Hedging Transactions And Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, gain (loss)

The following table summarizes the notional values as of March 31, 2023 and April 1, 2022 and pretax impact of changes in the fair values of instruments designated as net investment and cash flow hedges in accumulated other comprehensive loss (“OCI”) for the three months ended March 31, 2023 and April 1, 2022 ($ in millions):

	Notional Amount		Loss Recognized in OCI
Three Months Ended March 31, 2023
Foreign currency denominated debt	$	225.5	$	(2.8)
Foreign currency contracts	150.0		—
Total	$	375.5	$	(2.8)

	Notional Amount		Gain Recognized in OCI
Three Months Ended April 1, 2022
Foreign currency denominated debt	$	229.7	$	6.8
Foreign currency contracts	650.0		17.9
Interest rate contracts	250.0		1.8
Total	$	1,129.7	$	26.5

Schedule of notional amounts of outstanding derivative positions

The following table summarizes the notional values as of March 31, 2023 and April 1, 2022 and pretax impact of changes in the fair values of instruments designated as net investment and cash flow hedges in accumulated other comprehensive loss (“OCI”) for the three months ended March 31, 2023 and April 1, 2022 ($ in millions):

	Notional Amount		Loss Recognized in OCI
Three Months Ended March 31, 2023
Foreign currency denominated debt	$	225.5	$	(2.8)
Foreign currency contracts	150.0		—
Total	$	375.5	$	(2.8)

	Notional Amount		Gain Recognized in OCI
Three Months Ended April 1, 2022
Foreign currency denominated debt	$	229.7	$	6.8
Foreign currency contracts	650.0		17.9
Interest rate contracts	250.0		1.8
Total	$	1,129.7	$	26.5

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):

	March 31, 2023		December 31, 2022
Derivative liabilities:
Accrued expenses and other liabilities	$	—	$	—
Nonderivative hedging instruments:
Long-term debt	$	225.5	$	222.7