Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments Financial Instruments (Tables)

v3.21.1
Financial Instruments Financial Instruments (Tables)
 3 Months Ended
Apr. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments
As of April 3, 2021, December 31, 2020 and March 28, 2020, the fair values of the Company’s derivative instruments were:
(in millions) Fair Value
Asset Derivatives April 3, 2021 December 31, 2020 March 28, 2020
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts $ 3.3  $ 1.3  $ 9.7 
Commodity contracts
 2.5  0.9  — 
Interest rate contracts 9.8  —  — 
Total
 $ 15.6  $ 2.2  $ 9.7 
Other Hedging Activity
Foreign exchange contracts $ 0.2  $ 0.0  $ 2.6 
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts $ 6.9  $ 11.3  $ 3.3 
Commodity contracts
 —  —  0.1 
Total
 $ 6.9  $ 11.3  $ 3.4 
Other Hedging Activity
Foreign exchange contracts $ 0.4  $ 0.7  $ 0.2 
As of April 3, 2021, December 31, 2020 and March 28, 2020, asset derivatives are included within Prepaid expenses and other and Other long-term assets and liability derivatives are included within Accrued expenses and Other long-term liabilities, in the Condensed Consolidated Balance Sheets.
Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income
The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three months ended April 3, 2021 and March 28, 2020 are as shown in the tables below.

Gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows:

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments April 3, 2021 March 28, 2020
Interest rate contracts $ 9.8  $ — 
Foreign exchange contracts 2.6  9.5 
Commodity contracts 2.1  (0.1)
Total $ 14.5  $ 9.4 

The amount of Gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:
(in millions)
Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss) April 3, 2021 March 28, 2020
Interest rate contracts Interest expense $ (0.1) $ (0.1)
Foreign exchange contracts Cost of sales (3.1) 2.7 
Commodity contracts Cost of sales 0.3  — 
Total $ (2.9) $ 2.6 
Derivatives Designated as Fair Value Hedging Instruments
Interest rate contracts Interest expense $ 0.2  $ 0.2 
Other Hedging Activity
Foreign exchange contracts Cost of sales $ 1.8  $ 4.8 
Foreign exchange contracts Other (expense) income, net (2.2) 1.1 
Total $ (0.4) $ 5.9