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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Currency Forward Contracts
Foreign currency forward contracts were as follows (in millions):
 
 
Notional Amount
 
 
June 27,
2020
 
December 31,
2019
Israeli Shekel (ILS)
 
$
351.2

 
$
712.7

European Euro (EUR)
 
165.7

 
157.6

United States Dollar (USD)
 
64.0

 
92.4

British Pound (GBP)
 
51.2

 
86.9

Danish Krone (DKK)
 
47.9

 
51.7

Swedish Krona (SEK)
 
35.8

 
42.0

Canadian Dollar (CAD)
 
31.1

 
41.3

Chinese Yuan (CNY)
 
16.7

 
20.9

Polish Zloty (PLZ)
 
15.3

 
21.5

Mexican Peso (MPX)
 
12.5

 
9.7

Switzerland Franc (CHF)
 
5.7

 
4.1

Norwegian Krone (NOK)
 
3.4

 
6.6

Romanian New Leu (RON)
 
2.8

 
2.3

Other
 
7.6

 
7.5

Total
 
$
810.9

 
$
1,257.2
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The balance sheet location and gross fair value of our outstanding derivative instruments were as follows (in millions):
 
 
 
Asset Derivatives
 
 
 
Fair Value
 
Balance Sheet Location
 
June 27,
2020
 
December 31,
2019
Designated derivatives:
 
 
 
 
 
Foreign currency forward contracts
Prepaid expenses and other current assets
 
$
8.0

 
$
1.0

Cross-currency swap
Other non-current assets
 
8.0

 
26.3

Foreign currency forward contract NIH
Prepaid expenses and other current assets
 
0.4

 
—

Total designated derivatives
 
 
$
16.4

 
$
27.3

Non-designated derivatives:
 
 
 
 
 
Foreign currency forward contracts
Prepaid expenses and other current assets
 
$
6.1

 
$
3.3

 
 
 
Liability Derivatives
 
 
 
Fair Value
 
Balance Sheet Location
 
June 27,
2020
 
December 31,
2019
Designated derivatives:
 
 
 
 
 
Foreign currency forward contracts
Other accrued liabilities
 
$
1.9

 
$
4.7

Non-designated derivatives:
 
 
 
 
 
Foreign currency forward contracts
Other accrued liabilities
 
$
1.1

 
$
3.7
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the effect of derivative instruments designated as hedging instruments in Accumulated Other Comprehensive Income ("AOCI") (in millions):
 
 
Three Months Ended
 
 
June 27, 2020
Instrument
 
Amount of Gain/(Loss) Recorded in OCI
 
Classification of Gain/(Loss) Reclassified from AOCI into Earnings
 
Amount of Gain/(Loss) Reclassified from AOCI into Earnings
 
Classification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness Testing
 
Amount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
—

 
Interest expense, net
 
$
(0.4
)
 
Interest expense, net
 
$
—

Foreign currency forward contracts
 
3.0

 
Net sales
 
0.4

 
Net sales
 
—

 
 
 
 
Cost of sales
 
(0.2
)
 
Cost of sales
 
0.3

 
 
$
3.0

 
 
 
$
(0.2
)
 
 
 
$
0.3

Net investment hedges:
 
 
 
 
 
 
 
 
 
 
Cross-currency swap
 
$
(3.3
)
 
 
 
 
 
Interest expense, net
 
$
1.8

Foreign currency forward contract NIH
 
0.4

 
 
 
 
 
 
 
—

 
 
$
(2.9
)
 
 
 
 
 
 
 
$
1.8


 
 
Six Months Ended
 
 
June 27, 2020
Instrument
 
Amount of Gain/(Loss) Recorded in OCI(1)
 
Classification of Gain/(Loss) Reclassified from AOCI into Earnings
 
Amount of Gain/(Loss) Reclassified from AOCI into Earnings
 
Classification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness Testing
 
Amount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Treasury locks
 
$
—

 
Interest expense, net
 
$
(0.1
)
 
Interest expense, net
 
$
—

Interest rate swap agreements
 
—

 
Interest expense, net
 
(0.9
)
 
Interest expense, net
 
—

Foreign currency forward contracts
 
9.9

 
Net sales
 
—

 
Net sales
 
—

 
 
 
 
Cost of sales
 
(0.8
)
 
Cost of sales
 
0.7

 
 
$
9.9

 
 
 
$
(1.8
)
 
 
 
$
0.7

Net investment hedges:
 
 
 
 
 
 
 
 
 
 
Cross-currency swap
 
$
(18.3
)
 
 
 
 
 
Interest expense, net
 
$
4.6

Foreign currency forward contract NIH
 
0.4

 
 
 
 
 
 
 
—

 
 
$
(17.9
)
 
 
 
 
 
 
 
$
4.6


(1) Net loss of $7.4 million is expected to be reclassified out of AOCI into earnings during the next 12 months.

 
 
Three Months Ended
 
 
June 29, 2019
Instrument
 
Amount of Gain/(Loss) Recorded in OCI
 
Classification of Gain/(Loss) Reclassified from AOCI into Earnings
 
Amount of Gain/(Loss) Reclassified from AOCI into Earnings
 
Classification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness Testing
 
Amount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
—

 
Interest expense, net
 
$
(0.4
)
 
Interest expense, net
 
$
—

Foreign currency forward contracts
 
1.1

 
Net sales
 
0.1

 
Net sales
 
0.1

 
 
 
 
Cost of sales
 
(0.2
)
 
Cost of sales
 
(1.1
)
 
 
$
1.1

 
 
 
$
(0.5
)
 
 
 
$
(1.0
)

 
 
Six Months Ended
 
 
June 29, 2019
Instrument
 
Amount of Gain/(Loss) Recorded in OCI
 
Classification of Gain/(Loss) Reclassified from AOCI into Earnings
 
Amount of Gain/(Loss) Reclassified from AOCI into Earnings
 
Classification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness Testing
 
Amount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
—

 
Interest expense, net
 
$
(1.0
)
 
Interest expense, net
 
$
—

Foreign currency forward contracts
 
—

 
Net sales
 
0.3

 
Net sales
 
—

 
 
 
 
Cost of sales
 
(1.4
)
 
Cost of sales
 
(2.2
)
 
 
$
—

 
 
 
$
(2.1
)
 
 
 
$
(2.2
)
Amount of Gain/(Loss) Recognized against Earnings
The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows (in millions):
 
 
 
 
Three Months Ended
 
Six Months Ended
Non-Designated Derivatives
 
Income Statement
Location
 
June 27,
2020
 
June 29,
2019
 
June 27,
2020
 
June 29,
2019
Foreign currency forward contracts
 
Other (income) expense, net
 
$
(17.1
)
 
$
(4.3
)
 
$
(6.0
)
 
$
(13.1
)
 
 
Interest expense, net
 
2.2

 
1.4

 
3.8

 
1.8

 
 
 
 
$
(14.9
)
 
$
(2.9
)
 
$
(2.2
)
 
$
(11.3
)
Classification of Gain (Loss) Recognized in Earnings on Fair Value and Cash Flow Hedging Relationships
The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships were as follows (in millions):
 
 
Three Months Ended
 
 
June 27, 2020
 
 
Net Sales
 
Cost of Sales
 
Interest Expense, net
 
Other (Income) Expense, net
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
 
$
1,219.1

 
$
784.4

 
$
33.4

 
$
14.3

 
 
 
 
 
 
 
 
 
The effects of cash flow hedging:
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships
 
 
 
 
 
 
 
 
Foreign currency forward contracts
 
 
 
 
 
 
 
 
Amount of gain or (loss) reclassified from AOCI into earnings
 
$
0.4

 
$
(0.2
)
 
$
—

 
$
—

Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach
 
$
—

 
$
0.3

 
$
—

 
$
—

Interest rate swap agreements
 
 
 
 
 
 
 
 
Amount of gain or (loss) reclassified from AOCI into earnings
 
$
—

 
$
—

 
$
(0.4
)
 
$
—


 
 
Six Months Ended
 
 
June 27, 2020
 
 
Net Sales
 
Cost of Sales
 
Interest Expense, net
 
Other (Income) Expense, net
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
 
$
2,560.1

 
$
1,642.2

 
$
63.6

 
$
16.7

 
 
 
 
 
 
 
 
 
The effects of cash flow hedging:
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships
 
 
 
 
 
 
 
 
Foreign currency forward contracts
 
 
 
 
 
 
 
 
Amount of gain or (loss) reclassified from AOCI into earnings
 
$
—

 
$
(0.8
)
 
$
—

 
$
—

Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach
 
$
—

 
$
0.7

 
$
—

 
$
—

Treasury locks
 
 
 
 
 
 
 
 
Amount of gain or (loss) reclassified from AOCI into earnings
 
$
—

 
$
—

 
$
(0.1
)
 
$
—

Interest rate swap agreements
 
 
 
 
 
 
 
 
Amount of gain or (loss) reclassified from AOCI into earnings
 
$
—

 
$
—

 
$
(0.9
)
 
$
—



 
 
Three Months Ended
 
 
June 29, 2019
 
 
Net Sales
 
Cost of Sales
 
Interest Expense, net
 
Other (Income) Expense, net
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
 
$
1,149.0

 
$
718.2

 
$
31.2

 
$
2.3

 
 
 
 
 
 
 
 
 
The effects of cash flow hedging:
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships
 
 
 
 
 
 
 
 
Foreign currency forward contracts
 
 
 
 
 
 
 
 
Amount of gain or (loss) reclassified from AOCI into earnings
 
$
0.1

 
$
(0.2
)
 
$
—

 
$
—

Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach
 
$
0.1

 
$
(1.1
)
 
$
—

 
$
—

Interest rate swap agreements
 
 
 
 
 
 
 
 
Amount of gain or (loss) reclassified from AOCI into earnings
 
$
—

 
$
—

 
$
(0.4
)
 
$
—


 
 
Six Months Ended
 
 
June 29, 2019
 
 
Net Sales
 
Cost of Sales
 
Interest Expense, net
 
Other (Income) Expense, net
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
 
$
2,323.5

 
$
1,443.9

 
$
59.8

 
$
5.5

 
 
 
 
 
 
 
 
 
The effects of cash flow hedging:
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships
 
 
 
 
 
 
 
 
Foreign currency forward contracts
 
 
 
 
 
 
 
 
Amount of gain or (loss) reclassified from AOCI into earnings
 
$
0.3

 
$
(1.4
)
 
$
—

 
$
—

Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach
 
$
—

 
$
(2.2
)
 
$
—

 
$
—

Interest rate swap agreements
 
 
 
 
 
 
 
 
Amount of gain or (loss) reclassified from AOCI into earnings
 
$
—

 
$
—

 
$
(1.0
)
 
$
—