XML 54 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 29, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Notional Amounts Of Forward Contracts
As of December 29, 2018, the Company had the following commodity forward contracts outstanding (with maturities extending through March 2020) to hedge forecasted purchases of commodities (notional amounts expressed in terms of the dollar value of the hedged item (in millions):
 
 
December 29, 2018
 
December 30, 2017
 
 
 
Copper
 
$
95.4

 
$
80.8

Aluminum
 
10.0

 
7.7

As of December 29, 2018, the Company had the following currency forward contracts outstanding (with maturities extending through April 2021) to hedge forecasted foreign currency cash flows (in millions):
 
 
December 29, 2018
 
December 30, 2017
 
 
 
Mexican Peso
 
$
182.3

 
$
137.1

Chinese Renminbi
 
125.5

 
214.9

Indian Rupee
 
44.0

 
35.8

Euro
 
225.7

 
26.4

Canadian Dollar
 
11.4

 
47.7

Australian Dollar
 
13.2

 
14.9

Thai Baht
 
6.7

 
7.5

British Pound
 
15.3

 
2.7
Schedule Of Fair Values Of Derivative Instruments
Fair values of derivative instruments as of December 29, 2018 and December 30, 2017 were (in millions):
 
 
December 29, 2018
 
 
Prepaid Expenses and Other Current Assets
 
Other Noncurrent Assets
 
Current Hedging Obligations
 
Noncurrent Hedging Obligations
Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
   Currency Contracts
 
$
6.0

 
$
7.2

 
$
4.3

 
$
1.1

   Commodity Contracts
 
0.1

 
—

 
6.0

 
0.1

Not Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
   Currency Contracts
 
0.6

 
—

 
0.7

 
—

   Commodity Contracts
 
—

 
—

 
0.3

 
—

Total Derivatives
 
$
6.7

 
$
7.2

 
$
11.3

 
$
1.2


 
 
December 30, 2017
 
 
Prepaid Expenses and Other Current Assets
 
Other Noncurrent Assets
 
Current Hedging Obligations
 
Noncurrent Hedging Obligations
Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
   Currency Contracts
 
$
11.5

 
$
2.5

 
$
7.9

 
$
0.9

   Commodity Contracts
 
10.8

 
0.7

 
—

 
—

Not Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
   Currency Contracts
 
4.1

 
—

 
0.2

 
—

   Commodity Contracts
 
0.2

 
—

 
—

 
—

Total Derivatives
 
$
26.6

 
$
3.2

 
$
8.1

 
$
0.9
Schedule Of Cash Flow Hedging Instruments
The effect of derivative instruments designated as cash flow hedges on the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income for fiscal years 2018, 2017 and 2016 were (in millions):
 
 
Fiscal 2018
 
 
 
 
 
 
Interest
 
 
 
 
Commodity
 
Currency
 
Rate
 
 
 
 
Forwards
 
Forwards
 
Swaps
 
Total
Gain (Loss) Recognized in Other Comprehensive Income
 
$
(17.9
)
 
$
11.0

 
$
1.7

 
$
(5.2
)
Amounts Reclassified from Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
Gain Recognized in Net Sales
 
—

 
0.2

 
—

 
0.2

Gain Recognized in Cost of Sales
 
5.0

 
2.9

 
—

 
7.9

Gain Recognized in Operating Expense
 
—

 
6.1

 
—

 
6.1

Gain Recognized in Interest Expense
 
—

 
—

 
1.6

 
1.6


 
 
Fiscal 2017
 
 
 
 
 
 
Interest
 
 
 
 
Commodity
 
Currency
 
Rate
 
 
 
 
Forwards
 
Forwards
 
Swaps
 
Total
Gain Recognized in Other Comprehensive Loss
 
$
21.7

 
$
46.3

 
$
0.5

 
$
68.5

Amounts Reclassified from Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
Gain Recognized in Net Sales
 
—

 
0.9

 
—

 
0.9

Gain (Loss) Recognized in Cost of Sales
 
12.2

 
(22.1
)
 
—

 
(9.9
)
Loss Recognized in Interest Expense
 
—

 
—

 
(2.8
)
 
(2.8
)

 
 
Fiscal 2016
 
 
 
 
 
 
Interest
 
 
 
 
Commodity
 
Currency
 
Rate
 
 
 
 
Forwards
 
Forwards
 
Swaps
 
Total
Gain (Loss) Recognized in Other Comprehensive Loss
 
$
6.4

 
$
(46.1
)
 
$
(0.3
)
 
$
(40.0
)
Amounts Reclassified from Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
Gain Recognized in Net Sales
 
—

 
0.2

 
—

 
0.2

Loss Recognized in Cost of Sales
 
(13.6
)
 
(32.1
)
 
—

 
(45.7
)
Loss Recognized in Interest Expense
 
—

 
—

 
(4.8
)
 
(4.8
)
Schedule of Derivatives Not Designated as Cash Flow Hedging Instruments
The effect of derivative instruments not designated as cash flow hedges on the Consolidated Statements of Income for fiscal years 2018, 2017 and 2016 were (in millions):
 
 
 
 
Fiscal 2018
 
 
 
 
Commodity Forwards
 
Currency Forwards
 
Total
Loss Recognized in Cost of Sales
 
$
(0.5
)
 
$
—

 
$
(0.5
)
Loss Recognized in Operating Expenses
 
—

 
(6.8
)
 
(6.8
)

 
 
 
 
Fiscal 2017
 
 
 
 
Commodity Forwards
 
Currency Forwards
 
Total
Loss Recognized in Cost of Sales
 
$
(1.1
)
 
$
—

 
$
(1.1
)
Gain Recognized in Operating Expenses
 
—

 
14.3

 
14.3


 
 
 
 
Fiscal 2016
 
 
 
 
Commodity Forwards
 
Currency Forwards
 
Total
Gain Recognized in Cost of Sales
 
 
 
$
2.6

 
$
—

 
$
2.6

Loss Recognized in Operating Expenses
 
—

 
(5.2
)
 
(5.2
)
Derivatives Offsetting Disclosures
The following table presents the derivative assets and derivative liabilities presented on a net basis under enforceable master netting agreements (in millions):
 
 
December 29, 2018
 
 
Gross Amounts as Presented in the Consolidated Balance Sheet
 
Derivative Contract Amounts Subject to Right of Offset
 
Derivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
 
 
 
 
 
 
Derivative Currency Contracts
 
$
6.6

 
$
(3.6
)
 
$
3.0

Derivative Commodity Contracts
 
0.1

 
(0.1
)
 
—

Other Noncurrent Assets:
 
 
 
 
 
 
Derivative Currency Contracts
 
7.2

 
(0.6
)
 
6.6

Current Hedging Obligations:
 
 
 
 
 
 
Derivative Currency Contracts
 
5.0

 
(3.6
)
 
1.4

Derivative Commodity Contracts
 
6.3

 
(0.1
)
 
6.2

Noncurrent Hedging Obligations:
 
 
 
 
 
 
Derivative Currency Contracts
 
1.1

 
(0.6
)
 
0.5

Derivative Commodity Contracts
 
0.1

 
—

 
0.1

 
 
December 30, 2017
 
 
Gross Amounts as Presented in the Consolidated Balance Sheet
 
Derivative Contract Amounts Subject to Right of Offset
 
Derivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
 
 
 
 
 
 
Derivative Currency Contracts
 
$
15.6

 
$
(5.9
)
 
$
9.7

Derivative Commodity Contracts
 
11.0

 
—

 
11.0

Other Noncurrent Assets:
 
 
 
 
 
 
Derivative Currency Contracts
 
2.5

 
(0.7
)
 
1.8

Derivative Commodity Contracts
 
0.7

 
—

 
0.7

Current Hedging Obligations:
 
 
 
 
 
 
Derivative Currency Contracts
 
8.1

 
(5.9
)
 
2.2

Noncurrent Hedging Obligations:
 
 
 
 
 
 
  Derivative Currency Contracts
 
0.9

 
(0.7
)
 
0.2