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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 26, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Forward Contracts
As of September 26, 2020, the Company had the following currency forward contracts outstanding (with maturities extending through June 2022) to hedge forecasted foreign currency cash flows (in millions):
 Notional Amount (in US Dollars)
Chinese Renminbi$55.6 
Mexican Peso110.8 
Euro148.6 
Indian Rupee32.2 
Canadian Dollar2.4 
Australian Dollar16.7 
British Pound17.9 
Thai Baht6.2 

As of September 26, 2020, the Company had the following commodity forward contracts outstanding (with maturities extending through December 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$38.9 
Aluminum3.2 
Schedule of Fair Values of Derivative Instruments
The following table presents the fair values of derivative instruments as of September 26, 2020 and December 28, 2019 (in millions):
 September 26, 2020
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsCurrent Hedging ObligationsNoncurrent Hedging Obligations
Designated as Hedging Instruments:
Interest Rate Swap Contracts$— $— $1.2 $2.0 
Currency Contracts9.7 1.0 6.8 0.3 
Commodity Contracts6.8 — — — 
Not Designated as Hedging Instruments:
Currency Contracts0.1 — — — 
Total Derivatives$16.6 $1.0 $8.0 $2.3 
 December 28, 2019
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsCurrent Hedging ObligationsNoncurrent Hedging Obligations
Designated as Hedging Instruments:
Interest Rate Swap Contracts$— $— $— $1.0 
Currency Contracts8.8 10.3 3.0 0.2 
Commodity Contracts2.6 0.1 0.2 — 
Not Designated as Hedging Instruments:
Currency Contracts0.1 — 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
September 26, 2020September 28, 2019
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$5.8 $2.4 $(0.3)$7.9 $(3.9)$(3.2)$0.6 $(6.5)
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain recognized in Net Sales— — — — — 0.1 — 0.1 
Gain (Loss) Recognized in Cost of Sales(0.4)(4.9)— (5.3)(1.8)2.0 — 0.2 
Gain (Loss) Recognized in Operating Expenses— (3.1)— (3.1)— 3.2 — 3.2 
Gain Recognized in Interest Expense— — 0.2 0.2 — — 0.7 0.7 
Nine Months Ended
September 26, 2020September 28, 2019
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$5.1 $(19.9)$(1.4)$(16.2)$(3.3)$8.5 $0.6 $5.8 
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain Recognized in Net Sales— — — — — 0.3 — 0.3 
Gain (Loss) Recognized in Cost of Sales(2.4)(2.1)— (4.5)(5.4)3.8 — (1.6)
Gain (Loss) Recognized in Operating Expenses— (4.0)— (4.0)— 3.6 — 3.6 
Gain Recognized in Interest Expense— — 0.8 0.8 — — 1.9 1.9 
Derivatives Not Designated as Cash Flow Hedging Instruments (in millions):
Three Months Ended
September 26, 2020September 28, 2019
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain recognized in Cost of Sales$0.1 $— $— $— 
Gain (Loss) recognized in Operating Expenses$— $(2.4)$— $0.6 
Nine Months Ended
September 26, 2020September 28, 2019
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain recognized in Cost of Sales$0.1 $0.1 $— 
Gain (Loss) recognized in Operating Expenses$— $(3.7)$— $0.1 
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):
September 26, 2020
Gross Amounts as Presented in the Condensed Consolidated Balance SheetDerivative Contract Amounts Subject to Right of Offset Derivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts$9.8 $(3.5)$6.3 
Derivative Commodity Contracts6.8 — 6.8 
Other Noncurrent Assets:
Derivative Currency Contracts1.0 (0.1)0.9 
Current Hedging Obligations:
Derivative Currency Contracts6.8 (3.5)3.3 
Noncurrent Hedging Obligations:
Derivative Currency Contracts0.3 (0.1)0.2 
December 28, 2019
Gross Amounts as Presented in the Condensed Consolidated Balance SheetDerivative Contract Amounts Subject to Right of OffsetDerivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts$8.9 $(2.5)$6.4 
Derivative Commodity Contracts2.6 (0.3)2.3 
Other Noncurrent Assets:
Derivative Currency Contracts10.3 (0.1)10.2 
Derivative Commodity Contracts0.1 — 0.1 
Current Hedging Obligations:
Derivative Currency Contracts3.1 (2.5)0.6 
Derivative Commodity Contracts0.3 (0.3)— 
Noncurrent Hedging Obligations:
Derivative Currency Contracts0.2 (0.1)0.1