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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding foreign currency forward contracts
We had the following outstanding foreign currency forward contracts as of March 31, 2017:
 
Foreign currency contracts qualifying as cash flow hedges:
 
Notional amount
Euro
 
EUR
 
54.2

 
million
British pound
 
GBP
 
4.5

 
million
Korean Won
 
KRW
 
21,177.9

 
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 31, 2017 and December 30, 2016 (U.S. dollars in millions):
 
Derivatives designated as hedging instruments (1)
 
Foreign exchange contracts
Balance Sheet location:
March 31, 2017 (2)
 
December 30, 2016
Asset derivatives:
 
 
 
Prepaid expenses and other current assets
$
3.0

 
$
5.4

Total asset derivatives
$
3.0

 
$
5.4

 
 
 
 
Liability derivatives:
 

 
 

Accounts payable and accrued expenses
$
0.1

 
$
—

Total liability derivatives
$
0.1

 
$
—


(1) See Note 15, "Fair Value Measurements", for fair value disclosures.
(2) We expect that a net gain of $2.9 million of the net fair value of hedges recognized as a net asset in accumulated other comprehensive income ("AOCI") will be transferred to earnings during the next 12 months, along with the earnings effect of the related forecasted transactions.
Effect of derivative instruments on Consolidated Statements of Income
The following table reflects the effect of derivative instruments on the Consolidated Statements of Income for the quarters ended March 31, 2017 and April 1, 2016 (U.S. dollars in millions):
 
 
Derivatives in effective 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 reclassified from
AOCI into income (effective portion)
 
Quarter ended
 
 
Quarter ended
 
March 31,
2017
 
April 1,
2016
 
 
March 31,
2017
 
April 1,
2016
Foreign exchange contracts
$
(1.8
)
 
$
(10.6
)
 
Net sales
$
1.1

 
$
1.9

Foreign exchange contracts
(0.7
)
 
0.7

 
Cost of products sold
0.3

 
—

Total
$
(2.5
)
 
$
(9.9
)
 
 
$
1.4

 
$
1.9