Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 27, 2014

Summary of Fair Value of Derivatives

A summary of the fair value of the Company’s derivatives recorded in the Consolidated Balance Sheets at September 27, 2014 and December 28, 2013 follows (in millions):

	Balance Sheet Classification	2014		2013		Balance Sheet Classification	2014		2013
Derivatives designated as hedging instruments:
Interest Rate Contracts Cash Flow	LT other assets	$	—	$	—	LT other liabilities	$	6.7	$	—
Interest Rate Contracts Fair Value	Other current assets	21.4		21.7		Accrued expenses	3.2		3.3
	LT other assets	—		—		LT other liabilities	47.4		139.3
Foreign Exchange Contracts Cash Flow	Other current assets	21.8		3.7		Accrued expenses	1.0		0.3
	LT other assets	5.4		—		LT other liabilities	0.1		—
Net Investment Hedge	Other current assets	19.6		1.4		Accrued expenses	—		52.6
	LT other assets	—		—		LT other liabilities	1.2		—
		$	68.2	$	26.8		$	59.6	$	195.5
Derivatives not designated as hedging instruments:
Foreign Exchange Contracts	Other current assets	$	13.1	$	64.9	Accrued expenses	$	36.2	$	10.4
	LT other assets	1.2		—		LT other liabilities	—		6.4
		$	14.3	$	64.9		$	36.2	$	16.8

Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings for Active Derivative Financial Instruments

The tables below detail pre-tax amounts reclassified from Accumulated other comprehensive loss into earnings for active derivative financial instruments during the periods in which the underlying hedged transactions affected earnings for the nine months ended September 27, 2014 and September 28, 2013 (in millions):

Year-to-date 2014 (In millions)	Gain (Loss) Recorded in  OCI			Classification of Gain (Loss) Reclassified from OCI to Income	Gain (Loss) Reclassified from OCI to Income (Effective Portion)			Gain (Loss) Recognized  in Income (Ineffective Portion*)
Interest Rate Contracts	$	(6.7	)	Interest Expense	$	—		$	—
Foreign Exchange Contracts	$	15.3		Cost of sales	$	(0.8	)	$	—

Year-to-date 2013 (In millions)	Gain (Loss) Recorded in  OCI		Classification of Gain (Loss) Reclassified from OCI to Income	Gain (Loss) Reclassified from OCI to Income (Effective Portion)			Gain (Loss) Recognized  in Income (Ineffective Portion*)
Foreign Exchange Contracts	$	1.7	Cost of sales	$	(3.0	)	$	—

 * Includes ineffective portion and amount excluded from effectiveness testing on derivatives.

Fair Value Adjustments Relating to Swaps

A summary of the fair value adjustments relating to these swaps is as follows (in millions):

	Third Quarter 2014						Year-to-Date 2014
Income Statement Classification	Gain/(Loss)  on Swaps*			Gain /(Loss)  on Borrowings			Gain/(Loss)  on Swaps			Gain /(Loss)  on Borrowings
Interest Expense	$	5.7		$	(5.8	)	$	90.5		$	(90.6	)
	Third Quarter 2013						Year-to-Date 2013
Income Statement Classification	Gain/(Loss)  on Swaps*			Gain /(Loss)  on Borrowings			Gain/(Loss)  on Swaps			Gain /(Loss)  on Borrowings
Interest Expense	$	(26.2	)	$	26.2		$	(118.0	)	$	118.0

Details of Foreign Exchange Contracts Pre-Tax Amounts

The pre-tax gain or loss from fair value changes recorded in Accumulated other comprehensive loss was as follows (in millions):

	Third Quarter 2014			Year-to-Date 2014
Income Statement Classification	Gain (Loss)			Gain (Loss)
Other-net	$	39.4		$	3.5
	Third Quarter 2013			Year-to-Date 2013
Income Statement Classification	Gain (Loss)			Gain (Loss)
Other-net	$	(48.4	)	$	5.1

Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments

The gain (loss) recorded in income related to derivatives not designated as hedging instruments are as follows (in millions):

Derivatives Not Designated as Hedging Instruments under ASC 815	Income Statement Classification	Third Quarter 2014			Year-to-Date 2014
Foreign Exchange Contracts	Other-net	$	(36.4	)	$	(10.1	)
Derivatives Not Designated as Hedging Instruments under ASC 815	Income Statement Classification	Third Quarter 2013			Year-to-Date 2013
Foreign Exchange Contracts	Other-net	$	63.2		$	3.0