Derivative Financial Instruments (Tables)

12 Months Ended

Jan. 02, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Notional Amounts Of Forward Contracts

he Company had the following commodity forward contracts outstanding (with maturities extending through March 2022) to hedge forecasted purchases of commodities (notional amounts expressed in terms of the dollar value of the hedged item (in millions):

	January 2, 2021		December 28, 2019
Copper	$	47.0	$	49.3
Aluminum	3.6		3.4

he Company had the following currency forward contracts outstanding (with maturities extending through December 2022) to hedge forecasted foreign currency cash flows (in millions):

	January 2, 2021		December 28, 2019
Mexican Peso	$	174.6	$	160.2
Chinese Renminbi	188.5		104.6
Indian Rupee	37.8		36.7
Euro	231.7		127.0
Canadian Dollar	2.0		9.4
Australian Dollar	21.2		11.4
Thai Baht	15.3		5.7
Swedish Krona	—		2.4
British Pound	11.7		15.4

Schedule Of Fair Values Of Derivative Instruments

Fair values of derivative instruments as of January 2, 2021 and December 28, 2019 were (in millions):

	January 2, 2021
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	—	$	0.7	$	1.4
Currency Contracts	16.4		1.6		1.0		0.1
Commodity Contracts	11.3		0.1		—		—
Not Designated as Hedging Instruments:
Currency Contracts	0.2		—		—		—
Commodity Contracts	0.1		—		—		—
Total Derivatives	$	28.0	$	1.7	$	1.7	$	1.5

	December 28, 2019
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	—	$	—	$	1.0
Currency Contracts	8.8		10.3		3.0		0.2
Commodity Contracts	2.6		0.1		0.2		—
Not Designated as Hedging Instruments:
Currency Contracts	0.1		—		0.1		—
Commodity Contracts	—		—		0.1		—
Total Derivatives	$	11.5	$	10.4	$	3.4	$	1.2

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 2020, 2019 and 2018 were (in millions):

	Fiscal 2020
					Interest
	Commodity		Currency		Rate
	Forwards		Forwards		Swaps		Total
Gain (Loss) Recognized in Other Comprehensive Income	$	14.8	$	(3.2)	$	(0.2)	$	11.4
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain (Loss) Recognized in Cost of Sales	1.2		(2.9)		—		(1.7)
Loss Recognized in Operating Expense	—		(8.3)		—		(8.3)
Gain Recognized in Interest Expense	—		—		0.9		0.9

	Fiscal 2019
					Interest
	Commodity		Currency		Rate
	Forwards		Forwards		Swaps		Total
Gain Recognized in Other Comprehensive Loss	$	1.5	$	16.5	$	1.3	$	19.3
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain Recognized in Net Sales	—		0.3		—		0.3
Gain (Loss) Recognized in Cost of Sales	(7.7)		4.2		—		(3.5)
Gain Recognized in Operating Expense	—		2.5		—		2.5
Gain Recognized in Interest Expense	—		—		2.4		2.4

	Fiscal 2018
					Interest
	Commodity		Currency		Rate
	Forwards		Forwards		Swaps		Total
Gain (Loss) Recognized in Other Comprehensive Loss	$	(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

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 2020, 2019 and 2018 were (in millions):

	Fiscal 2020
	Commodity Forwards		Currency Forwards		Total
Gain Recognized in Cost of Sales	$	0.2	$	—	$	0.2
Loss Recognized in Operating Expenses	—		(8.6)		(8.6)

	Fiscal 2019
	Commodity Forwards		Currency Forwards		Total
Gain Recognized in Cost of Sales	$	0.2	$	—	$	0.2
Loss Recognized in Operating Expenses	—		(1.1)		(1.1)

	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)

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):

	January 2, 2021
	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	$	16.6	$	(1.0)	$	15.6
Derivative Commodity Contracts	11.4		—		11.4
Other Noncurrent Assets:
Derivative Currency Contracts	1.6		—		1.6
Derivative Commodity Contracts	0.1		—		0.1
Other Accrued Expenses:
Derivative Currency Contracts	1.0		(1.0)		—
Other Noncurrent Liabilities:
Derivative Currency Contracts	0.1		—		0.1

	December 28, 2019
	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	$	8.9	$	(2.5)	$	6.4
Derivative Commodity Contracts	2.6		(0.3)		2.3
Other Noncurrent Assets:
Derivative Currency Contracts	10.3		(0.1)		10.2
Derivative Commodity Contracts	0.1		—		0.1
Other Accrued Expenses:
Derivative Currency Contracts	3.1		(2.5)		0.6
Derivative Commodity Contracts	0.3		(0.3)		—
Other Noncurrent Liabilities:
Derivative Currency Contracts	0.2		(0.1)		0.1