XML 39 R27.htm IDEA: XBRL DOCUMENT
v3.21.2

Financial Instruments Financial Instruments (Tables) | 9 Months Ended
--- | ---
Oct. 02, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments | As of October 2, 2021, December 31, 2020, and September 26, 2020, the fair values of the Company's derivative instruments were:
(in millions) |  | Fair Value
Asset Derivatives |  | Oct 2, 2021 |  | Dec 31, 2020 |  | Sep 26, 2020
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 7.3 |  |  | $ | 1.3 |  |  | $ | 2.1 |
Commodity contracts |  | 2.8 |  |  | 0.9 |  |  | 0.0 |
Total |  | $ | 10.1 |  |  | $ | 2.2 |  |  | $ | 2.1 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | $ | 10.3 |  |  | $ | — |  |  | $ | — |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.5 |
Liability Derivatives |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 2.2 |  |  | $ | 11.3 |  |  | $ | 3.2 |
Commodity contracts |  | — |  |  | — |  |  | 0.1 |
Total |  | $ | 2.2 |  |  | $ | 11.3 |  |  | $ | 3.3 |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | — |  |  | $ | 0.7 |  |  | $ | 0.4 |
As of October 2, 2021, December 31, 2020 and September 26, 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 and nine months ended October 2, 2021 and September 26, 2020 is as shown in the tables below. The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows:
(in millions) |  | Three Months Ended |  | Nine Months Ended
Derivatives Designated as Cash Flow Hedging Instruments |  | Oct 2, 2021 |  | Sep 26, 2020 |  | Oct 2, 2021 |  | Sep 26, 2020
Interest rate contracts |  | $ | (4.4) |  |  | $ | — |  |  | $ | (1.6) |  |  | $ | — |
Foreign exchange contracts |  | 8.1 |  |  | (3.0) |  |  | 8.5 |  |  | 3.6 |
Commodity contracts |  | 1.3 |  |  | — |  |  | 5.6 |  |  | (0.1) |
Total |  | $ | 5.0 |  |  | $ | (3.0) |  |  | $ | 12.5 |  |  | $ | 3.5 |
Derivatives Designated as Net Investment Hedging Instruments |  |  |  |  |  |  |  |
Cross-currency swaps |  | $ | 4.4 |  |  | $ | — |  |  | $ | 10.3 |  |  | $ | — |
The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:
(in millions) |  |  |  |  |  |  |  | Three Months Ended |  | Nine Months Ended |  |  |  |
Derivatives Designated as Cash Flow Hedging Instruments |  | Location of Gain (Loss) |  |  |  |  |  | Oct 2, 2021 |  | Sep 26, 2020 |  | Oct 2, 2021 |  | Sep 26, 2020 |  |  |  |
Interest rate contracts |  | Interest expense |  |  |  |  |  | $ | (0.2) |  |  | $ | (0.1) |  |  | $ | (0.5) |  |  | $ | (0.4) |  |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | (1.7) |  |  | 1.4 |  |  | (8.8) |  |  | 8.1 |  |  |  |  |
Commodity contracts |  | Cost of sales |  |  |  |  |  | 1.6 |  |  | — |  |  | 3.1 |  |  | $ | — |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | (0.3) |  |  | $ | 1.3 |  |  | $ | (6.2) |  |  | $ | 7.7 |  |  |  |  |
Derivatives Designated as Fair Value Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest expense |  |  |  |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  |  |  |
Other Hedging Activity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | $ | 1.1 |  |  | $ | (0.5) |  |  | $ | 0.1 |  |  | $ | 2.9 |  |  |  |  |
Foreign exchange contracts |  | Other expense, net |  |  |  |  |  | (1.3) |  |  | (0.1) |  |  | (3.7) |  |  | 1.1 |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | (0.2) |  |  | $ | (0.6) |  |  | $ | (3.6) |  |  | $ | 4.0 |  |  |  |  |

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

X
- 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=125515794&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=125515794&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=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + 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 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration