Hedging Transactions And Derivative Financial Instruments (Tables)

6 Months Ended

Jul. 03, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss) [Table Text Block]

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 income (“OCI”) for the three and six-month periods ended July 3, 2020 and June 28, 2019 ($ in millions):

	Original Notional Amount		Notional Amount Outstanding		Gain (Loss) Recognized in OCI
For the Three-Month Period Ended July 3, 2020:
Net investment hedges:
Foreign currency contracts	$	1,875.0	$	1,000.0	$	(25.6	)
Foreign currency denominated debt	5,211.3		5,211.3		(189.3		)
Cash flow hedges:
Foreign currency contracts	4,000.0		4,000.0		(354.3		)
Total	$	11,086.3	$	10,211.3	$	(569.2	)
For the Three-Month Period Ended June 28, 2019:
Net investment hedges:
Foreign currency contracts:	$	1,875.0	$	1,000.0	$	(19.5	)
Foreign currency denominated debt	8,329.2		8,329.2		(129.5		)
Cash flow hedges:
Interest rate swaps	850.0		850.0		(8.9		)
Total	$	11,054.2	$	10,179.2	$	(157.9	)
For the Six-Month Period Ended July 3, 2020:
Net investment hedges:
Foreign currency contracts:	$	1,875.0	$	1,000.0	$	67.7
Foreign currency denominated debt	5,211.3		5,211.3		(33.1		)
Cash flow hedges:
Foreign currency contracts	4,000.0		4,000.0		296.5
Total	$	11,086.3	$	10,211.3	$	331.1
For the Six-Month Period Ended June 28, 2019:
Net investment hedges:
Foreign currency contracts	$	1,875.0	$	1,000.0	$	(4.7	)
Foreign currency denominated debt	8,329.2		8,329.2		8.3
Cash flow hedges:
Interest rate swaps	850.0		850.0		(8.9		)
Total	$	11,054.2	$	10,179.2	$	(5.3	)

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

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 income (“OCI”) for the three and six-month periods ended July 3, 2020 and June 28, 2019 ($ in millions):

	Original Notional Amount		Notional Amount Outstanding		Gain (Loss) Recognized in OCI
For the Three-Month Period Ended July 3, 2020:
Net investment hedges:
Foreign currency contracts	$	1,875.0	$	1,000.0	$	(25.6	)
Foreign currency denominated debt	5,211.3		5,211.3		(189.3		)
Cash flow hedges:
Foreign currency contracts	4,000.0		4,000.0		(354.3		)
Total	$	11,086.3	$	10,211.3	$	(569.2	)
For the Three-Month Period Ended June 28, 2019:
Net investment hedges:
Foreign currency contracts:	$	1,875.0	$	1,000.0	$	(19.5	)
Foreign currency denominated debt	8,329.2		8,329.2		(129.5		)
Cash flow hedges:
Interest rate swaps	850.0		850.0		(8.9		)
Total	$	11,054.2	$	10,179.2	$	(157.9	)
For the Six-Month Period Ended July 3, 2020:
Net investment hedges:
Foreign currency contracts:	$	1,875.0	$	1,000.0	$	67.7
Foreign currency denominated debt	5,211.3		5,211.3		(33.1		)
Cash flow hedges:
Foreign currency contracts	4,000.0		4,000.0		296.5
Total	$	11,086.3	$	10,211.3	$	331.1
For the Six-Month Period Ended June 28, 2019:
Net investment hedges:
Foreign currency contracts	$	1,875.0	$	1,000.0	$	(4.7	)
Foreign currency denominated debt	8,329.2		8,329.2		8.3
Cash flow hedges:
Interest rate swaps	850.0		850.0		(8.9		)
Total	$	11,054.2	$	10,179.2	$	(5.3	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified in the Company’s Consolidated Condensed Balance Sheet as follows ($ in millions):

	July 3, 2020		December 31, 2019
Derivative assets:
Prepaid expenses and other current assets	$	—	$	25.7
Other long-term assets	278.2		—
Derivative liabilities:
Accrued expenses and other liabilities	—		111.7
Nonderivative hedging instruments:
Long-term debt	5,211.3		6,275.9