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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 28, 2015
Derivative financial instruments  
Summary of the gross and net fair values of contracts by counterparty

 

 

 

March 28, 2015

 

December 31, 2014

 

 

 

Gross Assets

 

Gross Liabilities

 

Net Assets /
Liabilities

 

Gross Assets

 

Gross Liabilities

 

Net Assets /
Liabilities

 

FX Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

Counterparty A

 

$
0.3

 

$
(0.1

)

$
0.2

 

$

—

 

$
(0.1

)

$
(0.1

)

Counterparty B

 
1.1

 
(3.9

)
(2.8

)
0.3

 
(3.5

)
(3.2

)

Aggregate of other counterparties

 
0.6

 
(1.5

)
(0.9

)
0.5

 
(1.8

)
(1.3

)

Totals (1)

 

$
2.0

 

$
(5.5

)

$
(3.5

)

$
0.8

 

$
(5.4

)

$
(4.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

Counterparty A(2)

 

$

—

 

$
(0.7

)

$
(0.7

)

$

—

 

$
(1.4

)

$
(1.4

)

 

 

(1)

We enter into arrangements designed to provide the right of setoff in the event of counterparty default or insolvency, and have elected to offset the fair values of our qualifying financial instruments in our condensed consolidated balance sheets. Amounts presented in our condensed consolidated balance sheets were as follows:

 

 

 

March 28,

 

December 31,

 

 

 

2015

 

2014

 

Designated as hedging instruments:

 

 

 

 

 

Accrued expenses

 

$
(0.8

)

$
(0.1

)

Other long-term liabilities

 
(0.2

)
(0.1

)

 

 
(1.0

)
(0.2

)

 

 

 

 

 

 

Not designated as hedging instruments:

 

 

 

 

 

Other current assets

 
0.1

 

—

 

Accrued expenses

 
(2.6

)
(4.4

)

 

 
(2.5

)
(4.4

)

Net fair value of FX forward contracts

 

$
(3.5

)

$
(4.6

)

 

(2)

Related contracts are designated as hedging instruments. Net amounts at March 28, 2015 and December 31, 2014 were recorded in ‘‘Accrued expenses.’’
Summary of pre-tax gain (loss) recognized in AOCI resulting from derivative financial instruments designated as cash flow hedging relationships

 

 

 

Three months ended

 

 

 

March 28,

 

March 29,

 

 

 

2015

 

2014

 

FX forward contracts

 

$
0.5

 

$
0.3

 

Commodity contracts

 
(0.4

)
(1.3

)

 

 

$
0.1

 

$
(1.0

)

 

Summary of pre-tax loss related to commodity contracts designated as cash flow hedging relationships reclassified from AOCI to income

 

 

 

Three months ended

 

 

 

March 28,

 

March 29,

 

 

 

2015

 

2014

 

Commodity contracts

 

$
(0.5

)

$
(0.1

)

 

Schedule of loss recognized in ''Other income, net'' of derivative financial instruments not designated as cash flow hedging relationships

 

 

 

Three months ended

 

 

 

March 28,

 

March 29,

 

 

 

2015

 

2014

 

FX forward contracts

 

$
(12.2

)

$
0.4

 

FX embedded derivatives

 
6.6

 
(2.2

)

 

 

$
(5.6

)

$
(1.8

)

 

FX forward contracts  
Derivative financial instruments  
Summary of fair value of derivative instruments and the balance sheet classification

 

 

March 28,

 

December 31,

 

 

 

2015

 

2014

 

Designated as hedging instruments:

 

 

 

 

 

Accrued expenses

 

$
(0.8

)

$
(0.1

)

Other long-term liabilities

 
(0.2

)
(0.1

)

 

 
(1.0

)
(0.2

)

 

 

 

 

 

 

Not designated as hedging instruments:

 

 

 

 

 

Other current assets

 
0.1

 

—

 

Accrued expenses

 
(2.6

)
(4.4

)

 

 
(2.5

)
(4.4

)

Net fair value of FX forward contracts

 

$
(3.5

)

$
(4.6

)

 

FX embedded derivatives  
Derivative financial instruments  
Summary of fair value of derivative instruments and the balance sheet classification

 

 

 

March 28,

 

December 31,

 

Balance Sheet Classification

 

2015

 

2014

 

Other current assets

 

$
7.5

 

$
5.1

 

Other assets

 
3.0

 
1.2

 

Accrued expenses

 
(4.4

)
(4.7

)

Other long-term liabilities

 
(0.7

)
(0.9

)

 

 

$
5.4

 

$
0.7