Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 28, 2015

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis, and the impact they had on the Company's financial position as of March 28, 2015 and December 27, 2014. Fair values were determined based on third party quotations (Level 2 fair value measurement):

	Asset derivatives					Liability derivatives
		Fair value					Fair value
Derivatives designated as hedging instruments (in millions)	Balance sheet location	Mar 28, 2015		Dec 27, 2014		Balance sheet location	Mar 28, 2015		Dec 27, 2014
Foreign exchange contracts	Non-trade amounts receivable	$	32.0	$	35.0	Accrued liabilities	$	37.8	$	30.3

Schedule Of Company's Derivative Position And Its Impact On Company Table

The following table summarizes the impact of the Company's fair value hedging positions on the results of operations for the first quarters of 2015 and 2014:

Derivatives designated as fair value hedges (in millions)	Location of gain or (loss) recognized in income on derivatives	Amount of gain or (loss) recognized in income on derivatives					Location of gain or (loss) recognized in income on related hedged items	Amount of gain or (loss) recognized in income on related hedged items
		2015			2014			2015		2014
Foreign exchange contracts	Other expense	$	(24.7	)	$	1.0	Other expense	$	25.1	$	(0.5	)

The following table summarizes the impact of Company's hedging activities on comprehensive income for the first quarters of 2015 and 2014:

Cash flow and net equity hedges (in millions)	Amount of gain or (loss) recognized in OCI (effective portion)					Location of gain or (loss) reclassified from accumulated OCI into income (effective portion)	Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion)				Location of gain or (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)	Amount of gain or (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)
Cash flow hedging relationships	2015		2014				2015		2014			2015			2014
Foreign exchange contracts	$	3.4	$	3.4		Cost of products sold	$	4.3	$	1.7	Interest expense	$	(2.9	)	$	(1.3	)
Net equity hedging relationships
Foreign exchange contracts	19.5		(5.1		)	Other expense	—		—		Interest expense	(3.5		)	(3.6		)
Euro denominated debt	10.9		—			Other expense	—		—		Other expense	—			—