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 June 27, 2015 and December 27, 2014. 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 | | Jun 27, 2015 | | Dec 27, 2014 | | Balance sheet location | | Jun 27, 2015 | | Dec 27, 2014 | Foreign exchange contracts | | Non-trade amounts receivable | | $ | 15.7 |
| | $ | 35.0 |
| | Accrued liabilities | | $ | 18.7 |
| | $ | 30.3 |
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The following table summarizes the impact of the Company's fair value hedging positions on the results of operations for the second quarters of 2015 and 2014: | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | 2015 | | 2014 | | | | 2015 | | 2014 | Foreign exchange contracts | | Other expense | | $ | (15.0 | ) | | $ | 4.8 |
| | Other expense | | $ | 14.8 |
| | $ | (5.0 | ) |
The following table summarizes the impact of Company's hedging activities on comprehensive income for the second quarters of 2015 and 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash flow and net equity hedges (in millions) | | Amount of gain or (loss) recognized in OCI (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 (ineffective portion and amount excluded from effectiveness testing) | | Amount of gain or (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | Cash flow hedging relationships | | 2015 | | 2014 | | | | 2015 | | 2014 | | | | 2015 | | 2014 | Foreign exchange contracts | | $ | 2.1 |
| | $ | (0.4 | ) | | Cost of products sold | | $ | 4.2 |
| | $ | 1.5 |
| | Interest expense | | $ | (1.7 | ) | | $ | (1.5 | ) | Net equity hedging relationships | | | | | | | | | | | | | | | | | Foreign exchange contracts | | 12.8 |
| | (0.9 | ) | | Other expense | | — |
| | — |
| | Interest expense | | (4.5 | ) | | (3.1 | ) | Euro denominated debt | | (1.9 | ) | | — |
| | Other expense | | — |
| | — |
| | Other expense | | — |
| | — |
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The following table summarizes the impact of the Company's fair value hedging positions on the results of operations for the year-to-date periods ended June 27, 2015 and June 28, 2014: | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | 2015 | | 2014 | | | | 2015 | | 2014 | Foreign exchange contracts | | Other expense | | $ | (39.8 | ) | | $ | 5.8 |
| | Other expense | | $ | 40.0 |
| | $ | (5.5 | ) |
The following table summarizes the impact of Company's hedging activities on comprehensive income for the year-to-date periods ended June 27, 2015 and June 28, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash flow and net equity hedges (in millions) | | Amount of gain or (loss) recognized in OCI (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 (ineffective portion and amount excluded from effectiveness testing) | | Amount of gain or (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | Cash flow hedging relationships | | 2015 | | 2014 | | | | 2015 | | 2014 | | | | 2015 | | 2014 | Foreign exchange contracts | | $ | 5.5 |
| | $ | 2.9 |
| | Cost of products sold | | $ | 8.5 |
| | $ | 3.2 |
| | Interest expense | | $ | (4.6 | ) | | $ | (2.8 | ) | Net equity hedging relationships | | | | | | | | | | | | | | | | | Foreign exchange contracts | | 32.3 |
| | (6.0 | ) | | Other expense | | — |
| | — |
| | Interest expense | | (8.0 | ) | | (6.7 | ) | Euro denominated debt | | 9.0 |
| | — |
| | Other expense | | — |
| | — |
| | Other expense | | — |
| | — |
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