Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 27, 2014

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Outstanding Derivative Financial Instruments at Fair Value

Following is a listing of the Company's outstanding derivative financial instruments at fair value as of September 27, 2014 and December 28, 2013. Related to the forward contracts, the “buy” amounts represent the U.S. dollar equivalent of commitments to purchase foreign currencies, and the “sell” amounts represent the U.S. dollar equivalent of commitments to sell foreign currencies, all translated at the period-end market exchange rates for the U.S. dollar. All forward contracts are hedging net investments in certain foreign subsidiaries, cross-currency intercompany loans that are not permanent in nature, cross-currency external payables and receivables or forecasted purchases. Some amounts are between two foreign currencies:

Forward Contracts	September 27, 2014				December 28, 2013
(In millions)	Buy		Sell		Buy		Sell
Euro	$	66.0			$	157.7
U.S. dollar	48.9						$	54.7
Chinese renminbi	11.8				8.1
South Korean won	10.7				9.7
New Zealand dollar	5.9				4.5
Malaysian ringgit	5.3						2.7
Danish krone	2.4						3.5
Philippine peso	1.4				11.3
Turkish lira			$	22.1			11.7
Russian ruble			20.2				22.9
Swiss franc			17.9				49.4
Indonesian rupiah			13.8		2.3
Japanese yen			13.3				3.7
Brazilian real			11.1				6.6
Singapore dollar			7.3				1.7
South African rand			7.1				10.4
Canadian dollar			6.7				11.0
Polish zloty			5.9				4.7
Australian dollar			4.6				6.8
Czech koruna			4.5				2.5
Indian rupee			3.7				6.6
Hungarian forint			3.1				2.4
Croatian kuna			2.4				2.6
Norwegian krone			2.3				1.7
Swedish krona			1.6				1.7
Romanian leu			1.3				1.2
Argentine peso			1.2				3.7
Mexican peso			1.0		18.2
British pound			1.0				1.0
Other currencies (net)			2.2		0.3
	$	152.4	$	154.3	$	212.1	$	213.2

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis, and the impact they had on the Company's financial position as of September 27, 2014 and December 28, 2013. Fair values were determined based on third party quotations (Level 2 fair value measurement):

	Asset derivatives					Liability derivatives
		Fair value					Fair value
Derivatives designated as hedging instruments (in millions)	Balance sheet location	Sep 27, 2014		Dec 28, 2013		Balance sheet location	Sep 27, 2014		Dec 28, 2013
Foreign exchange contracts	Non-trade amounts receivable	$	18.9	$	20.3	Accrued liabilities	$	17.4	$	19.2

Schedule Of Company's Derivative Position And Its Impact On Company Table

The following table summarizes the impact of the Company's derivative positions on the results of operations for the third quarters of 2014 and 2013:

Derivatives designated as fair value hedges (in millions)	Location of gain or (loss) recognized in income on derivatives	Amount of gain or (loss) recognized in income on derivatives					Location of gain or (loss) recognized in income on related hedged items	Amount of gain or (loss) recognized in income on related hedged items
		2014			2013			2014		2013
Foreign exchange contracts	Other expense	$	(8.4	)	$	4.7	Other expense	$	8.5	$	(5.0	)

The following table summarizes the impact of Company's derivative positions on comprehensive income for the third quarters of 2014 and 2013:

Derivatives designated as cash flow and net equity hedges (in millions)	Amount of gain or (loss) recognized in OCI on derivatives (effective portion)					Location of gain or (loss) reclassified from accumulated OCI into income (effective portion)	Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion)				Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)	Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
Cash flow hedging relationships	2014		2013				2014		2013			2014			2013
Foreign exchange contracts	$	3.1	$	(0.4	)	Cost of products sold	$	1.8	$	1.0	Interest expense	$	(1.6	)	$	(0.7	)
Net equity hedging relationships
Foreign exchange contracts	9.5		(6.1		)	Other expense	—		—		Interest expense	(3.2		)	(4.0		)

The following table summarizes the impact of the Company's derivative positions on the results of operations for the year-to-date periods ended September 27, 2014 and September 28, 2013:

Derivatives designated as fair value hedges (in millions)	Location of gain or (loss) recognized in income on derivatives	Amount of gain or (loss) recognized in income on derivatives						Location of gain or (loss) recognized in income on related hedged items	Amount of gain or (loss) recognized in income on related hedged items
		2014			2013				2014		2013
Foreign exchange contracts	Other expense	$	(2.6	)	$	(7.4	)	Other expense	$	2.8	$	7.1

The following table summarizes the impact of Company's derivative positions on comprehensive income for the year-to-date periods ended September 27, 2014 and September 28, 2013:

Derivatives designated as cash flow and net equity hedges (in millions)	Amount of gain or (loss) recognized in OCI on derivatives (effective portion)				Location of gain or (loss) reclassified from accumulated OCI into income (effective portion)	Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion)				Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)	Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
Cash flow hedging relationships	2014		2013			2014		2013			2014			2013
Foreign exchange contracts	$	6.0	$	3.0	Cost of products sold	$	5.0	$	1.6	Interest expense	$	(4.5	)	$	(2.0	)
Net equity hedging relationships
Foreign exchange contracts	3.5		11.2		Other expense	—		—		Interest expense	(9.9		)	(9.6		)