Hedging Transactions And Derivative Financial Instruments (Tables)

6 Months Ended

Jul. 03, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes the notional values as of July 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 and six months ended July 3, 2020 ($ in millions):

	Notional Amount		(Loss) Gain Recognized in OCI
Three Months Ended July 3, 2020
Interest rate contracts	$	650.0	$	—
Foreign currency contracts	650.0		(27.3		)
Foreign currency denominated debt	674.9		(26.2		)
Total	$	1,974.9	$	(53.5	)

	Notional Amount		(Loss) Gain Recognized in OCI
Six Months Ended July 3, 2020
Interest rate contracts	$	650.0	$	(11.7	)
Foreign currency contracts	650.0		9.7
Foreign currency denominated debt	674.9		(2.0		)
Total	$	1,974.9	$	(4.0	)

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the notional values as of July 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 and six months ended July 3, 2020 ($ in millions):

	Notional Amount		(Loss) Gain Recognized in OCI
Three Months Ended July 3, 2020
Interest rate contracts	$	650.0	$	—
Foreign currency contracts	650.0		(27.3		)
Foreign currency denominated debt	674.9		(26.2		)
Total	$	1,974.9	$	(53.5	)

	Notional Amount		(Loss) Gain Recognized in OCI
Six Months Ended July 3, 2020
Interest rate contracts	$	650.0	$	(11.7	)
Foreign currency contracts	650.0		9.7
Foreign currency denominated debt	674.9		(2.0		)
Total	$	1,974.9	$	(4.0	)

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 in the Company’s Condensed Consolidated Balance Sheets as follows ($ in millions):

	July 3, 2020		December 31, 2019
Derivative assets:
Prepaid expenses and other current assets	$	—	$	0.1
Other long-term assets	$	3.3	$	—
Derivative liabilities:
Accrued expense and other liabilities	$	3.2	$	8.9
Other long-term liabilities	$	10.9	$	—
Non-derivative hedging instruments:
Long-term debt	$	674.9	$	672.9