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Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 29, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative instruments and hedging activities
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

     All of our designated derivatives were classified as cash flow hedges as of September 29, 2018 and December 31, 2017.

Interest Rate Swaps

During the three months ended July 1, 2017, we repaid $584.4 million of senior notes with an interest rate of 4.000% due 2023 and $309.5 million of senior notes with an interest rate of 5.300% due 2043 (refer to Note 9). As a result of these senior note repayments, the proportionate amount remaining in OCI related to the pre-issuance hedge was reclassified to earnings. Accordingly, we recorded a loss of $5.9 million in Other (income) expense, net, during the three months ended July 1, 2017 for the amount remaining in OCI.

Foreign Currency Forward Contracts

The total notional amount for our foreign currency forward contracts was $598.4 million and $592.3 million as of September 29, 2018 and December 31, 2017, respectively.

Effects of Derivatives on the Financial Statements
    
The below tables indicate the effects of all derivative instruments on the Condensed Consolidated Financial Statements. All amounts exclude income tax effects.

The balance sheet location and gross fair value of our outstanding derivative instruments was as follows (in millions):
 
Asset Derivatives
 
Balance Sheet Location
 
Fair Value
 
 
 
September 29,
2018
 
December 31,
2017
Designated derivatives:
 
 
 
 
 
Foreign currency forward contracts
Prepaid expenses and other current assets
 
$
1.0

 
$
4.1

Non-designated derivatives:
 
 
 
 
 
Foreign currency forward contracts
Prepaid expenses and other current assets
 
$
2.3

 
$
2.2

 
Liability Derivatives
 
Balance Sheet Location
 
Fair Value
 
 
 
September 29,
2018
 
December 31,
2017
Designated derivatives:
 
 
 
 
 
Foreign currency forward contracts
Accrued liabilities
 
$
5.2

 
$
1.4

Non-designated derivatives:
 
 
 
 
 
Foreign currency forward contracts
Accrued liabilities
 
$
1.4

 
$
2.4



The gain (loss) recorded in OCI for the effective portion of our designated cash flow hedges was as follows:
 
 
Amount of Gain/(Loss) Recorded in OCI
(Effective Portion)
 
 
Three Months Ended
 
Nine Months Ended
Designated Cash Flow Hedges
 
September 29,
2018
 
September 30,
2017
 
September 29,
2018
 
September 30,
2017
Foreign currency forward contracts
 
$
—

 
$
1.1

 
$
(4.2
)
 
$
6.3



The gain (loss) reclassified from Accumulated other comprehensive income ("AOCI") into earnings for the effective portion of our designated cash flow hedges was as follows (in millions):
 
 
 
 
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)
 
 
 
 
Three Months Ended
 
Nine Months Ended
Designated Cash Flow Hedges
 
Income Statement Location
 
September 29,
2018
 
September 30,
2017
 
September 29,
2018
 
September 30,
2017
Interest rate swap agreements
 
Interest expense, net
 
$
(0.4
)
 
$
(0.4
)
 
$
(1.3
)
 
$
(1.7
)
 
 
Other (income) expense, net
 
—

 
—

 
—

 
(5.9
)
Foreign currency forward contracts
 
Net sales
 
0.4

 
—

 
0.4

 
0.9

 
 
Cost of sales
 
(0.3
)
 
1.8

 
3.5

 
3.5

 
 
Interest expense, net
 
(1.1
)
 
(0.7
)
 
(3.1
)
 
(1.8
)
 
 
Other (income) expense, net
 
2.5

 
(1.2
)
 
2.0

 
(1.7
)
Total
 
 
 
$
1.1

 
$
(0.5
)
 
$
1.5

 
$
(6.7
)


The net of tax amount expected to be reclassified out of AOCI into earnings during the next 12 months is a $5.2 million loss.

The gain (loss) recognized in earnings for the ineffective portion of our designated cash flow hedges was as follows (in millions):
 
 
 
Amount of Gain/(Loss) Recognized in Earnings
(Ineffective Portion)
 
 
 
Three Months Ended
Nine Months Ended
Designated Cash Flow Hedges
 
Income Statement
Location
 
September 30,
2017
 
September 30,
2017
Foreign currency forward contracts
 
Net sales
 
0.2

 
0.1

 
 
Cost of sales
 
0.1

 
0.1

Foreign currency forward contracts
 
Other (income) expense, net
 
—

 
1.0

Total
 
 
 
$
0.3

 
$
1.2



The effects of our non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows (in millions):
 
 
 
 
Amount of Gain/(Loss) Recognized against Earnings
 
 
 
 
Three Months Ended
 
Nine Months Ended
Non-Designated Derivatives
 
Income Statement Location
 
September 29,
2018
 
September 30,
2017
 
September 29,
2018
 
September 30,
2017
Foreign currency forward contracts
 
Other (income) expense, net
 
$
(2.0
)
 
$
10.1

 
$
6.6

 
$
(3.8
)
 
 
Interest expense, net
 
(0.2
)
 
(1.8
)
 
(0.9
)
 
(2.9
)
Total
 
 
 
$
(2.2
)
 
$
8.3

 
$
5.7

 
$
(6.7
)