DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

A summary of the fair values of the Company’s derivatives recorded in the Consolidated Balance Sheets at December 31, 2016 and January 2, 2016 follows:



(Millions of Dollars)	Balance Sheet Classification	2016		2015		Balance Sheet Classification	2016		2015
Derivatives designated as hedging instruments:
Interest Rate Contracts Cash Flow	LT other assets	$	—	$	—	LT other liabilities	$	47.3	$	41.1
Interest Rate Contracts Fair Value	Other current assets	—		14.9		Accrued expenses	—		2.5
	LT other assets	—		1.4		LT other liabilities	—		5.2
Foreign Exchange Contracts Cash Flow	Other current assets	37.6		21.9		Accrued expenses	1.6		1.8
	LT other assets	—		3.7		LT other liabilities	—		—
Net Investment Hedge	Other current assets	44.1		30.3		Accrued expenses	1.8		4.8
	LT other assets	—		—		LT other liabilities	0.5		—
		$	81.7	$	72.2		$	51.2	$	55.4
Derivatives not designated as hedging instruments:
Foreign Exchange Contracts	Other current assets	$	28.5	$	7.1	Accrued expenses	$	46.4	$	40.7
		$	28.5	$	7.1		$	46.4	$	40.7

Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income 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 twelve months ended December 31, 2016 and January 2, 2016 (in millions):



Year-to-date 2016	(Loss) Gain 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	$	(6.2	)	Interest Expense	$	—	$	—
Foreign Exchange Contracts	$	19.3		Cost of sales	$	21.7	$	—



Year-to-date 2015	(Loss) Gain 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	$	(6.8	)	Interest Expense	$	—	$	—
Foreign Exchange Contracts	$	52.5		Cost of sales	$	57.4	$	—

* 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):



	Year-to-Date 2016					Year-to-Date 2015
Income Statement Classification	Gain/(Loss) on Swaps*			Gain /(Loss) on Borrowings		Gain/(Loss) on Swaps*		Gain /(Loss) on Borrowings
Interest Expense	$	(3.3	)	$	3.8	$	11.8	$	(11.8	)

Details of Pre-Tax Amounts of Gains and Losses on Net Investment Hedges

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



	Year-to-Date 2016						Year-to-Date 2015
Income Statement Classification	Amount Recorded in OCI Gain (Loss)		Effective Portion Recorded in Income Statement		Ineffective Portion* Recorded in Income Statement		Amount Recorded in OCI Gain (Loss)		Effective Portion Recorded in Income Statement		Ineffective Portion* Recorded in Income Statement
Other-net	$	117.8	$	—	$	—	$	75.5	$	—	$	—

*Includes ineffective portion and amount excluded from effectiveness testing.

Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments

The income statement impacts related to derivatives not designated as hedging instruments for 2016 and 2015 are as follows (in millions):



Derivatives Not Designated as Hedging Instruments under ASC 815	Income Statement Classification	Year-to-Date 2016 Amount of Gain (Loss) Recorded in Income on Derivative			Year-to-Date 2015 Amount of Gain (Loss) Recorded in Income on Derivative
Foreign Exchange Contracts	Other-net	$	(21.1	)	$	(8.9	)