Fair Value Measurements

6 Months Ended

Jul. 02, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 13. Fair Value Measurements

Recurring Fair Value Measurements

The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of July 2, 2011:

			Fair Value Measurements Using
					Significant		Significant
			Quoted Prices		Other		Other
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(In millions)	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Available for sale securities	$	12.3	$	12.3	$	—	$	—
Derivative assets		6.0		—		6.0		—
Liabilities:
Derivative liabilities	$	8.6	$	1.5	$	7.1	$	—

The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of January 1, 2011:

			Fair Value Measurements Using
					Significant		Significant
			Quoted Prices		Other		Other
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(In millions)	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Available for sale securities	$	12.2	$	12.2	$	—	$	—
Derivative assets		16.9		.1		16.8		—
Liabilities:
Derivative liabilities	$	10.3	$	2.4	$	7.9	$	—

Available for sale securities are measured at fair value using quoted prices and classified within Level 1 of the valuation hierarchy. Derivatives that are exchange-traded are measured at fair value using quoted market prices and are classified within Level 1 of the valuation hierarchy. Derivatives measured based on inputs that are readily available in public markets are classified within Level 2 of the valuation hierarchy. Available for sale securities were included in “Other current assets” in the unaudited Condensed Consolidated Balance Sheets.

Non-recurring Fair Value Measurements

Long-lived assets with carrying amounts totaling $4.4 million were written down to their fair value of $1.3 million, resulting in an impairment charge of $3.1 million for the six months ended July 2, 2011, which was included in “Other expense, net” in the unaudited Consolidated Statements of Income. Of the $1.3 million, $1.1 million was primarily based on Level 2 inputs and $.2 million was primarily based on Level 3 inputs.

Long-lived assets with carrying amounts totaling $2.4 million were written down to their fair value of $1.9 million, resulting in an impairment charge of $.5 million for the three and six months ended July 3, 2010, respectively, which was included in “Other expense, net” in the unaudited Consolidated Statement of Income. Fair value amounts were primarily based on Level 2 inputs.