruments (Tables) | 3 Months Ended
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Apr. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments | As of April 3, 2021, December 31, 2020 and March 28, 2020, the fair values of the Company’s derivative instruments were:
(in millions) |  | Fair Value
Asset Derivatives |  | April 3, 2021 |  | December 31, 2020 |  | March 28, 2020
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 3.3 |  |  | $ | 1.3 |  |  | $ | 9.7 |
Commodity contracts |  | 2.5 |  |  | 0.9 |  |  | — |
Interest rate contracts |  | 9.8 |  |  | — |  |  | — |
Total |  | $ | 15.6 |  |  | $ | 2.2 |  |  | $ | 9.7 |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.2 |  |  | $ | 0.0 |  |  | $ | 2.6 |
Liability Derivatives |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 6.9 |  |  | $ | 11.3 |  |  | $ | 3.3 |
Commodity contracts |  | — |  |  | — |  |  | 0.1 |
Total |  | $ | 6.9 |  |  | $ | 11.3 |  |  | $ | 3.4 |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.4 |  |  | $ | 0.7 |  |  | $ | 0.2 |
As of April 3, 2021, December 31, 2020 and March 28, 2020, asset derivatives are included within Prepaid expenses and other and Other long-term assets and liability derivatives are included within Accrued expenses and Other long-term liabilities, in the Condensed Consolidated Balance Sheets.
Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income | The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three months ended April 3, 2021 and March 28, 2020 are as shown in the tables below. Gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows:
(in millions) |  |  |  |
Derivatives Designated as Cash Flow Hedging Instruments |  | April 3, 2021 |  | March 28, 2020
Interest rate contracts |  | $ | 9.8 |  |  | $ | — |
Foreign exchange contracts |  | 2.6 |  |  | 9.5 |
Commodity contracts |  | 2.1 |  |  | (0.1) |
Total |  | $ | 14.5 |  |  | $ | 9.4 |
The amount of Gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedging Instruments |  | Location of Gain (Loss) |  |  |  |  |  | April 3, 2021 |  | March 28, 2020 |  |  |  |
Interest rate contracts |  | Interest expense |  |  |  |  |  | $ | (0.1) |  |  | $ | (0.1) |  |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | (3.1) |  |  | 2.7 |  |  |  |  |
Commodity contracts |  | Cost of sales |  |  |  |  |  | 0.3 |  |  | — |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | (2.9) |  |  | $ | 2.6 |  |  |  |  |
Derivatives Designated as Fair Value Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest expense |  |  |  |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  |  |  |
Other Hedging Activity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | $ | 1.8 |  |  | $ | 4.8 |  |  |  |  |
Foreign exchange contracts |  | Other (expense) income, net |  |  |  |  |  | (2.2) |  |  | 1.1 |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | (0.4) |  |  | $ | 5.9 |  |  |  |  |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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