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Derivatives and Financial Instruments (Tables)
 3 Months Ended
Mar. 28, 2015
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments
The recorded amounts and estimated fair values of total debt were as follows:
 
March 28, 2015
 
December 31, 2014
In millions
Recorded
Amount
Fair
Value
 
Recorded
Amount
Fair
Value
Variable rate debt
$
1,403.4

$
1,403.4

 
$
997.4

$
997.4

Fixed rate debt
2,005.6

2,090.7

 
2,006.7

2,070.4

Total debt
$
3,409.0

$
3,494.1

 
$
3,004.1

$
3,067.8
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows:
 
March 28, 2015
In millions
Level 1
Level 2
Level 3
Total
Recurring fair value measurements




Foreign currency contract liabilities
$
—

$
(6.7
)
$
—

$
(6.7
)
Deferred compensation plans (1)
45.1

7.4

—

52.5

Total recurring fair value measurements
$
45.1

$
0.7

$
—

$
45.8

 
December 31, 2014
In millions
Level 1
Level 2
Level 3
Total
Recurring fair value measurements




Foreign currency contract assets
$
—

$
0.9

$
—

$
0.9

Foreign currency contract liabilities
—

(6.6
)
—

(6.6
)
Deferred compensation plan (1)
47.9

7.4

—

55.3

Total recurring fair value measurements
$
47.9

$
1.7

$
—

$
49.6

Nonrecurring fair value measurements (2)




(1)
Deferred compensation plan assets include mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees. The fair value of mutual funds and cash equivalents were based on quoted market prices in active markets. The underlying investments in the common/collective trusts primarily include intermediate and long-term debt securities, corporate debt securities, equity securities and fixed income securities. The overall fair value of the common/collective trusts are based on observable inputs.
(2)
During the third quarter of 2014, we recognized an impairment charge related to allocated amounts of goodwill, intangible assets, property, plant & equipment and other non-current assets totaling $380.1 million, net of a $12.3 million tax benefit, representing our estimated loss on disposal of the Water Transport business. The impairment charge was determined using significant unobservable inputs (Level 3 fair value measurements).