DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Forward Contracts

As of September 30, 2022, the Company had the following currency forward contracts outstanding (with maturities extending through December 2023) to hedge forecasted foreign currency cash flows (in millions):

	Notional Amount (in US Dollars)
Chinese Renminbi	$	201.4
Mexican Peso	181.0
Euro	204.7
Indian Rupee	49.3
Australian Dollar	0.5
British Pound	1.6

As of September 30, 2022, the Company had the following commodity forward contracts outstanding (with maturities extending through February 2024) to hedge forecasted purchases of commodities (notional amounts expressed in terms of the dollar value of the hedged item (in millions)):

	Notional Amount
Copper	$	126.4
Aluminum	5.5

Schedule of Fair Values of Derivative Instruments

The following table presents the fair values of derivative instruments as of September 30, 2022 and January 1, 2022 (in millions):

	September 30, 2022
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	8.9	$	—	$	—
Currency Contracts	8.9		0.6		9.3		0.7
Commodity Contracts	—		—		23.8		2.5
Not Designated as Hedging Instruments:
Currency Contracts	0.3		—		1.0		—
Commodity Contracts	—		—		0.5		0.1
Total Derivatives	$	9.2	$	9.5	$	34.6	$	3.3

	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
	September 30, 2022								October 2, 2021
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
(Loss) Gain Recognized in Other Comprehensive Income (Loss)	$	(12.3)	$	(2.4)	$	10.1	$	(4.6)	$	(2.6)	$	(1.7)	$	(0.2)	$	(4.5)
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain recognized in Net Sales	—		—		—		—		—		0.1		—		0.1
(Loss) Gain Recognized in Cost of Sales	(0.7)		2.7		—		2.0		11.4		3.3		—		14.7
Gain (Loss) Recognized in Interest Expense	—		—		0.1		0.1		—		—		(0.2)		(0.2)
	Nine Months Ended
	September 30, 2022								October 2, 2021
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
(Loss) Gain Recognized in Other Comprehensive Income (Loss)	$	(34.5)	$	2.0	$	18.9	$	(13.6)	$	22.4	$	6.0	$	3.8	$	32.2
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain Recognized in Net Sales	—		0.1		—		0.1		—		0.2		—		0.2
Gain Recognized in Cost of Sales	8.9		8.1		—		17.0		25.2		9.9		—		35.1
Gain Recognized in Operating Expenses	—		—		—		—		—		2.2		—		2.2
Loss Recognized in Interest Expense	—		—		(0.2)		(0.2)		—		—		(0.1)		(0.1)

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

	Three Months Ended
	September 30, 2022				October 2, 2021
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
(Loss) Gain recognized in Cost of Sales	$	(0.3)	$	—	$	0.1	$	—
(Loss) Gain recognized in Operating Expenses	—		(2.9)		—		1.8
	Nine Months Ended
	September 30, 2022				October 2, 2021
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
(Loss) Gain recognized in Cost of Sales	$	(0.9)	$	—	$	0.5	$	—
Gain recognized in Operating Expenses	—		2.1		—		3.9

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 30, 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	$	9.2	$	(5.4)	$	3.8
Other Noncurrent Assets:
Derivative Currency Contracts	0.6		—		0.6
Other Accrued Expenses:
Derivative Currency Contracts	10.3		(5.4)		4.9
Derivative Commodity Contracts	24.3		—		24.3
Other Noncurrent Liabilities:
Derivative Currency Contracts	0.7		—		0.7
Derivative Commodity Contracts	2.6		—		2.6

	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