Financial Instruments Financial Instruments (Tables)

3 Months Ended

Apr. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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