Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 24, 2011

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative assets and liabilities measured at fair value

The table below summarizes our derivative assets and liabilities that were measured at fair value as of September 24, 2011 and December 25, 2010.

				September 24, 2011
	Total carrying value at September 24, 2011			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swaps	$	(295.5	)	$	—	$	(295.5	)	$	—
Foreign currency forwards	5.5			—		5.5			—
Commodity swaps	(2.0		)	—		(2.0		)	—
Total	$	(292.0	)	$	—	$	(292.0	)	$	—

				December 25, 2010
	December 25, 2010			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swaps	$	(412.2	)	$	—	$	(412.2	)	$	—
Foreign currency forwards	(16.3		)	—		(16.3		)	—
Commodity swaps	(2.0		)	—		(2.0		)	—
Total return swaps	1.2			—		1.2			—
Option contracts	2.9			—		—			2.9
Total	$	(426.4	)	$	—	$	(429.3	)	$	2.9

Summarizes derivative valuation activity using significant unobservable inputs (Level 3)

The table below summarizes derivative valuation activity using significant unobservable inputs (Level 3):

	Rollforward of Level 3 Inputs
	(In millions)
Balance at December 25, 2010	$	2.9
Total gains or losses (realized/unrealized)
Included in earnings (or change in net assets)	1.5
Included in AOCI	—
Purchases	—
Sales	—
Issuances	—
Settlements	(4.4		)
Transfers in/out of Level 3	—
Balance at September 24, 2011	$	—

Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets

Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheet (in millions)

	September 24, 2011
		Asset derivatives			Liability derivatives
	Notional amount	Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	USD 1,228.6	Other current assets	$	—	Current derivative liability	$	(98.5	)
		Other assets	—		Long term derivative liability	(197.0		)
Foreign currency forwards	USD 465.8	Other current assets	2.4		Current derivative liability	(3.4		)
		Other assets	6.5		Long term derivative liability	—
Commodity swaps	Gigajoules 2.0	Other current assets	1.1		Current derivative liability	(0.3		)
		Other assets	0.2		Long term derivative liability	—
Total derivatives designated as hedging instruments			$	10.2		$	(299.2	)
Derivatives not designated as hedging instruments:
Commodity swaps	Metric Tonnes 0	Other current assets	$	—	Current derivative liability	$	(1.8	)
		Other assets	—		Long term derivative liability	(1.2		)
Total derivatives not designated as hedging instruments			$	—		$	(3.0	)

	December 25, 2010
		Asset derivatives			Liability derivatives
	Notional amount	Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	USD 1,637.1	Other current assets	$	—	Current derivative liability	$	(11.2	)
		Other assets	—		Long term derivative liability	(401.0		)
Foreign currency forwards	USD 426.0	Other current assets	0.3		Current derivative liability	(12.4		)
		Other assets	0.1		Long term derivative liability	(3.4		)
Commodity swaps	Gigajoules 2.2	Other current assets	0.1		Current derivative liability	(1.8		)
		Other assets	—		Long term derivative liability	(0.4		)
Total derivatives designated as hedging instruments			$	0.5		$	(430.2	)
Derivatives not designated as hedging instruments:
Foreign currency forwards	USD 13.9	Other current assets	$	—	Current derivative liability	$	(0.8	)
Total return swaps	Australian dollar ("AUD") 42.1	Other current assets	1.2		Current derivative liability	—
Option contracts	FGL.ASX Shares 7.6	Other current assets	3.1		Current derivative liability	(0.2		)
Total derivatives not designated as hedging instruments			$	4.3		$	(1.0	)

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

The Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (in millions)

Cash Flow Hedges

For the Thirteen Weeks Ended September 24, 2011
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative (effective portion)			Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI on derivative (effective portion)			Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Cross currency swaps(1)	$	(3.8	)	Other income (expense), net	$	33.3		Other income (expense), net	$	—
				Interest expense, net	(3.9		)	Interest expense, net	—
Forward starting interest rate swaps	0.6			Interest expense, net	(0.6		)	Interest expense, net	—
Foreign currency forwards	21.2			Other income (expense), net	(2.4		)	Other income (expense), net	—
				Cost of goods sold	(3.1		)	Cost of goods sold	—
				Marketing, general and administrative expenses	—			Marketing, general and administrative expenses	—
Commodity swaps	0.4			Cost of goods sold	—			Cost of goods sold	—
Total	$	18.4			$	23.3			$	—

For the Thirteen Weeks Ended September 25, 2010
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative (effective portion)			Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI on derivative (effective portion)			Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Cross currency swaps(1)	$	1.3		Other income (expense), net	$	(10.5	)	Other income (expense), net	$	—
				Interest expense, net	(3.0		)	Interest expense, net	—
Forward starting interest rate swaps	(7.4		)	Interest expense, net	—			Interest expense, net	—
Foreign currency forwards	(2.2		)	Other income (expense), net	(1.1		)	Other income (expense), net	—
				Cost of goods sold	0.2			Cost of goods sold	—
				Marketing, general and administrative expenses	—			Marketing, general and administrative expenses	—
Commodity swaps	(1.0		)	Cost of goods sold	(0.2		)	Cost of goods sold	—
Total	$	(9.3	)		$	(14.6	)		$	—

For the Thirty-Nine Weeks Ended September 24, 2011
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative (effective portion)			Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI on derivative (effective portion)			Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Cross currency swaps(1)	$	(5.6	)	Other income (expense), net	$	16.4		Other income (expense), net	$	—
				Interest expense, net	(10.9		)	Interest expense, net	—
Forward starting interest rate swaps	1.2			Interest expense, net	(1.2		)	Interest expense, net	—
Foreign currency forwards	21.3			Other income (expense), net	(7.0		)	Other income (expense), net	—
				Cost of goods sold	(9.5		)	Cost of goods sold	—
				Marketing, general and administrative expenses	—			Marketing, general and administrative expenses	—
Commodity swaps	3.0			Cost of goods sold	0.2			Cost of goods sold	—
Total	$	19.9			$	(12.0	)		$	—

For the Thirty-Nine Weeks Ended September 25, 2010
Derivatives in cash flow hedge relationships		Amount of gain (loss) recognized in OCI on derivative (effective portion)			Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI on derivative (effective portion)			Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Cross currency swaps(1)		$	11.5		Other income (expense), net	$	(25.8	)	Other income (expense), net	$	—
					Interest expense, net	(8.9		)	Interest expense, net	—
Forward starting interest rate swaps		(14.1		)	Interest expense, net	—			Interest expense, net	—
Foreign currency forwards		(1.9		)	Other income (expense), net	(3.5		)	Other income (expense), net	—
					Cost of goods sold	(0.8		)	Cost of goods sold	—
					Marketing, general and administrative expenses	0.1			Marketing, general and administrative expenses	—
Commodity swaps		0.3			Cost of goods sold	(1.4		)	Cost of goods sold	—
Total		$	(4.2	)		$	(40.3	)		$	—
Note:	Amounts recognized in AOCI are gross of taxes. Refer to Note 16, "Comprehensive Income (Loss)", for amount net of tax.
(1)	The foreign exchange gain (loss) component of these cross currency swaps is offset by the corresponding gain (loss) on the hedged forecasted transactions in Other income (expense), net and Interest expense, net.

Other Derivatives

Other Derivatives (in millions)

For the Thirteen Weeks Ended September 24, 2011
Derivatives Not In Hedging Relationship	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income on Derivative
Commodity swaps	Cost of goods sold	$	(3.0	)
Cash settled total return swaps	Other income (expense), net	$	—
Option contracts	Other income (expense), net	—
Foreign currency forwards	Other income (expense), net	—
		$	(3.0	)

For the Thirteen Weeks Ended September 25, 2010
Derivatives Not In Hedging Relationship	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income on Derivative
Cash settled total return swaps	Other income (expense), net	$	43.2
Option contracts	Other income (expense), net	(0.9		)
Foreign currency forwards	Other income (expense), net	(1.3		)
		$	41.0

For the Thirty-Nine Weeks Ended September 24, 2011
Derivatives Not In Hedging Relationship	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income on Derivative
Commodity swaps	Cost of goods sold	$	(3.0	)
Cash settled total return swaps	Other income (expense), net	$	(0.6	)
Option contracts	Other income (expense), net	1.5
Foreign currency forwards	Other income (expense), net	(0.1		)
		$	(2.2	)

For the Thirty-Nine Weeks Ended September 25, 2010
Derivatives Not In Hedging Relationship	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income on Derivative
Cash settled total return swaps	Other income (expense), net	$	58.2
Option contracts	Other income (expense), net	(0.9		)
Foreign currency forwards	Other income (expense), net	(1.3		)
		$	56.0