DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 27, 2015

Derivative Financial Instruments

Summary of the gross and net fair values of contracts by counterparty

	June 27, 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	$	—		$	0.3		$	—	$	(0.1	)	$	(0.1	)
Counterparty B	0.9		(2.6		)	(1.7		)	0.3		(3.5		)	(3.2		)
Counterparty C	1.6		(1.1		)	0.5			0.3		(1.0		)	(0.7		)
Aggregate of other counterparties	0.7		(0.5		)	0.2			0.2		(0.8		)	(0.6		)
Totals (1)	$	3.5	$	(4.2	)	$	(0.7	)	$	0.8	$	(5.4	)	$	(4.6	)
Commodity Contracts:
Counterparty A (2)	$	—	$	(0.9	)	$	(0.9	)	$	—	$	(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:

	June 27,			December 31,
	2015			2014
Designated as hedging instruments:
Accrued expenses	$	(1.0	)	$	(0.1	)
Other long-term liabilities	(0.2		)	(0.1		)
	(1.2		)	(0.2		)
Not designated as hedging instruments:
Other current assets	0.5			—
Accrued expenses	—			(4.4		)
	0.5			(4.4		)
Net fair value of FX forward contracts	$	(0.7	)	$	(4.6	)

(2) Related contracts are designated as hedging instruments. Net amounts at June 27, 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					Six months ended
	June 27, 2015			June 28, 2014		June 27, 2015			June 28, 2014
FX forward contracts	$	—		$	0.2	$	0.5		$	0.5
Commodity contracts	(0.2		)	0.6		(0.6		)	(0.7		)
	$	(0.2	)	$	0.8	$	(0.1	)	$	(0.2	)

Summary of pre-tax gain (loss) related to derivative financial instruments designated as cash flow hedging relationships reclassified from AOCI to income

	Three months ended						Six months ended
	June 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014
FX forward contracts	$	1.1		$	—		$	1.1		$	—
Commodity contracts	(0.5		)	(0.1		)	(1.2		)	(0.2		)
	$	0.6		$	(0.1	)	$	(0.1	)	$	(0.2	)

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

	Three months ended					Six months ended
	June 27, 2015			June 28, 2014		June 27, 2015			June 28, 2014
FX forward contracts	$	5.7		$	1.4	$	(6.5	)	$	1.8
FX embedded derivatives	(2.2		)	0.1		4.4			(2.1		)
	$	3.5		$	1.5	$	(2.1	)	$	(0.3	)

FX forward contracts

Derivative Financial Instruments

Summary of the fair value of derivative instruments and the balance sheet classification

	June 27,			December 31,
	2015			2014
Designated as hedging instruments:
Accrued expenses	$	(1.0	)	$	(0.1	)
Other long-term liabilities	(0.2		)	(0.1		)
	(1.2		)	(0.2		)
Not designated as hedging instruments:
Other current assets	0.5			—
Accrued expenses	—			(4.4		)
	0.5			(4.4		)
Net fair value of FX forward contracts	$	(0.7	)	$	(4.6	)

FX embedded derivatives

Derivative Financial Instruments

Summary of the fair value of derivative instruments and the balance sheet classification

	June 27,			December 31,
Balance Sheet Classification	2015			2014
Other current assets	$	6.0		$	5.1
Other assets	6.6			1.2
Accrued expenses	(5.9		)	(4.7		)
Other long-term liabilities	(2.5		)	(0.9		)
	$	4.2		$	0.7