Hedging Transactions And Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 02, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes the notional values as of October 2, 2020 and 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 loss (“OCI”) for the three and nine months ended October 2, 2020 and September 27, 2019 ($ in millions):

	Notional Amount		(Loss) Gain Recognized in OCI
Three Months Ended October 2, 2020
Interest rate contracts	$	450.0	$	1.9
Foreign currency contracts	650.0		(30.7)
Foreign currency denominated debt	703.0		(28.1)
Total	$	1,803.0	$	(56.9)

	Notional Amount		(Loss) Gain Recognized in OCI
Nine Months Ended October 2, 2020
Interest rate contracts	$	450.0	$	(9.8)
Foreign currency contracts	650.0		(20.9)
Foreign currency denominated debt	703.0		(30.1)
Total	$	1,803.0	$	(60.8)

	Notional Amount		(Loss) Gain Recognized in OCI
Three and Nine Months 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 October 2, 2020 and 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 loss (“OCI”) for the three and nine months ended October 2, 2020 and September 27, 2019 ($ in millions):

	Notional Amount		(Loss) Gain Recognized in OCI
Three Months Ended October 2, 2020
Interest rate contracts	$	450.0	$	1.9
Foreign currency contracts	650.0		(30.7)
Foreign currency denominated debt	703.0		(28.1)
Total	$	1,803.0	$	(56.9)

	Notional Amount		(Loss) Gain Recognized in OCI
Nine Months Ended October 2, 2020
Interest rate contracts	$	450.0	$	(9.8)
Foreign currency contracts	650.0		(20.9)
Foreign currency denominated debt	703.0		(30.1)
Total	$	1,803.0	$	(60.8)

	Notional Amount		(Loss) Gain Recognized in OCI
Three and Nine Months 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 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):

	October 2, 2020		December 31, 2019
Derivative assets:
Prepaid expenses and other current assets	$	—	$	0.1
Derivative liabilities:
Accrued expense and other liabilities	$	24.0	$	8.9
Other long-term liabilities	$	15.6	$	—
Non-derivative hedging instruments:
Long-term debt	$	703.0	$	672.9