Hedging Transactions And Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 03, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes the notional values as of April 3, 2020 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive loss (“OCI”) for the three months ended April 3, 2020 ($ in millions):

	Notional Amount		(Loss) Gain Recognized in OCI
Interest rate contracts	$	650.0	$	(11.7	)
Foreign currency contracts	650.0		37.0
Foreign currency denominated debt	648.7		24.2
Total	$	1,948.7	$	49.5

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the notional values as of April 3, 2020 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive loss (“OCI”) for the three months ended April 3, 2020 ($ in millions):

	Notional Amount		(Loss) Gain Recognized in OCI
Interest rate contracts	$	650.0	$	(11.7	)
Foreign currency contracts	650.0		37.0
Foreign currency denominated debt	648.7		24.2
Total	$	1,948.7	$	49.5

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

The Company’s derivative instruments, as well as its non-derivative debt instruments designated and qualifying as net investment hedges, were classified as of April 3, 2020, in the Company’s Condensed Consolidated Balance Sheets as follows ($ in millions):

Derivative assets:
Prepaid expenses and other current assets	$	5.8
Other long-term assets	$	22.3
Derivative liabilities:
Accrued expense and other liabilities	$	1.0
Other long-term liabilities	$	10.7
Non-derivative hedging instruments:
Long-term debt	$	648.7