DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Oct. 02, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Forward Contracts

As of October 2, 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	$	242.2
Mexican Peso	183.1
Indian Rupee	58.0
Canadian Dollar	0.6
Australian Dollar	28.8
British Pound	4.0
Thai Baht	4.0

As of October 2, 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	$	122.0
Aluminum	8.6

Schedule of Fair Values of Derivative Instruments

The following table presents the fair values of derivative instruments as of October 2, 2021 and January 2, 2021 (in millions):

	October 2, 2021
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	1.8	$	—	$	—
Currency Contracts	8.7		0.2		1.8		0.2
Commodity Contracts	8.8		—		2.6		0.7
Not Designated as Hedging Instruments:
Currency Contracts	0.2		—		0.2		—
Commodity Contracts	0.6		—		—		—
Total Derivatives	$	18.3	$	2.0	$	4.6	$	0.9

	January 2, 2021
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	—	$	0.7	$	1.4
Currency Contracts	16.4		1.6		1.0		0.1
Commodity Contracts	11.3		0.1		—		—
Not Designated as Hedging Instruments:
Currency Contracts	0.2		—		—		—
Commodity Contracts	0.1		—		—		—
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
	October 2, 2021								September 26, 2020
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$	(2.6)	$	(1.7)	$	(0.2)	$	(4.5)	$	5.8	$	2.4	$	(0.3)	$	7.9
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain recognized in Net Sales	—		0.1		—		0.1		—		—		—		—
Gain (Loss) Recognized in Cost of Sales	11.4		3.3		—		14.7		(0.4)		(4.9)		—		(5.3)
Loss Recognized in Operating Expenses	—		—		—		—		—		(3.1)		—		(3.1)
Gain Recognized in Interest Expense	—		—		(0.2)		(0.2)		—		—		0.2		0.2
	Nine Months Ended
	October 2, 2021								September 26, 2020
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$	22.4	$	6.0	$	3.8	$	32.2	$	5.1	$	(19.9)	$	(1.4)	$	(16.2)
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain Recognized in Net Sales	—		0.2		—		0.2		—		—		—		—
Gain (Loss) Recognized in Cost of Sales	25.2		9.9		—		35.1		(2.4)		(2.1)		—		(4.5)
Gain (Loss) Recognized in Operating Expenses	—		2.2		—		2.2		—		(4.0)		—		(4.0)
Gain (Loss) Recognized in Interest Expense	—		—		(0.1)		(0.1)		—		—		0.8		0.8

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

	Three Months Ended
	October 2, 2021				September 26, 2020
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
Gain recognized in Cost of Sales	$	0.1	$	—	$	0.1	$	—
Gain (Loss) recognized in Operating Expenses	—		1.8		—		(2.4)
	Nine Months Ended
	October 2, 2021				September 26, 2020
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
Gain recognized in Cost of Sales	$	0.5	$	—	$	0.1	$	—
Gain (Loss) recognized in Operating Expenses	—		3.9		—		(3.7)

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):

	October 2, 2021
	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	$	(2.0)	$	6.9
Derivative Commodity Contracts	9.4		(1.7)		7.7
Other Noncurrent Assets:
Derivative Currency Contracts	0.2		(0.2)		—
Other Accrued Expenses:
Derivative Currency Contracts	2.0		(2.0)		—
Derivative Commodity Contracts	2.6		(1.7)		0.9
Other Noncurrent Liabilities:
Derivative Currency Contracts	0.2		(0.2)		—
Derivative Commodity Contracts	0.7		—		0.7

	January 2, 2021
	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	$	16.6	$	(1.0)	$	15.6
Derivative Commodity Contracts	11.4		—		11.4
Other Noncurrent Assets:
Derivative Currency Contracts	1.6		—		1.6
Derivative Commodity Contracts	0.1		—		0.1
Other Accrued Expenses:
Derivative Currency Contracts	1.0		(1.0)		—
Other Noncurrent Liabilities:
Derivative Currency Contracts	0.1		—		0.1