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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 26, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Foreign Currency Forward Contracts | Foreign currency forward contracts were as follows (in millions):
|  | Notional Amount
|  | September 26, 2020 |  | December 31, 2019
Israeli Shekel (ILS) |  | $ | 398.0 |  |  | $ | 712.7 |
European Euro (EUR) |  | 193.5 |  |  | 157.6 |
United States Dollar (USD) |  | 83.1 |  |  | 92.4 |
Danish Krone (DKK) |  | 59.1 |  |  | 51.7 |
British Pound (GBP) |  | 56.9 |  |  | 86.9 |
Swedish Krona (SEK) |  | 45.9 |  |  | 42.0 |
Chinese Yuan (CNY) |  | 40.3 |  |  | 20.9 |
Canadian Dollar (CAD) |  | 27.5 |  |  | 41.3 |
Polish Zloty (PLZ) |  | 16.6 |  |  | 21.5 |
Mexican Peso (MPX) |  | 13.7 |  |  | 9.7 |
Norwegian Krone (NOK) |  | 7.7 |  |  | 6.6 |
Switzerland Franc (CHF) |  | 4.9 |  |  | 4.1 |
Romanian New Leu (RON) |  | 4.1 |  |  | 2.3 |
Other |  | 10.0 |  |  | 7.5 |
Total |  | $ | 961.3 |  |  | $ | 1,257.2 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The balance sheet location and gross fair value of our outstanding derivative instruments were as follows (in millions):
|  |  | Asset Derivatives
|  |  | Fair Value
| Balance Sheet Location |  | September 26, 2020 |  | December 31, 2019
Designated derivatives: |  |  |  |  |
Foreign currency forward contracts | Prepaid expenses and other current assets |  | $ | 4.5 |  |  | $ | 1.0 |
Cross-currency swap | Other non-current assets |  | 7.7 |  |  | 26.3 |
Total designated derivatives |  |  | $ | 12.2 |  |  | $ | 27.3 |
Non-designated derivatives: |  |  |  |  |
Foreign currency forward contracts | Prepaid expenses and other current assets |  | $ | 4.2 |  |  | $ | 3.3 |
|  |  | Liability Derivatives
|  |  | Fair Value
| Balance Sheet Location |  | September 26, 2020 |  | December 31, 2019
Designated derivatives: |  |  |  |  |
Foreign currency forward contracts | Other accrued liabilities |  | $ | 6.7 |  |  | $ | 4.7 |
Non-designated derivatives: |  |  |  |  |
Foreign currency forward contracts | Other accrued liabilities |  | $ | 2.1 |  |  | $ | 3.7 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following tables summarize the effect of derivative instruments designated as hedging instruments in Accumulated Other Comprehensive Income ("AOCI") (in millions):
|  | Three Months Ended
|  | September 26, 2020
Instrument |  | Amount of Gain/(Loss) Recorded in OCI |  | Classification of Gain/(Loss) Reclassified from AOCI into Earnings |  | Amount of Gain/(Loss) Reclassified from AOCI into Earnings |  | Classification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness Testing |  | Amount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | — |  |  | Interest expense, net |  | $ | (0.4 | ) |  | Interest expense, net |  | $ | — |
Foreign currency forward contracts |  | (2.6 | ) |  | Net sales |  | (0.1 | ) |  | Net sales |  | — |
|  |  |  | Cost of sales |  | 1.1 |  |  | Cost of sales |  | 0.3 |
|  | $ | (2.6 | ) |  |  |  | $ | 0.6 |  |  |  |  | $ | 0.3 |
Net investment hedges: |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | (0.3 | ) |  |  |  |  |  | Interest expense, net |  | $ | 0.9 |
Foreign currency forward contract |  | (11.7 | ) |  |  |  |  |  | Interest expense, net |  | (0.1 | )
|  | $ | (12.0 | ) |  |  |  |  |  |  |  | $ | 0.8 |
|  | Nine Months Ended
|  | September 26, 2020
Instrument |  | Amount of Gain/(Loss) Recorded in OCI(1) |  | Classification of Gain/(Loss) Reclassified from AOCI into Earnings |  | Amount of Gain/(Loss) Reclassified from AOCI into Earnings |  | Classification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness Testing |  | Amount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Treasury locks |  | $ | — |  |  | Interest expense, net |  | $ | (0.1 | ) |  | Interest expense, net |  | $ | — |
Interest rate swap agreements |  | — |  |  | Interest expense, net |  | (1.3 | ) |  | Interest expense, net |  | — |
Foreign currency forward contracts |  | 7.4 |  |  | Net sales |  | (0.1 | ) |  | Net sales |  | 0.1 |
|  |  |  | Cost of sales |  | 0.3 |  |  | Cost of sales |  | 0.9 |
|  | $ | 7.4 |  |  |  |  | $ | (1.2 | ) |  |  |  | $ | 1.0 |
Net investment hedges: |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | (18.6 | ) |  |  |  |  |  | Interest expense, net |  | $ | 5.6 |
Foreign currency forward contract |  | (11.2 | ) |  |  |  |  |  | Interest expense, net |  | (0.1 | )
|  | $ | (29.8 | ) |  |  |  |  |  |  |  | $ | 5.5 |
(1) Net loss of $9.4 million is expected to be reclassified out of AOCI into earnings during the next 12 months.
|  | Three Months Ended
|  | September 28, 2019
Instrument |  | Amount of Gain/(Loss) Recorded in OCI |  | Classification of Gain/(Loss) Reclassified from AOCI into Earnings |  | Amount of Gain/(Loss) Reclassified from AOCI into Earnings |  | Classification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness Testing |  | Amount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | — |  |  | Interest expense, net |  | $ | (0.4 | ) |  | Interest expense, net |  | $ | — |
Foreign currency forward contracts |  | 2.6 |  |  | Net sales |  | 0.5 |  |  | Net sales |  | (0.2 | )
|  |  |  | Cost of sales |  | 0.5 |  |  | Cost of sales |  | 0.3 |
|  | $ | 2.6 |  |  |  |  | $ | 0.6 |  |  |  |  | $ | 0.1 |
Net investment hedges: |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | 30.1 |  |  |  |  |  |  | Interest expense, net |  | $ | 1.7 |
|  | Nine Months Ended
|  | September 28, 2019
Instrument |  | Amount of Gain/(Loss) Recorded in OCI |  | Classification of Gain/(Loss) Reclassified from AOCI into Earnings |  | Amount of Gain/(Loss) Reclassified from AOCI into Earnings |  | Classification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness Testing |  | Amount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | — |  |  | Interest expense, net |  | $ | (1.3 | ) |  | Interest expense, net |  | $ | — |
Foreign currency forward contracts |  | 2.6 |  |  | Net sales |  | 0.8 |  |  | Net sales |  | (0.2 | )
|  |  |  | Cost of sales |  | (0.9 | ) |  | Cost of sales |  | (1.9 | )
|  | $ | 2.6 |  |  |  |  | $ | (1.4 | ) |  |  |  | $ | (2.1 | )
Net investment hedges: |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | 30.1 |  |  |  |  |  |  | Interest expense, net |  | $ | 1.7 |
Amount of Gain/(Loss) Recognized against Earnings | The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows (in millions):
|  |  |  | Three Months Ended |  | Nine Months Ended
Non-Designated Derivatives |  | Income Statement Location |  | September 26, 2020 |  | September 28, 2019 |  | September 26, 2020 |  | September 28, 2019
Foreign currency forward contracts |  | Other (income) expense, net |  | $ | 8.5 |  |  | $ | (14.7 | ) |  | $ | 1.4 |  |  | $ | (27.8 | )
|  | Interest expense, net |  | 1.7 |  |  | (0.5 | ) |  | 5.9 |  |  | 1.3 |
|  |  |  | $ | 10.2 |  |  | $ | (15.2 | ) |  | $ | 7.3 |  |  | $ | (26.5 | )
Classification of Gain (Loss) Recognized in Earnings on Fair Value and Cash Flow Hedging Relationships | The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships were as follows (in millions):
|  | Three Months Ended
|  | September 26, 2020
|  | Net Sales |  | Cost of Sales |  | Interest Expense, net |  | Other (Income) Expense, net
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded |  | $ | 1,213.7 |  |  | $ | 785.6 |  |  | $ | 34.0 |  |  | $ | 0.4 |
The effects of cash flow hedging: |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | (0.1 | ) |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Interest rate swap agreements |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | — |  |  | $ | (0.4 | ) |  | $ | — |
|  | Nine Months Ended
|  | September 26, 2020
|  | Net Sales |  | Cost of Sales |  | Interest Expense, net |  | Other (Income) Expense, net
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded |  | $ | 3,773.8 |  |  | $ | 2,427.8 |  |  | $ | 97.6 |  |  | $ | 17.1 |
The effects of cash flow hedging: |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | (0.1 | ) |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach |  | $ | 0.1 |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | — |
Treasury locks |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | — |
Interest rate swap agreements |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | — |  |  | $ | (1.3 | ) |  | $ | — |
|  | Three Months Ended
|  | September 28, 2019
|  | Net Sales |  | Cost of Sales |  | Interest Expense, net |  | Other (Income) Expense, net
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded |  | $ | 1,191.1 |  |  | $ | 778.3 |  |  | $ | 30.5 |  |  | $ | (71.0 | )
The effects of cash flow hedging: |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach |  | $ | (0.2 | ) |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Interest rate swap agreements |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | — |  |  | $ | (0.4 | ) |  | $ | — |
|  | Nine Months Ended
|  | September 28, 2019
|  | Net Sales |  | Cost of Sales |  | Interest Expense, net |  | Other (Income) Expense, net
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded |  | $ | 3,514.6 |  |  | $ | 2,222.1 |  |  | $ | 90.4 |  |  | $ | (65.6 | )
The effects of cash flow hedging: |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | 0.8 |  |  | $ | (0.9 | ) |  | $ | — |  |  | $ | — |
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach |  | $ | (0.2 | ) |  | $ | (1.9 | ) |  | $ | — |  |  | $ | — |
Interest rate swap agreements |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | — |  |  | $ | (1.3 | ) |  | $ | — |

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