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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jul. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Forward Contracts
As of July 3, 2021, the Company had the following currency forward contracts outstanding (with maturities extending through December 2022) to hedge forecasted foreign currency cash flows (in millions):
 Notional Amount (in US Dollars)
Chinese Renminbi$146.1 
Mexican Peso194.1 
Euro141.7 
Indian Rupee49.5 
Canadian Dollar1.0 
Australian Dollar20.3 
British Pound10.8 
Thai Baht5.7 

As of July 3, 2021, the Company had the following commodity forward contracts outstanding (with maturities extending through December 2022) to hedge forecasted purchases of commodities (notional amounts expressed in terms of the dollar value of the hedged item (in millions)):
 Notional Amount
Copper$135.5 
Aluminum8.0 
Schedule of Fair Values of Derivative Instruments
The following table presents the fair values of derivative instruments as of July 3, 2021 and January 2, 2021 (in millions):
 July 3, 2021
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued ExpensesOther Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts$— $1.8 $— $— 
Currency Contracts13.6 0.9 0.9 0.1 
Commodity Contracts16.3 1.1 1.4 0.5 
Not Designated as Hedging Instruments:
Currency Contracts— — 0.3 — 
Commodity Contracts0.4 0.1 — — 
Total Derivatives$30.3 $3.9 $2.6 $0.6 
 January 2, 2021
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued ExpensesOther Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts$— $— $0.7 $1.4 
Currency Contracts16.4 1.6 1.0 0.1 
Commodity Contracts11.3 0.1 — — 
Not Designated as Hedging Instruments:
Currency Contracts0.2 — — — 
Commodity Contracts0.1 — — — 
Total Derivatives$28.0 $1.7 $1.7 $1.5 
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
July 3, 2021June 27, 2020
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$10.9 $7.5 $(0.9)$17.5 $12.6 $2.8 $(0.5)$14.9 
Amounts Reclassified from Other Comprehensive Income (Loss):
Loss recognized in Net Sales— — — — — (0.1)— (0.1)
Gain (Loss) Recognized in Cost of Sales8.6 4.0 — 12.6 (0.9)0.3 — (0.6)
Loss Recognized in Operating Expenses— (1.3)— (1.3)— (1.6)— (1.6)
Gain Recognized in Interest Expense— — — — — — 0.2 0.2 
Six Months Ended
July 3, 2021June 27, 2020
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$25.0 $7.7 $4.0 $36.7 $(0.7)$(22.3)$(1.1)$(24.1)
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain Recognized in Net Sales— 0.1 — 0.1 — — — — 
Gain (Loss) Recognized in Cost of Sales13.8 6.6 — 20.4 (2.0)2.8 — 0.8 
Gain (Loss) Recognized in Operating Expenses— 2.2 — 2.2 — (0.9)— (0.9)
Gain Recognized in Interest Expense— — 0.1 0.1 — — 0.6 0.6 
Derivatives Not Designated as Cash Flow Hedging Instruments (in millions):
Three Months Ended
July 3, 2021June 27, 2020
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain recognized in Cost of Sales$0.2 $— $0.1 $— 
Gain (Loss) recognized in Operating Expenses— (3.7)— 2.1 
Six Months Ended
July 3, 2021June 27, 2020
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain recognized in Cost of Sales$0.4 $— $— $— 
Gain (Loss) recognized in Operating Expenses— 2.1 — (1.3)
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):
July 3, 2021
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$13.6 $(1.2)$12.4 
Derivative Commodity Contracts16.7 (1.4)15.3 
Other Noncurrent Assets:
Derivative Currency Contracts0.9 — 0.9 
Derivative Commodity Contracts1.2 (0.4)0.8 
Other Accrued Expenses:
Derivative Currency Contracts1.2 (1.2)— 
Derivative Commodity Contracts1.4 (1.4)— 
Other Noncurrent Liabilities:
Derivative Currency Contracts0.1 — 0.1 
Derivative Commodity Contracts0.5 (0.4)0.1 
January 2, 2021
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$16.6 $(1.0)$15.6 
Derivative Commodity Contracts11.4 — 11.4 
Other Noncurrent Assets:
Derivative Currency Contracts1.6 — 1.6 
Derivative Commodity Contracts0.1 — 0.1 
Other Accrued Expenses:
Derivative Currency Contracts1.0 (1.0)— 
Other Noncurrent Liabilities:
Derivative Currency Contracts0.1 — 0.1