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Hedging Transactions And Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 02, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes the notional values as of April 2, 2021 and 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 2, 2021 and April 3, 2020 ($ in millions):


	Notional Amount		Gain Recognized in OCI
Three Months Ended April 2, 2021
Interest rate contracts	$	450.0	$	1.8
Foreign currency contracts	650.0		25.6
Foreign currency denominated debt	244.7		16.2
Total	$	1,344.7	$	43.6


	Notional Amount		(Loss) Gain Recognized in OCI
Three Months Ended April 3, 2020
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


	Notional Amount		Gain Recognized in OCI
Three Months Ended April 2, 2021
Interest rate contracts	$	450.0	$	1.8
Foreign currency contracts	650.0		25.6
Foreign currency denominated debt	244.7		16.2
Total	$	1,344.7	$	43.6


	Notional Amount		(Loss) Gain Recognized in OCI
Three Months Ended April 3, 2020
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 in the Company’s Condensed Consolidated Balance Sheets as follows ($ in millions):


	April 2, 2021		December 31, 2020
Derivative liabilities:
Accrued expenses and other liabilities	$	42.7	$	70.2

Nonderivative hedging instruments:
Short-term debt	$	—	$	472.0
Long-term debt	$	244.7	$	260.9