Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments Financial Instruments (Tables)

v3.10.0.1
Financial Instruments Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments
As of June 30, 2018, December 31, 2017 and July 1, 2017, the fair values of the Company’s derivative instruments were:
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets
 
Derivative Liabilities
Instrument
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
 
 
 
 
Jun 30,
2018
 
Dec 31,
2017
 
Jul 1,
2017
 
 
 
Jun 30,
2018
 
Dec 31,
2017
 
Jul 1,
2017
Derivatives Designated as Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
Prepaid expenses and other
 
$
5.7

 
$
2.5

 
$
2.0

 
Accrued expenses
 
$
1.7

 
$
5.5

 
$
3.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Designated as Fair Value Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
Prepaid expenses and other
 
$
2.1

 
$
2.1

 
$
2.1

 
Accrued expenses
 
$
2.1

 
$
1.8

 
$
1.7

Interest rate contracts
 
Other long-term assets
 
—

 
0.7

 
3.3

 
Other long-term liabilities
 
3.1

 
0.3

 
—

Total
 
 
 
$
2.1

 
$
2.8

 
$
5.4

 
 
 
$
5.2

 
$
2.1

 
$
1.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Hedging Activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
Prepaid expenses and other
 
$
1.4

 
$
0.7

 
$
0.3

 
Accrued expenses
 
$
0.1

 
$
0.1

 
$
0.3


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 and six months ended June 30, 2018 and July 1, 2017 was: 
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Designated as Cash Flow Hedging Instruments
 
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)
 
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
 
 
Three Months Ended
 
Six Months Ended
 
 
 
Three Months Ended
 
Six Months Ended
 
 
Jun 30,
2018
 
Jul 1,
2017
 
Jun 30,
2018
 
Jul 1,
2017
 
 
 
Jun 30,
2018
 
Jul 1,
2017
 
Jun 30,
2018
 
Jul 1,
2017
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
Interest expense
 
$
(0.2
)
 
$
(0.2
)
 
$
(0.5
)
 
$
(0.5
)
Foreign exchange contracts
 
7.8

 
(2.4
)
 
4.2

 
(4.9
)
 
Cost of sales
 
(1.9
)
 
1.1

 
(4.5
)
 
2.1

Total
 
$
7.8

 
$
(2.4
)
 
$
4.2

 
$
(4.9
)
 
 
 
$
(2.1
)
 
$
0.9

 
$
(5.0
)
 
$
1.6


Derivatives Designated as Fair Value Hedging Instruments
 
Location of Gain (Loss) on Derivatives
Recognized in Earnings
 
Amount of Gain (Loss) on Derivatives Recognized in Earnings
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
Jun 30,
2018
 
Jul 1,
2017
 
Jun 30,
2018
 
Jul 1,
2017
Interest rate contracts
 
Interest expense
 
$
(0.2
)
 
$
0.5

 
$
(0.0
)
 
$
1.1


Other Hedging Activity
 
Location of Gain (Loss) on Derivatives
Recognized in Earnings
 
Amount of Gain (Loss) on Derivatives Recognized in Earnings
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
Jun 30,
2018
 
Jul 1,
2017
 
Jun 30,
2018
 
Jul 1,
2017
Foreign exchange contracts
 
Cost of sales
 
$
11.1

 
$
(3.0
)
 
$
7.4

 
$
(6.9
)
Foreign exchange contracts
 
Other income (expense), net
 
1.8

 
(0.3
)
 
0.7

 
(1.0
)
Total
 
 
 
$
12.9

 
$
(3.3
)
 
$
8.1

 
$
(7.9
)