Financial Instruments Financial Instruments (Tables)

3 Months Ended

Apr. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of April 2, 2022, December 31, 2021 and April 3, 2021, the fair values of the Company’s derivative instruments were:



(in millions)	Fair Value
Asset Derivatives	April 2, 2022		December 31, 2021		April 3, 2021
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	9.4	$	8.8	$	3.3
Commodity contracts	4.6		1.9		2.5
Interest rate contracts	—		—		9.8
Total	$	14.0	$	10.7	$	15.6

Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	0.1	$	14.3	$	—



Other Hedging Activity
Foreign exchange contracts	$	0.1	$	0.1	$	0.2

Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	4.2	$	2.6	$	6.9




Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	1.0	$	—	$	—






Other Hedging Activity
Foreign exchange contracts	$	2.5	$	0.3	$	0.4

As of April 2, 2022, December 31, 2021 and April 3, 2021, asset derivatives are included within Prepaid expenses and other and Other long-term assets and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Condensed Consolidated Balance Sheets.

Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income

The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three months ended April 2, 2022 and April 3, 2021 is as shown in the tables below.

Gain on derivatives recognized in Accumulated other comprehensive loss was as follows:


(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	April 2, 2022		April 3, 2021
Interest rate contracts	$	5.3	$	9.8
Foreign exchange contracts	2.6		2.6
Commodity contracts	5.0		2.1
Total	$	12.9	$	14.5

Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps	$	1.4	$	—

The amount of Gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:


(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	Location of Gain (Loss)	April 2, 2022		April 3, 2021
Interest rate contracts	Interest expense	$	—	$	(0.1)
Foreign exchange contracts	Cost of sales	2.7		(3.1)
Commodity contracts	Cost of sales	1.6		0.3
Total		$	4.3	$	(2.9)

Derivatives Designated as Fair Value Hedging Instruments
Interest rate contracts	Interest expense	$	0.2	$	0.2

Other Hedging Activity
Foreign exchange contracts	Cost of sales	$	(3.6)	$	1.8
Foreign exchange contracts	Other expense, net	—		(2.2)
Total		$	(3.6)	$	(0.4)