Derivative Instruments (Tables)
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9 Months Ended |
Sep. 27, 2014
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Derivative [Line Items] |
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Schedule of Fair Values Of Derivative Instruments |
Fair values of derivative instruments as of September 27, 2014 and December 28, 2013 were (in millions):
| | | | | | | | | | | | | | | | | | September 27, 2014 | | Prepaid Expenses and Other Current Assets | | Other Noncurrent Assets | | Hedging Obligations (current) | | Hedging Obligations | Designated as hedging instruments: | | | | | | | | Interest rate swap contracts | $ | — |
| | $ | — |
| | $ | — |
| | $ | 12.6 |
| Currency contracts | 3.3 |
| | 0.5 |
| | 2.4 |
| | 1.3 |
| Commodity contracts | 0.2 |
| | — |
| | 3.6 |
| | 0.1 |
| Not designated as hedging instruments: | | | | | | | | Currency contracts | 0.3 |
| | — |
| | 0.7 |
| | — |
| Commodity contracts | 1.1 |
| | — |
| | 1.1 |
| | — |
| Total Derivatives | $ | 4.9 |
| | $ | 0.5 |
| | $ | 7.8 |
| | $ | 14.0 |
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| | | | | | | | | | | | | | | | | | December 28, 2013 | | Prepaid Expenses and Other Current Assets | | Other Noncurrent Assets | | Hedging Obligations (current) | | Hedging Obligations | Designated as hedging instruments: | | | | | | | | Interest rate swap contracts | $ | — |
| | $ | — |
| | $ | 5.7 |
| | $ | 16.1 |
| Currency contracts | 8.4 |
| | 0.7 |
| | 3.0 |
| | 0.7 |
| Commodity contracts | 4.0 |
| | — |
| | 1.7 |
| | — |
| Not designated as hedging instruments: | | | | | | | | Currency contracts | — |
| | — |
| | 0.1 |
| | — |
| Commodity contracts | 0.7 |
| | — |
| | 0.8 |
| | — |
| Total Derivatives | $ | 13.1 |
| | $ | 0.7 |
| | $ | 11.3 |
| | $ | 16.8 |
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Derivatives Offsetting Disclosures |
The Company's commodity and currency derivative contracts are subject to master netting agreements with the respective counterparties which allow the Company to net settle transactions with a single net amount payable by one party to another party. The Company has elected to present the derivative assets and derivative liabilities on the Condensed Consolidated Balance Sheets on a gross basis for the periods ended September 27, 2014 and December 28, 2013. The following table presents the derivative assets and derivative liabilities presented on a net basis under enforceable master netting agreements (in millions): | | | | | | | | | | | | | | September 27, 2014 | | Gross Amounts as Presented in the Condensed Consolidated Balance Sheet | | Derivative Contract Amounts Subject to Right of Offset | | Derivative Contracts as Presented on a Net Basis | Prepaid Expenses and Other Current Assets: | | | | | | Derivative Currency Contracts | $ | 3.6 |
| | $ | (1.7 | ) | | $ | 1.9 |
| Derivative Commodity Contracts | 1.3 |
| | (1.2 | ) | | 0.1 |
| Other Noncurrent Assets: | | | | | | Derivative Currency Contracts | 0.5 |
| | (0.4 | ) | | 0.1 |
| Hedging Obligations Current: | | | | | | Derivative Currency Contracts | 3.1 |
| | (1.7 | ) | | 1.4 |
| Derivative Commodity Contracts | 4.7 |
| | (1.2 | ) | | 3.5 |
| Hedging Obligations: | | | | | | Derivative Currency Contracts | 1.3 |
| | (0.4 | ) | | 0.9 |
| Derivative Commodity Contracts | 0.1 |
| | — |
| | 0.1 |
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| | | | | | | | | | | | | | December 28, 2013 | | Gross Amounts as Presented in the Condensed Consolidated Balance Sheet | | Derivative Contract Amounts Subject to Right of Offset | | Derivative Contracts as Presented on a Net Basis | Prepaid Expenses and Other Current Assets: | | | | | | Derivative Currency Contracts | $ | 8.4 |
| | $ | (0.6 | ) | | $ | 7.8 |
| Derivative Commodity Contracts | 4.7 |
| | (2.4 | ) | | 2.3 |
| Other Noncurrent Assets: | | | | | | Derivative Currency Contracts | 0.7 |
| | (0.2 | ) | | 0.5 |
| Hedging Obligations Current: | | | | | | Derivative Currency Contracts | 3.1 |
| | (0.6 | ) | | 2.5 |
| Derivative Commodity Contracts | 2.5 |
| | (2.4 | ) | | 0.1 |
| Hedging Obligations: | | | | | | Derivative Currency Contracts | 0.7 |
| | (0.2 | ) | | 0.5 |
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Derivative Designated As Cash Flow Hedging Instruments [Member]
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Derivative [Line Items] |
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Schedule of Cash Flow Hedging Instruments |
The effect of derivative instruments on the Condensed Consolidated Statements of Income and Comprehensive Income (pre-tax) for the three and nine months ended September 27, 2014 and September 28, 2013, respectively, was (in millions):
Derivatives Designated as Cash Flow Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | September 27, 2014 | | September 28, 2013 | | Commodity Forwards | | Currency Forwards | | Interest Rate Swaps | | Total | | Commodity Forwards | | Currency Forwards | | Interest Rate Swaps | | Total | Gain (Loss) recognized in Other Comprehensive Income (Loss) | $ | (3.2 | ) | | $ | (3.9 | ) | | $ | 1.2 |
| | $ | (5.9 | ) | | $ | 10.3 |
| | $ | (2.4 | ) | | $ | (0.9 | ) | | $ | 7.0 |
| Amounts reclassified from Other Comprehensive Income (Loss): | | | | | | | | | | | | | | | | Loss recognized in Net Sales | — |
| | — |
| | — |
| | — |
| | — |
| | (0.1 | ) | | — |
| | (0.1 | ) | Gain (Loss) recognized in Cost of Sales | (1.6 | ) | | 2.8 |
| | — |
| | 1.2 |
| | (4.9 | ) | | 1.7 |
| | — |
| | (3.2 | ) | Loss recognized in Interest Expense | — |
| | — |
| | (2.4 | ) | | (2.4 | ) | | — |
| | — |
| | (3.2 | ) | | (3.2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended | | September 27, 2014 | | September 28, 2013 | | Commodity Forwards | | Currency Forwards | | Interest Rate Swaps | | Total | | Commodity Forwards | | Currency Forwards | | Interest Rate Swaps | | Total | Gain (Loss) recognized in Other Comprehensive Income (Loss) | (10.0 | ) | | 0.6 |
| | 0.2 |
| | (9.2 | ) | | (12.5 | ) | | 3.9 |
| | 0.8 |
| | (7.8 | ) | Amounts reclassified from Other Comprehensive Income (Loss): | | | | | | | | | | | | | | | | Loss recognized in Net Sales | — |
| | — |
| | — |
| | — |
| | — |
| | (0.6 | ) | | — |
| | (0.6 | ) | Gain (Loss) recognized in Cost of Sales | (7.1 | ) | | 6.5 |
| | — |
| | (0.6 | ) | | (4.5 | ) | | 5.8 |
| | — |
| | 1.3 |
| Loss recognized in Interest Expense | — |
| | — |
| | (8.9 | ) | | (8.9 | ) | | — |
| | — |
| | (9.6 | ) | | (9.6 | ) |
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Derivative Not Designated As Cash Flow Hedging Instruments [Member]
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Derivative [Line Items] |
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Schedule of Cash Flow Hedging Instruments |
Derivatives Not Designated as Cash Flow Hedging Instruments (in millions): | | | | | | | | | | | | | | | | | | Three Months Ended | | September 27, 2014 | | September 28, 2013 | | Commodity Forwards | | Currency Forwards | | Commodity Forwards | | Currency Forwards | (Loss) Gain recognized in Cost of Sales | $ | — |
| | $ | (0.3 | ) | | $ | 0.1 |
| | $ | 0.2 |
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| | | | | | | | | | | | | | | | | | Nine Months Ended | | September 27, 2014 | | September 28, 2013 | | Commodity Forwards | | Currency Forwards | | Commodity Forwards | | Currency Forwards | (Loss) Gain recognized in Cost of Sales | $ | 0.1 |
| | $ | (0.2 | ) | | $ | (0.1 | ) | | $ | 0.6 |
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Commodity Forward Contracts [Member]
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Derivative [Line Items] |
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Schedule of Notional Amounts Of Forward Contracts |
As of September 27, 2014, the Company had outstanding the following commodity forward contracts (with maturities extending through December 2015) to hedge forecasted purchases of commodities (notional amounts expressed in terms of the dollar value of the hedged item in millions): | | | | | | Notional Amount | Copper | $ | 111.2 |
| Aluminum | 5.1 |
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Currency Forward Contracts [Member]
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Derivative [Line Items] |
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Schedule of Notional Amounts Of Forward Contracts |
As of September 27, 2014, the Company had outstanding the following currency forward contracts (with maturities extending through March 2017) to hedge forecasted foreign currency cash flows (in millions): | | | | | | Notional Amount | Mexican Peso | $ | 238.0 |
| Chinese Renminbi | 166.9 |
| Indian Rupee | 33.7 |
| Euro | 26.1 |
| Thai Baht | 5.0 |
| Australian Dollar | 2.9 |
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