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Financial Instruments Financial Instruments (Tables) | 3 Months Ended
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Apr. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments | As of April 1, 2023, December 31, 2022 and April 2, 2022, the fair values of the Company’s derivative instruments were:
(in millions) |  | Fair Value
Asset Derivatives |  | April 1, 2023 |  | December 31, 2022 |  | April 2, 2022
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 12.9 |  |  | $ | 15.2 |  |  | $ | 9.4 |
Commodity contracts |  | 0.3 |  |  | 0.3 |  |  | 4.6 |
Total |  | $ | 13.2 |  |  | $ | 15.5 |  |  | $ | 14.0 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 0.1 |
Liability Derivatives |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 6.0 |  |  | $ | 8.0 |  |  | $ | 4.2 |
Commodity contracts |  | 1.0 |  |  | 1.1 |  |  | — |
Total |  | $ | 7.0 |  |  | $ | 9.1 |  |  | $ | 4.2 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | $ | — |  |  | $ | — |  |  | $ | 1.0 |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.9 |  |  | $ | 0.8 |  |  | $ | 2.5 |
As of April 1, 2023, December 31, 2022 and April 2, 2022, 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 1, 2023 and April 2, 2022 is as shown in the tables below. The amount of gain (loss) o n derivatives recognized in Accumulated other comprehensive loss was as follows:
(in millions) |  |
Derivatives Designated as Cash Flow Hedging Instruments |  | April 1, 2023 |  | April 2, 2022
Interest-rate contracts |  | $ | — |  |  | $ | 5.3 |
Foreign exchange contracts |  | 3.3 |  |  | 2.6 |
Commodity contracts |  | (0.2) |  |  | 5.0 |
Total |  | $ | 3.1 |  |  | $ | 12.9 |
Derivatives Designated as Net Investment Hedging Instruments |  |  |  |
Cross-currency swaps |  | $ | — |  |  | $ | 1.4 |
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 1, 2023 |  | April 2, 2022 |  |  |  |
Interest-rate contracts |  | Interest expense |  |  |  |  |  | $ | (0.1) |  |  | $ | — |  |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | 7.5 |  |  | 2.7 |  |  |  |  |
Commodity contracts |  | Cost of sales |  |  |  |  |  | (0.6) |  |  | 1.6 |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | 6.8 |  |  | $ | 4.3 |  |  |  |  |
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 |  |  |  |  |  | $ | (0.7) |  |  | $ | (3.6) |  |  |  |  |
Foreign exchange contracts |  | Other expense, net |  |  |  |  |  | (0.1) |  |  | — |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | (0.8) |  |  | $ | (3.6) |  |  |  |  |

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