DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Forward Contracts

As of March 31, 2022, 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	$	264.0
Mexican Peso	210.4
Euro	209.3
Indian Rupee	59.7
Canadian Dollar	0.1
Australian Dollar	16.4
British Pound	2.0
Thai Baht	1.5

As of March 31, 2022, 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	$	158.6
Aluminum	7.9

Schedule of Fair Values of Derivative Instruments

The following table presents the fair values of derivative instruments as of March 31, 2022 and January 1, 2022 (in millions):

	March 31, 2022
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Currency Contracts	$	13.5	$	1.7	$	0.5	$	—
Commodity Contracts	13.8		1.7		0.1		0.1
Not Designated as Hedging Instruments:
Currency Contracts	0.6		—		0.2		—
Commodity Contracts	0.8		0.1		—		—
Total Derivatives	$	28.7	$	3.5	$	0.8	$	0.1

	January 1, 2022
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	5.3	$	—	$	—
Currency Contracts	8.3		0.7		1.3		—
Commodity Contracts	8.9		0.1		1.2		0.5
Not Designated as Hedging Instruments:
Currency Contracts	0.3		—		0.4		—
Commodity Contracts	0.4		—		—		0.1
Total Derivatives	$	17.9	$	6.1	$	2.9	$	0.6

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
	March 31, 2022								April 3, 2021
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
Gain Recognized in Other Comprehensive Income (Loss)	$	13.4	$	10.4	$	10.6	$	34.4	$	14.1	$	0.2	$	4.9	$	19.2
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain recognized in Net Sales	—		0.1		—		0.1		—		0.1		—		0.1
Gain Recognized in Cost of Sales	5.2		3.0		—		8.2		5.2		2.6		—		7.8
Gain Recognized in Operating Expenses	—		—		—		—		—		3.5		—		3.5
(Loss) Gain Recognized in Interest Expense	—		—		(0.3)		(0.3)		—		—		0.1		0.1

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

	Three Months Ended
	March 31, 2022				April 3, 2021
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
Gain recognized in Cost of Sales	$	0.6	$	—	$	0.2	$	—
Gain recognized in Operating Expenses	—		1.5		—		5.8

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):

	March 31, 2022
	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	$	14.1	$	(0.7)	$	13.4
Derivative Commodity Contracts	14.6		(0.1)		14.5
Other Noncurrent Assets:
Derivative Currency Contracts	1.7		—		1.7
Derivative Commodity Contracts	1.8		(0.1)		1.7
Other Accrued Expenses:
Derivative Currency Contracts	0.7		(0.7)		—
Derivative Commodity Contracts	0.1		(0.1)		—
Other Noncurrent Liabilities:
Derivative Commodity Contracts	0.1		(0.1)		—

	January 1, 2022
	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	$	8.6	$	(1.7)	$	6.9
Derivative Commodity Contracts	9.3		(1.2)		8.1
Other Noncurrent Assets:
Derivative Currency Contracts	0.7		—		0.7
Derivative Commodity Contracts	0.1		(0.1)		—
Other Accrued Expenses:
Derivative Currency Contracts	1.7		(1.7)		—
Derivative Commodity Contracts	1.2		(1.2)		—
Other Noncurrent Liabilities:
Derivative Commodity Contracts	0.6		(0.1)		0.5