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Derivative Instruments and Hedging Activities
 3 Months Ended
Apr. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES     
Cross Currency Swaps

On August 15, 2019, we entered into a cross-currency swap designated as a net investment hedge to hedge the EUR currency exposure of our net investment in European operations. This agreement is a contract to exchange floating-rate Euro payments for floating-rate U.S. dollar payments through August 15, 2022. The payments are based on a notional basis of €450.0 million ($498.0 million) and settle quarterly.

Interest Rate Swaps

    There were no active designated or non-designated interest rate swaps as of April 3, 2021 or December 31, 2020.
Foreign Currency Forwards

    Foreign currency forward contracts were as follows (in millions):
Notional Amount
April 3,
2021		December 31,
2020
European Euro (EUR)$270.7 $312.6 
Israeli Shekel (ILS)74.1 94.4 
United States Dollar (USD)63.4 101.5 
Chinese Yuan (CNY)50.4 49.1 
British Pound (GBP)44.8 92.3 
Danish Krone (DKK)44.0 65.2 
Swedish Krona (SEK)30.1 41.2 
Canadian Dollar (CAD)27.8 36.8 
Polish Zloty (PLZ)18.3 21.8 
Mexican Peso (MPX)14.8 15.6 
Norwegian Krone (NOK)9.7 7.8 
Australian Dollar (AUD)9.1 11.3 
Romanian New Leu (RON)4.8 3.6 
Switzerland Franc (CHF)4.6 8.2 
Turkish Lira (TRY)3.7 4.0 
Other2.4 2.3 
Total$672.7 $867.7 

    The maximum term of our forward currency exchange contracts is 60 months.

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 were as follows (in millions):
Asset Derivatives
Fair Value
Balance Sheet LocationApril 3,
2021		December 31,
2020
Designated derivatives:
Foreign currency forward contractsPrepaid expenses and other current assets$5.6 $5.0 
Foreign currency forward contractsOther non-current assets0.4 0.5 
Cross-currency swapOther non-current assets5.7 6.3 
Total designated derivatives$11.7 $11.8 
Non-designated derivatives:
Foreign currency forward contractsPrepaid expenses and other current assets$1.2 $4.3 
Liability Derivatives
Fair Value
Balance Sheet LocationApril 3,
2021		December 31,
2020
Designated derivatives:
Foreign currency forward contractsOther accrued liabilities$3.6 $5.5 
Non-designated derivatives:
Foreign currency forward contractsOther accrued liabilities$2.9 $2.4 

    The following tables summarize the effect of derivative instruments designated as hedging instruments in Accumulated Other Comprehensive Income ("AOCI") (in millions):
Three Months Ended
April 3, 2021
Instrument
Amount of Gain/(Loss) Recorded in OCI(1)
Classification of Gain/(Loss) Reclassified from AOCI into EarningsAmount of Gain/(Loss) Reclassified from AOCI into EarningsClassification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness TestingAmount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges:
Interest rate swap agreements$— Interest expense, net$(0.5)Interest expense, net$— 
Foreign currency forward contracts1.7 Net sales(0.9)Net sales— 
Cost of sales(1.4)Cost of sales0.1 
Other (income) expense, net(0.1)
$1.7 $(2.8)$— 
Net investment hedges:
Cross-currency swap$(0.5)Interest expense, net$1.0 

(1) Net loss of $13.4 million is expected to be reclassified out of AOCI into earnings during the next 12 months.
Three Months Ended
March 28, 2020
InstrumentAmount of Gain/(Loss) Recorded in OCIClassification of Gain/(Loss) Reclassified from AOCI into EarningsAmount of Gain/(Loss) Reclassified from AOCI into EarningsClassification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness TestingAmount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges:
Interest rate swap agreements$— Interest expense, net$(0.5)Interest expense, net$— 
Foreign currency forward contracts9.3 Net sales(0.4)Net sales— 
Cost of sales(1.0)Cost of sales0.4 
$9.3 $(1.9)$0.4 
Net investment hedges:
Cross-currency swap$(15.0)Interest expense, net$2.8 
    The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows (in millions):
Three Months Ended
Non-Designated DerivativesIncome Statement
Location		April 3,
2021		March 28,
2020
Foreign currency forward contracts
Other (income) expense, net$(4.8)$6.2 
Interest expense, net1.2 0.9 
$(3.6)$7.1 

    The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships were as follows (in millions):
Three Months Ended
April 3, 2021
Net SalesCost of SalesInterest Expense, netOther (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
$1,010.0 $641.6 $32.0 $2.4 
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.9)$(1.4)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$— $0.1 $— $(0.1)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(0.5)$— 
Three Months Ended
March 28, 2020
Net SalesCost of SalesInterest Expense, netOther (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
$1,083.3 $689.6 $28.9 $1.7 
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.4)$(1.0)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$— $0.4 $— $— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(0.5)$—