Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Apr. 02, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges

The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the first quarter ended April 2, 2023 and April 3, 2022 was as follows (in millions):

	First Quarter
	2023		2022
Net gain (loss) recognized in AOCI - Foreign Exchange Contracts (a)	$	13.6	$	13.7
Net gain (loss) reclassified from AOCI into revenue - Foreign Exchange Contracts (a)	$	(1.9)	$	(0.2)
Net gain (loss) recognized in AOCI - Interest Rate Contracts	$	—	$	1.3
Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b)	$	10.1	$	6.2
Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts	$	1.5	$	0.9
Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts	$	0.6	$	(0.4)

(a)    Effective portion, pre-tax

(b)     Amount reclassified to offset earnings impact of liability hedged by cross currency swap

Schedule of Notional Amounts of Outstanding Foreign Currency Contracts

As of April 2, 2023, the Company had foreign currency forward contracts not designated as accounting hedges primarily in the following types and pairs (in millions):

Contracts to Buy			Contracts to Sell
Currency	Amount		Currency	Amount
Canadian Dollars	$	185.6	U.S. Dollars	US$	136.7
Great Britain Pounds	£	50.3	U.S. Dollars	US$	60.7
Euros	€	50.5	U.S. Dollars	US$	53.6
Danish Krone	DKR	107.9	U.S. Dollars	US$	15.5
Swedish Krona	SEK	163.5	Euros	€	14.7
U.S. Dollars	US$	13.6	Chinese Yuan	¥	93.9

Schedule of Fair Values of Derivative Financial Instruments

The fair values of the Company’s derivative instruments are presented below. All fair values for these derivative instruments were measured using Level 2 inputs in the fair value hierarchy (in millions):

Asset/(Liability) Derivative Instruments	Balance sheet location	April 2, 2023		January 1, 2023
Derivatives designated as hedging instruments:
Cash flow forward contracts	Other current assets	$	1.4	$	0.4
Cash flow forward contracts	Accrued liabilities	(4.5)		(6.8)
Interest rate contracts	Other current assets	—		0.7
Cash flow cross currency swap	Other current assets	2.3		2.7
Cash flow cross currency swap	Other current liabilities	—		(14.0)
Cash flow cross currency swap	Other non-current liabilities	(20.5)		(18.3)
Total derivatives designated as hedging instruments		(21.3)		(35.3)
Derivatives not designated as hedging instruments:
Non-designated forward contracts	Other current assets	8.5		3.5
Non-designated forward contracts	Accrued liabilities	(4.8)		(7.0)
Total derivatives not designated as hedging instruments		3.7		(3.5)
Total derivative instruments, net		$	(17.6)	$	(38.8)