Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments Financial Instruments (Tables)

v3.20.2
Financial Instruments Financial Instruments (Tables)
 9 Months Ended
Sep. 26, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments
As of September 26, 2020, December 31, 2019 and September 28, 2019, 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
Sep 26, 2020 Dec 31, 2019 Sep 28, 2019 Sep 26, 2020 Dec 31, 2019 Sep 28, 2019
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts Prepaid expenses and other $ 2.1  $ 4.1  $ 9.0  Accrued expenses $ 3.2  $ 2.3  $ 1.3 
Commodity contracts
 Prepaid expenses and other 0.0  —  —  Accrued expenses 0.1  —  — 
Total
 $ 2.1  $ 4.1  $ 9.0  $ 3.3  $ 2.3  $ 1.3 
Derivatives Designated as Fair Value Hedges
Interest rate contracts
 Other long-term assets $ —  $ —  $ 2.2  Other long-term liabilities $ —  $ —  $ — 
Total
 $ —  $ —  $ 2.2  $ —  $ —  $ — 
Other Hedging Activity
Foreign exchange contracts Prepaid expenses and other $ 0.5  $ 0.1  $ 0.5  Accrued expenses $ 0.4  $ 0.9  $ 0.5 
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 nine months ended September 26, 2020 and September 28, 2019 was: 
(in millions)
Derivatives Designated as Cash Flow Hedging Instruments Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings
Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended
Sep 26,
2020		 Sep 28,
2019		 Sep 26,
2020		 Sep 28,
2019		 Sep 26,
2020		 Sep 28,
2019		 Sep 26,
2020		 Sep 28,
2019
Interest rate contracts $ —  $ —  $ —  $ —  Interest expense $ (0.1) $ (0.1) $ (0.4) $ (0.4)
Foreign exchange contracts (3.0) 7.8  3.6  8.8  Cost of sales 1.4  2.6  8.1  8.0 
Commodity contracts 0.0  —  (0.1) —  Cost of sales 0.0  —  (0.0) — 
Total $ (3.0) $ 7.8  $ 3.5  $ 8.8    $ 1.3  $ 2.5  $ 7.7  $ 7.6 

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 Nine Months Ended
Sep 26,
2020		 Sep 28,
2019		 Sep 26,
2020		 Sep 28,
2019
Interest rate contracts Interest expense $ 0.2  $ 0.3  $ 0.5  $ 0.1 

Other Hedging Activity
 Location of Gain (Loss) on Derivatives
Recognized in Earnings 		Amount of Gain (Loss) on Derivatives Recognized in Earnings
Three Months Ended Nine Months Ended
Sep 26, 2020 Sep 28, 2019 Sep 26, 2020 Sep 28, 2019
Foreign exchange contracts Cost of sales $ (0.5) $ 3.2  $ 2.9  $ 3.9 
Foreign exchange contracts Other expense, net (0.1) (1.3) 1.1  (0.7)
Total   $ (0.6) $ 1.9  $ 4.0  $ 3.2