Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.4.0.3
Financial Instruments (Tables)
 3 Months Ended
Apr. 02, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair values of derivative instruments
As of April 2, 2016, December 31, 2015 and April 4, 2015 the fair values of the Company’s derivative instruments were:
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets
 
Derivative Liabilities
Instrument
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
 
 
 
 
April 2, 2016
 
Dec. 31, 2015
 
April 4, 2015
 
 
 
April 2, 2016
 
Dec. 31, 2015
 
April 4, 2015
Derivatives Designated as Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
Prepaid expenses and other
 
$
2.8

 
$
5.9

 
$
6.9

 
Accrued expenses
 
$
3.9

 
$
1.3

 
$
0.9

Commodity contracts
 
Prepaid expenses and other
 
—

 
—

 
—

 
Accrued expenses
 
0.3

 
0.5

 
2.5

Total
 
 
 
$
2.8

 
$
5.9

 
$
6.9

 
 
 
$
4.2

 
$
1.8

 
$
3.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Designated as Fair Value Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
Prepaid expenses and other
 
$
2.9

 
$
2.1

 
$
3.0

 
Accrued expenses
 
$
2.0

 
$
1.4

 
$
1.7

Interest rate contracts
 
Other long-term assets
 
6.5

 
4.0

 
4.9

 
Other long-term liabilities
 
—

 
—

 
—

Total
 
 
 
$
9.4

 
$
6.1

 
$
7.9

 
 
 
$
2.0

 
$
1.4

 
$
1.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Hedging Activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
Prepaid expenses and other
 
$
0.3

 
$
1.5

 
$
1.0

 
Accrued expenses
 
$
0.6

 
$
0.2

 
$
0.0

Commodity contracts
 
Prepaid expenses and other
 
—

 
—

 
—

 
Accrued expenses
 
1.6

 
2.2

 
—

Total
 
 
 
$
0.3

 
$
1.5

 
$
1.0

 
 
 
$
2.2

 
$
2.4

 
$
0.0


Effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income
The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three months ended April 2, 2016 and April 4, 2015 was: 
(in millions)
 
 
 
 
 
 
 
 
 
 
Derivatives Designated as Cash Flow Hedging Instruments
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)
 
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
 
 
April 2, 2016
 
April 4, 2015
 
 
 
April 2, 2016
 
April 4, 2015
Foreign exchange contracts
 
$
(4.3
)
 
$
6.7

 
Cost of sales
 
$
2.6

 
$
2.6

Commodity contracts
 
0.0

 
(2.7
)
 
Cost of sales
 
(0.2
)
 
(1.8
)
Total
 
$
(4.3
)
 
$
4.0

 
 
 
$
2.4

 
$
0.8


Derivatives Designated as Fair Value Hedging Instruments
 
Location of Gain (Loss) on Derivatives
Recognized in Earnings
Amount of Gain (Loss) on Derivatives Recognized in Earnings
 
 
 
 
April 2, 2016
 
April 4, 2015
Interest rate contracts
 
Interest expense
 
$
0.8

 
$
1.1



Other Hedging Activity
 
Location of Gain (Loss) on Derivatives
Recognized in Earnings
Amount of Gain (Loss) on Derivatives Recognized in Earnings
 
 
 
 
April 2, 2016
 
April 4, 2015
Foreign exchange contracts
 
Cost of sales
 
$
(4.8
)
 
$
6.2

Foreign exchange contracts
 
Other income, net
 
0.4

 
0.7

Commodity contracts
 
Cost of sales
 
(0.1
)
 
—

Total
 
 
 
$
(4.5
)
 
$
6.9