DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 27, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Forward Contracts

As of June 27, 2020, the Company had the following currency forward contracts outstanding (with maturities extending through January 2022) to hedge forecasted foreign currency cash flows (in millions):

	Notional Amount (in US Dollars)
Chinese Renminbi	$	62.8
Mexican Peso	120.9
Euro	109.9
Indian Rupee	33.2
Canadian Dollar	3.8
Australian Dollar	17.1
British Pound	11.2
Thai Baht	5.7

As of June 27, 2020, the Company had the following commodity forward contracts outstanding (with maturities extending through June 2021) to hedge forecasted purchases of commodities (notional amounts expressed in terms of the dollar value of the hedged item (in millions)):

	Notional Amount
Copper	$	50.6
Aluminum	3.3

Schedule of Fair Values of Derivative Instruments

The following table presents the fair values of derivative instruments as of June 27, 2020 and December 28, 2019 (in millions):

	June 27, 2020
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Current Hedging Obligations		Noncurrent Hedging Obligations
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	—	$	1.8	$	1.0
Currency Contracts	11.6		1.1		11.7		1.6
Commodity Contracts	5.0		—		0.2		—
Not Designated as Hedging Instruments:
Currency Contracts	1.4		—		—		—
Commodity Contracts	—		—		0.1		—
Total Derivatives	$	18.0	$	1.1	$	13.8	$	2.6

	December 28, 2019
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Current Hedging Obligations		Noncurrent Hedging Obligations
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	—	$	—	$	1.0
Currency Contracts	8.8		10.3		3.0		0.2
Commodity Contracts	2.6		0.1		0.2		—
Not Designated as Hedging Instruments:
Currency Contracts	0.1		—		0.1		—
Commodity Contracts	—		—		0.1		—
Total Derivatives	$	11.5	$	10.4	$	3.4	$	1.2

Schedule of Cash Flow Hedging Instruments

The following table presents the effect of derivative instruments on the Condensed Consolidated Statements of Income and Condensed Consolidated Statement of Comprehensive Income (pre-tax) (in millions):

Derivatives Designated as Cash Flow Hedging Instruments

	Three Months Ended
	June 27, 2020												June 29, 2019
	Commodity Forwards			Currency Forwards			Interest Rate Swaps			Total			Commodity Forwards			Currency Forwards			Interest Rate Swaps			Total
Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$	12.6		$	2.8		$	(0.5	)	$	14.9		$	(7.5	)	$	1.5		$	(0.2	)	$	(6.2	)
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain (Loss) recognized in Net Sales	—			(0.1		)	—			(0.1		)	—			0.2			—			0.2
Gain (Loss) Recognized in Cost of Sales	(0.9		)	0.3			—			(0.6		)	(1.4		)	2.2			—			0.8
Loss Recognized in Operating Expenses	—			(1.6		)	—			(1.6		)	—			(1.1		)	—			(1.1		)
Gain Recognized in Interest Expense	—			—			0.2			0.2			—			—			0.5			0.5
	Six Months Ended
	June 27, 2020												June 29, 2019
	Commodity Forwards			Currency Forwards			Interest Rate Swaps			Total			Commodity Forwards			Currency Forwards			Interest Rate Swaps			Total
Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$	(0.7	)	$	(22.3	)	$	(1.1	)	$	(24.1	)	$	0.6		$	11.7		$	—		$	12.3
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain Recognized in Net Sales	—			—			—			—			—			0.2			—			0.2
Gain (Loss) Recognized in Cost of Sales	(2.0		)	2.8			—			0.8			(3.6		)	1.8			—			(1.8		)
Gain (Loss) Recognized in Operating Expenses	—			(0.9		)	—			(0.9		)	—			0.4			—			0.4
Gain Recognized in Interest Expense	—			—			0.6			0.6			—			—			1.2			1.2

Derivatives Not Designated as Cash Flow Hedging Instruments (in millions):

	Three Months Ended
	June 27, 2020					June 29, 2019
	Commodity Forwards		Currency Forwards			Commodity Forwards			Currency Forwards
Gain (Loss) recognized in Cost of Sales	$	0.1	$	—		$	(0.1	)	$	—
Gain (Loss) recognized in Operating Expenses	$	—	$	2.1		$	—		$	(0.1	)
	Six Months Ended
	June 27, 2020					June 29, 2019
	Commodity Forwards		Currency Forwards			Commodity Forwards			Currency Forwards
Gain recognized in Cost of Sales	$	—	$	—		$	0.1		$	—
Loss recognized in Operating Expenses	—		(1.3		)	—			(0.5		)

Schedule of Derivatives Under Enforceable Master Netting Agreements

The following table presents the derivative assets and derivative liabilities presented on a net basis under enforceable master netting agreements (in millions):

	June 27, 2020
	Gross Amounts as Presented in the Condensed Consolidated Balance Sheet		Derivative Contract Amounts Subject to Right of Offset			Derivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts	$	13.0	$	(3.8	)	$	9.2
Derivative Commodity Contracts	5.0		(0.3		)	4.7
Other Noncurrent Assets:
Derivative Currency Contracts	1.1		(0.3		)	0.8
Current Hedging Obligations:
Derivative Currency Contracts	11.7		(3.8		)	7.9
Derivative Commodity Contracts	0.3		(0.3		)	—
Noncurrent Hedging Obligations:
Derivative Currency Contracts	1.6		(0.3		)	1.3

	December 28, 2019
	Gross Amounts as Presented in the Condensed Consolidated Balance Sheet		Derivative Contract Amounts Subject to Right of Offset			Derivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts	$	8.9	$	(2.5	)	$	6.4
Derivative Commodity Contracts	2.6		(0.3		)	2.3
Other Noncurrent Assets:
Derivative Currency Contracts	10.3		(0.1		)	10.2
Derivative Commodity Contracts	0.1		—			0.1
Current Hedging Obligations:
Derivative Currency Contracts	3.1		(2.5		)	0.6
Derivative Commodity Contracts	0.3		(0.3		)	—
Noncurrent Hedging Obligations:
Derivative Currency Contracts	0.2		(0.1		)	0.1