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DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jul. 01, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Notional Amounts Of Forward Contracts
As of July 1, 2017, the Company had the following currency forward contracts outstanding (with maturities extending through October 2019) to hedge forecasted foreign currency cash flows (in millions):
 
Notional
Amount (in US Dollars)
Chinese Renminbi
$
324.2

Mexican Peso
229.8

Euro
59.8

Indian Rupee
40.7

Canadian Dollar
37.1

Australian Dollar
13.7

Thai Baht
6.2

British Pound
7.8



As of July 1, 2017, the Company had the following commodity forward contracts outstanding (with maturities extending through December 2018) to hedge forecasted purchases of commodities (notional amounts expressed in terms of the dollar value of the hedged item (in millions):
 
Notional
Amount
Copper
$
62.9

Aluminum
5.3
Schedule Of Fair Values Of Derivative Instruments
Fair values of derivative instruments as of July 1, 2017 and December 31, 2016 were (in millions):

 
July 1, 2017
 
Prepaid
Expenses and Other Current Assets
 
Other
Noncurrent
Assets
 
Current Hedging
Obligations

 
Noncurrent Hedging
Obligations
Designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate swap contracts
$
—

 
$
—

 
$
1.1

 
$
—

Currency contracts
6.9

 
5.1

 
12.8

 
1.1

Commodity contracts
5.1

 
0.2

 
0.2

 
—

Not designated as hedging instruments:
 
 
 
 
 
 
 
Currency contracts
3.2

 
—

 
0.4

 
—

Commodity contracts
0.1

 
—

 
—

 
—

Total Derivatives
$
15.3

 
$
5.3

 
$
14.5

 
$
1.1

 
 
December 31, 2016
 
Prepaid
Expenses and Other Current Assets
 
Other
Noncurrent
Assets
 
Current Hedging
Obligations
 
Noncurrent Hedging
Obligations
Designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate swap contracts
$
—

 
$
—

 
$
3.3

 
$
—

Currency contracts
1.3

 
0.4

 
39.7

 
17.6

Commodity contracts
4.7

 
—

 
—

 
—

Not designated as hedging instruments:
 
 
 
 
 
 
 
Currency contracts
1.5

 
—

 
6.0

 
—

Commodity contracts
2.6

 
—

 
—

 
—

Total Derivatives
$
10.1

 
$
0.4

 
$
49.0

 
$
17.6
Schedule Of Cash Flow Hedging Instruments
The effect of derivative instruments on the Condensed Consolidated Statements of Income and Comprehensive Income (pre-tax) was as follows (in millions):

Derivatives Designated as Cash Flow Hedging Instruments
 
 
Three Months Ended
 
July 1, 2017
 
July 2, 2016
 
Commodity
Forwards
 
Currency
Forwards
 
Interest
Rate
Swaps
 
Total
 
Commodity
Forwards
 
Currency
Forwards
 
Interest
Rate
Swaps
 
Total
Gain (Loss) recognized in Other Comprehensive Income (Loss)
$
2.2

 
$
13.9

 
$
—

 
$
16.1

 
$
0.7

 
$
(18.2
)
 
$
(0.3
)
 
$
(17.8
)
Amounts reclassified from Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
 


 


 


 


Gain recognized in Net Sales
—

 
0.3

 
—

 
0.3

 
—

 
—

 
—

 
—

Gain (Loss) recognized in Cost of Sales
3.8

 
(7.5
)
 
—

 
(3.7
)
 
(4.3
)
 
(6.7
)
 
—

 
(11.0
)
Loss recognized in Interest Expense
—

 
—

 
(1.1
)
 
(1.1
)
 
—

 
—

 
(1.3
)
 
(1.3
)

 
Six Months Ended
 
July 1, 2017
 
July 2, 2016
 
Commodity
Forwards
 
Currency
Forwards
 
Interest
Rate
Swaps
 
Total
 
Commodity
Forwards
 
Currency
Forwards
 
Interest
Rate
Swaps
 
Total
Gain (Loss) recognized in Other Comprehensive Income (Loss)
$
4.5

 
$
42.9

 
$
—

 
$
47.4

 
$
2.1

 
$
(15.6
)
 
$
(0.7
)
 
$
(14.2
)
Amounts reclassified from Other Comprehensive Income (Loss):
 
 
 
 
 
 


 


 


 


 
 
Gain recognized in Net Sales
—

 
0.4

 
—

 
0.4

 
—

 
—

 
—

 
—

Gain (Loss) recognized in Cost of Sales
4.7

 
(19.1
)
 
—

 
(14.4
)
 
(9.7
)
 
(13.2
)
 
—

 
(22.9
)
Loss recognized in Interest Expense
—

 
—

 
(2.2
)
 
(2.2
)
 
—

 
—

 
(2.5
)
 
(2.5
)


The ineffective portion of hedging instruments recognized during the three and six months ended July 1, 2017 and July 2, 2016, respectively, was immaterial.
Derivatives Not Designated as Cash Flow Hedging Instruments (in millions):
 
Three Months Ended
 
July 1, 2017
 
July 2, 2016
 
Commodity Forwards
 
Currency Forwards
 
Commodity Forwards
 
Currency Forwards
Gain (Loss) recognized in Cost of Sales
$
(1.4
)
 
$
—

 
$
0.1

 
$
—

Gain (Loss) recognized in Operating Expenses
—

 
3.3

 
—

 
(1.6
)

 
Six Months Ended
 
July 1, 2017
 
July 2, 2016
 
Commodity Forwards
 
Currency Forwards
 
Commodity Forwards
 
Currency Forwards
Gain recognized in Cost of Sales
$
0.2

 
$
—

 
$
0.2

 
$
—

Gain (Loss) recognized in Operating Expenses
—

 
7.7

 
—

 
(0.7
)
Schedule Of Derivatives Under Enforceable Master Netting Agreements
The following table presents the derivative assets and derivative liabilities presented on a net basis under enforceable master netting agreements (in millions):
 
July 1, 2017
 
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
$
10.1

 
$
(5.6
)
 
$
4.5

Derivative Commodity Contracts
5.2

 
(0.2
)
 
5.0

Other Noncurrent Assets:
 
 
 
 
 
Derivative Currency Contracts
5.1

 
(0.9
)
 
4.2

Derivative Commodity Contracts
0.2

 
—

 
0.2

Current Hedging Obligations:
 
 
 
 
 
Derivative Currency Contracts
13.2

 
(5.6
)
 
7.6

Derivative Commodity Contracts
0.2

 
(0.2
)
 
—

Noncurrent Hedging Obligations:
 
 
 
 
 
Derivative Currency Contracts
1.1

 
(0.9
)
 
0.2

 
December 31, 2016
 
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
$
2.8

 
$
(1.7
)
 
$
1.1

Derivative Commodity Contracts
7.3

 
—

 
7.3

Other Noncurrent Assets:
 
 
 
 
 
Derivative Currency Contracts
0.4

 
(0.2
)
 
0.2

Current Hedging Obligations:
 
 
 
 
 
Derivative Currency Contracts
45.7

 
(1.7
)
 
44.0

Noncurrent Hedging Obligations:
 
 
 
 
 
Derivative Currency Contracts
17.6

 
(0.2
)
 
17.4