Hedging Transactions And Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 27, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes the notional values as of September 27, 2019 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (loss) (“OCI”) for the three and nine-month periods then ended ($ in millions):

	Notional Amount		Gain (Loss) Recognized in OCI
Three and Nine-Month Periods Ended September 27, 2019
Interest rate contracts	$	650.0	$	(0.7	)
Foreign currency contracts	650.0		5.7
Foreign currency denominated debt	656.5		7.2
Total	$	1,956.5	$	12.2

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the notional values as of September 27, 2019 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (loss) (“OCI”) for the three and nine-month periods then ended ($ in millions):

	Notional Amount		Gain (Loss) Recognized in OCI
Three and Nine-Month Periods Ended September 27, 2019
Interest rate contracts	$	650.0	$	(0.7	)
Foreign currency contracts	650.0		5.7
Foreign currency denominated debt	656.5		7.2
Total	$	1,956.5	$	12.2

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified as of September 27, 2019 in the Company’s Consolidated Condensed Balance Sheet as follows ($ in millions):

Derivative assets:
Prepaid expenses and other current assets	$	5.7
Derivative liabilities:
Accrued expense and other liabilities	0.7
Nonderivative hedging instruments:
Long-term debt	656.5