Fair Value Disclosure

3 Months Ended

Mar. 28, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosure

Fair Value Disclosure

The fair market values of the Company’s financial instruments are determined based on the fair value hierarchy as discussed in ASC 820 - Fair Value Measurements.

The Company carries derivative assets and liabilities (Level 2) and marketable equity securities (Level 1) held in the rabbi trust as part of the Company’s Deferred Compensation Plan at fair value. The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Marketable equity securities are recorded at fair value, which are based on quoted market prices.

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in millions).

	Fair Value Measurement
	March 28, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets:
Derivative assets	$	—	$	3.0	$	—	$	3.0	$	—	$	7.2	$	—	$	7.2
Equity securities	22.7		—		—		22.7		22.2		—		—		22.2
Total assets	$	22.7	$	3.0	$	—	$	25.7	$	22.2	$	7.2	$	—	$	29.4
Liabilities:
Derivative liabilities	$	—	$	16.4	$	—	$	16.4	$	—	$	9.3	$	—	$	9.3
Total liabilities	$	—	$	16.4	$	—	$	16.4	$	—	$	9.3	$	—	$	9.3

At March 28, 2014, there were no financial assets or financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Similarly, there were no nonfinancial assets or nonfinancial liabilities measured at fair value on a non-recurring basis.

The fair value of the Company's long-term debt, as noted in Note 8 - Long-Term Debt,  was estimated using quoted market prices where available. For long-term debt not actively traded, fair values were based on valuations from third-party banks and market quotations for similar types of borrowing arrangements.