Financial Instruments (Tables)

3 Months Ended

Apr. 03, 2021

Fair Value Disclosures [Abstract]

Estimated Aggregate Fair Value and Carrying Value of Debt Instruments

The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):

	April 3, 2021		December 31, 2020
Estimated aggregate fair value (1)	$	2,556.0	$	2,633.3
Aggregate carrying value (1) (2)	2,315.6		2,320.3

(1) Includes Term Loan Facility and Notes (excludes "other" debt)

(2) Excludes the impact of unamortized debt issuance costs and unamortized original issue premium (discount)

Reconciliation of Cash, Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated balance sheets and on the accompanying condensed consolidated statements of cash flows is shown below (in millions):

	April 3, 2021		April 4, 2020
Balance sheet -
Cash and cash equivalents	$	1,375.4	$	2,449.1
Restricted cash included in other current assets	1.5		11.2
Restricted cash included in other long-term assets	1.6		1.6
Statement of cash flows - cash, cash equivalents and restricted cash	$	1,378.5	$	2,461.9

Reconciliation of Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated balance sheets and on the accompanying condensed consolidated statements of cash flows is shown below (in millions):

	April 3, 2021		April 4, 2020
Balance sheet -
Cash and cash equivalents	$	1,375.4	$	2,449.1
Restricted cash included in other current assets	1.5		11.2
Restricted cash included in other long-term assets	1.6		1.6
Statement of cash flows - cash, cash equivalents and restricted cash	$	1,378.5	$	2,461.9

Marketable Equity Securities

Marketable equity securities, which the Company accounts for under the fair value option, are included in the accompanying condensed consolidated balance sheets as shown below (in millions):

	April 3, 2021		December 31, 2020
Current assets	$	2.6	$	9.3
Other long-term assets	50.1		49.4
	$	52.7	$	58.7

Notional Amount, Estimated Aggregate Fair Value and Related Balance Sheet Classification of Foreign Currency Derivative Contracts

The notional amount, estimated aggregate fair value and related balance sheet classification of the Company's foreign currency and net investment hedge contracts are shown below (in millions, except for maturities):

	April 3, 2021		December 31, 2020
Fair value of foreign currency contracts designated as cash flow hedges:
Other current assets	$	45.4	$	49.7
Other long-term assets	6.2		13.0
Other current liabilities	(6.7)		(14.1)
Other long-term liabilities	(1.5)		(0.8)
	43.4		47.8
Notional amount	$	1,180.4	$	1,353.3
Outstanding maturities in months, not to exceed	24		24
Fair value of derivatives designated as net investment hedges:
Other long-term liabilities	$	(12.7)	$	(22.6)
Notional amount	$	300.0	$	300.0
Outstanding maturities in months, not to exceed	42		45
Fair value of foreign currency contracts not designated as hedging instruments:
Other current assets	$	12.3	$	5.8
Other current liabilities	(9.1)		(6.1)
	3.2		(0.3)
Notional amount	$	2,134.6	$	1,140.8
Outstanding maturities in months, not to exceed	9		12
Total fair value	$	33.9	$	24.9
Total notional amount	$	3,615.0	$	2,794.1

Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss and Net Gains (Losses) Expected to be Reclassified into Earnings

Pretax amounts related to foreign currency and net investment hedge contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):

	Three Months Ended
	April 3, 2021		April 4, 2020
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign currency contracts	$	3.0	$	(143.3)
Net investment hedge contracts	9.9		23.0
	12.9		(120.3)
(Gains) losses reclassified from accumulated other comprehensive loss to:
Net sales	0.2		(0.1)
Cost of sales	(7.5)		(7.6)
Interest expense	0.6		0.6
	(6.7)		(7.1)
Comprehensive income (loss)	$	6.2	$	(127.4)

During the next twelve month period, net gains (losses) expected to be reclassified into earnings are shown below (in millions):

Foreign currency contracts	$	38.6
Interest rate swap contracts	(2.4)
Total	$	36.2

Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level

Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of April 3, 2021 and December 31, 2020, are shown below (in millions):

	April 3, 2021
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency contracts, net	Recurring	$	46.6	Market/ Income	$	—	$	46.6	$	—
Net investment hedges	Recurring	$	(12.7)	Market/ Income	$	—	$	(12.7)	$	—
Marketable equity securities	Recurring	$	52.7	Market	$	52.7	$	—	$	—

	December 31, 2020
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency contracts, net	Recurring	$	47.5	Market/ Income	$	—	$	47.5	$	—
Net investment hedges	Recurring	$	(22.6)	Market/ Income	$	—	$	(22.6)	$	—
Marketable equity securities	Recurring	$	58.7	Market	$	58.7	$	—	$	—