Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 28, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts that were Entered into to Hedge Forecasted Cash Flows

We had the following outstanding foreign currency forward as of March 28, 2014:

Foreign Currency Contracts Qualifying as Cash Flow Hedges:	Notional Amount
Euro	€	198.4	million
British pound	£	13.1	million
Japanese yen	JPY	926.2	million
Costa Rican colon	CRC	12,414.1	million
Philippine peso	PHP	19.1	million
Chilean peso	CLP	8,015.1	million
Polish Zloty	PLN	7.0	million
Korean Won	KRW	39,828.0	million

Fair Values of Derivative Instruments

The following table reflects the fair values of derivative instruments, all of which are designated as Level 2 of the fair value hierarchy, as of March 28, 2014 and December 27, 2013 (U.S. dollars in millions):

Derivatives Designated as Hedging Instruments (1)
	Foreign exchange contracts
Balance Sheet Location:	March 28, 2014		December 27, 2013
Asset derivatives:
Prepaid expenses and other current assets	$	1.2	$	2.8
Total asset derivatives	$	1.2	$	2.8
Liability derivatives:
Accounts payable and accrued expenses	$	5.6	$	5.3
Other noncurrent liabilities	0.5		0.8
Total liability derivatives	$	6.1	$	6.1

⁽¹⁾ See Note 15, "Fair Value Measurements", for fair value disclosures.

⁽²⁾ We expect that $4.4 million and $0.5 million of the net fair value of hedges recognized as a net loss in AOCI will be transferred to earnings during the next 12 months and last nine months of 2015, respectively, along with the effect of the related forecasted transaction.

Effect of Derivative Instruments on the Consolidated Statements of Income

The following table reflects the effect of derivative instruments on the Consolidated Statements of Income for the quarters ended March 28, 2014 and March 29, 2013, respectively (U.S. dollars in millions):

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion)					Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
	Quarter ended						Quarter ended
	March 28, 2014			March 29, 2013			March 28, 2014			March 29, 2013
Foreign exchange contracts	$	0.8		$	20.0	Net sales	$	(0.6	)	$	(2.2	)
Foreign exchange contracts	(2.6		)	3.7		Cost of products sold	0.8			0.6
Bunker fuel swap agreements (1)	—			0.2		Cost of products sold	—			—
Total	$	(1.8	)	$	23.9		$	0.2		$	(1.6	)

⁽¹⁾ The bunker fuel swap agreements had an ineffective portion of $0.1 million for the quarter ended March 29, 2013. There were no bunker fuel swap agreements for the quarter ended March 28, 2014.