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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 26, 2015
Derivatives, Fair Value [Line Items]  
Outstanding Foreign Currency Forward Contracts that were Entered into to Hedge Forecasted Cash Flows

We had the following outstanding foreign currency forward as of June 26, 2015:
 
Foreign Currency Contracts Qualifying as Cash Flow Hedges:
 
Notional Amount
Euro
 
€
 
170.6

 
million
British pound
 
£
 
1.9

 
million
Japanese yen
 
JPY
 
3,892.4

 
million
Korean Won
 
KRW
 
8,970.0

 
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 June 26, 2015 and December 26, 2014 (U.S. dollars in millions):
 
Derivatives Designated as Hedging Instruments (1)
 
Foreign exchange contracts
Balance Sheet Location:
June 26, 2015 (2)
 
December 26, 2014
Asset derivatives:
 
 
 
Prepaid expenses and other current assets
$
21.7

 
$
22.7

Other noncurrent assets
3.5

 
3.1

Total asset derivatives
$
25.2

 
$
25.8

 
 
 
 
Liability derivatives:
 

 
 

Accounts payable and accrued expenses
$
—

 
$
0.2

Other noncurrent liabilities
—

 
—

Total liability derivatives
$
—

 
$
0.2


(1) See Note 15, "Fair Value Measurements", for fair value disclosures.
(2) We expect that $21.7 million and $3.5 million of the net fair value of hedges recognized as a gain in accumulated other comprehensive income ("AOCI") will be transferred to earnings during the next 12 months and last six months of 2016, respectively, along with the earnings effect of the related forecasted transactions.
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 quarter ended June 26, 2015 and June 27, 2014 (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
 
June 26,
2015
 
June 27,
2014
 
 
June 26, 2015
 
June 27,
2014
Foreign exchange contracts
$
(11.5
)
 
$
2.4

 
Net sales
$
11.1

 
$
(1.5
)
Foreign exchange contracts
(0.1
)
 
(1.0
)
 
Cost of products sold
0.1

 
—

Total
$
(11.6
)
 
$
1.4

 
 
$
11.2

 
$
(1.5
)
 
 
 
 
 
 
 
 
 
 
Six months ended
 
 
Six months ended
 
June 26,
2015
 
June 27,
2014
 
 
June 26, 2015
 
June 27,
2014
Foreign exchange contracts
$
(0.2
)
 
$
3.2

 
Net sales
$
20.3

 
$
(2.1
)
Foreign exchange contracts
0.1

 
(3.6
)
 
Cost of products sold
(0.1
)
 
0.7

Total
$
(0.1
)
 
$
(0.4
)
 
 
$
20.2

 
$
(1.4
)