Financial Instruments (Tables)

6 Months Ended

Jul. 01, 2017

Financial Instruments

Fair value and balance sheet locations of derivatives

The following table shows the fair value and balance sheet locations of derivatives as of July 1, 2017:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	5.1	Other current liabilities	$	10.1
Commodity contracts	Other current assets	.1		Other current liabilities	–
		$	5.2		$	10.1

The following table shows the fair value and balance sheet locations of derivatives as of December 31, 2016:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	4.6	Other current liabilities	$	7.8
Commodity contracts	Other current assets	.5		Other current liabilities	–
Commodity contracts	Other assets	.1
		$	5.2		$	7.8

Components of net gains (losses), before taxes, recognized in income related to fair value hedge contracts

		Three Months Ended					Six Months Ended
(In millions)	Location of Net Gains (Losses) in Income	July 1, 2017			July 2, 2016		July 1, 2017			July 2, 2016
Foreign exchange contracts	Cost of products sold	$	–		$	.7	$	(1.0	)	$	1.7
Foreign exchange contracts	Marketing, general and administrative expense	(23.9		)	6.9		(22.7		)	2.4
		$	(23.9	)	$	7.6	$	(23.7	)	$	4.1

Components of the gains (losses), before taxes, recognized in Accumulated other comprehensive loss related to cash flow hedge contracts

	Three Months Ended						Six Months Ended
(In millions)	July 1, 2017			July 2, 2016			July 1, 2017			July 2, 2016
Foreign exchange contracts	$	(.4	)	$	(.3	)	$	(3.5	)	$	(1.8	)
Commodity contracts	(.2		)	.5			(.4		)	.3
	$	(.6	)	$	.2		$	(3.9	)	$	(1.5	)

Components of gain (loss), before tax, recognized in Accumulated other comprehensive loss related to the net investment hedge

	Three Months Ended					Six Months Ended
(In millions)	July 1, 2017			July 2, 2016		July 1, 2017			July 2, 2016
Foreign currency denominated debt	$	(26.3	)	$	n/a	$	(37.7	)	$	n/a