Hedging Transactions And Derivative Financial Instruments (Tables)

6 Months Ended

Jul. 01, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, gain (loss)

The following table summarizes the notional values as of July 1, 2022 and July 2, 2021 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 1, 2022 and July 2, 2021 ($ in millions):

	Three Months Ended July 1, 2022				Three Months Ended July 2, 2021
	Notional Amount		Gain Recognized in OCI		Notional Amount		Gain (Loss) Recognized in OCI
Interest rate contract	$	250.0	$	0.7	$	450.0	$	1.5
Foreign currency contracts	650.0		36.2		650.0		(6.6)
Foreign currency denominated debt	216.6		13.1		246.8		(2.1)
Total	$	1,116.6	$	50.0	$	1,346.8	$	(7.2)

	Six Months Ended July 1, 2022				Six Months Ended July 2, 2021
	Notional Amount		Gain Recognized in OCI		Notional Amount		Gain Recognized in OCI
Interest rate contracts	$	250.0	$	2.5	$	450.0	$	3.3
Foreign currency contracts	650.0		54.1		650.0		19.0
Foreign currency denominated debt	216.6		19.9		246.8		14.1
Total	$	1,116.6	$	76.5	$	1,346.8	$	36.4

Schedule of notional amounts of outstanding derivative positions

The following table summarizes the notional values as of July 1, 2022 and July 2, 2021 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 1, 2022 and July 2, 2021 ($ in millions):

	Three Months Ended July 1, 2022				Three Months Ended July 2, 2021
	Notional Amount		Gain Recognized in OCI		Notional Amount		Gain (Loss) Recognized in OCI
Interest rate contract	$	250.0	$	0.7	$	450.0	$	1.5
Foreign currency contracts	650.0		36.2		650.0		(6.6)
Foreign currency denominated debt	216.6		13.1		246.8		(2.1)
Total	$	1,116.6	$	50.0	$	1,346.8	$	(7.2)

	Six Months Ended July 1, 2022				Six Months Ended July 2, 2021
	Notional Amount		Gain Recognized in OCI		Notional Amount		Gain Recognized in OCI
Interest rate contracts	$	250.0	$	2.5	$	450.0	$	3.3
Foreign currency contracts	650.0		54.1		650.0		19.0
Foreign currency denominated debt	216.6		19.9		246.8		14.1
Total	$	1,116.6	$	76.5	$	1,346.8	$	36.4

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 1, 2022		December 31, 2021
Derivative Assets:
Other long-term assets	$	38.4	$	—
Prepaids and other current assets	$	0.3	$	—
Derivative liabilities:
Accrued expenses and other liabilities	$	—	$	19.6
Nonderivative hedging instruments:
Long-term debt	$	216.6	$	236.5