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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 26, 2015
Derivative Financial Instruments  
Summary of the gross assets and net asset fair values of contracts by counterparty
The following summarizes the gross and net fair values of our FX forward and commodity contracts by counterparty at September 26, 2015 and December 31, 2014, respectively:
 
September 26, 2015
 
December 31, 2014
 
Gross
Assets
 
Gross
Liabilities
 
Net Assets /
Liabilities
 
Gross
Assets
 
Gross
Liabilities
 
Net Assets /
Liabilities
FX Forward Contracts:
 

 
 

 
 

 
 

 
 

 
 

Counterparty A
$
—

 
$
—

 
$
—

 
$
—

 
$
(0.1
)
 
$
(0.1
)
Counterparty B
0.1

 
(0.5
)
 
(0.4
)
 
0.3

 
(3.5
)
 
(3.2
)
Counterparty C
0.7

 
(0.6
)
 
0.1

 
0.3

 
(0.7
)
 
(0.4
)
Aggregate of other counterparties
0.2

 
(0.2
)
 
—

 
0.1

 
(0.7
)
 
(0.6
)
Totals (1)
$
1.0

 
$
(1.3
)
 
$
(0.3
)
 
$
0.7

 
$
(5.0
)
 
$
(4.3
)
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 

 
 

 
 

 
 

 
 

 
 

Counterparty A (2)
$
—

 
$
(1.6
)
 
$
(1.6
)
 
$
—

 
$
(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.
Summary of the gross liabilities and net liability fair values of contracts by counterparty
The following summarizes the gross and net fair values of our FX forward and commodity contracts by counterparty at September 26, 2015 and December 31, 2014, respectively:
 
September 26, 2015
 
December 31, 2014
 
Gross
Assets
 
Gross
Liabilities
 
Net Assets /
Liabilities
 
Gross
Assets
 
Gross
Liabilities
 
Net Assets /
Liabilities
FX Forward Contracts:
 

 
 

 
 

 
 

 
 

 
 

Counterparty A
$
—

 
$
—

 
$
—

 
$
—

 
$
(0.1
)
 
$
(0.1
)
Counterparty B
0.1

 
(0.5
)
 
(0.4
)
 
0.3

 
(3.5
)
 
(3.2
)
Counterparty C
0.7

 
(0.6
)
 
0.1

 
0.3

 
(0.7
)
 
(0.4
)
Aggregate of other counterparties
0.2

 
(0.2
)
 
—

 
0.1

 
(0.7
)
 
(0.6
)
Totals (1)
$
1.0

 
$
(1.3
)
 
$
(0.3
)
 
$
0.7

 
$
(5.0
)
 
$
(4.3
)
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 

 
 

 
 

 
 

 
 

 
 

Counterparty A (2)
$
—

 
$
(1.6
)
 
$
(1.6
)
 
$
—

 
$
(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.
Summary of pre-tax gain (loss) recognized in AOCI resulting from derivative financial instruments designated as cash flow hedging relationships
The following summarizes the pre-tax gain (loss) recognized in AOCI resulting from derivative financial instruments designated as cash flow hedging relationships for the three and nine months ended September 26, 2015 and September 27, 2014.
 
Three months ended
 
Nine months ended
 
September 26, 2015
 
September 27, 2014
 
September 26, 2015
 
September 27, 2014
FX forward contracts
$
0.8

 
$
0.1

 
$
1.3

 
$
0.6

Commodity contracts
(2.0
)
 
(0.8
)
 
(2.6
)
 
(1.5
)
 
$
(1.2
)
 
$
(0.7
)
 
$
(1.3
)
 
$
(0.9
)
Summary of pre-tax gain (loss) related to derivative financial instruments designated as cash flow hedging relationships reclassified from AOCI to income
The following summarizes the pre-tax gain (loss) related to derivative financial instruments designated as cash flow hedging relationships reclassified from AOCI to income through ‘‘Revenue’’ for FX forward contracts and ‘‘Cost of products sold’’ for commodity contracts for the three and nine months ended September 26, 2015 and September 27, 2014:
 
Three months ended
 
Nine months ended
 
September 26, 2015
 
September 27, 2014
 
September 26, 2015
 
September 27, 2014
FX forward contracts
$
(0.2
)
 
$
—

 
$
0.9

 
$
—

Commodity contracts
(0.9
)
 
(0.3
)
 
(2.1
)
 
(0.5
)
 
$
(1.1
)
 
$
(0.3
)
 
$
(1.2
)
 
$
(0.5
)
Schedule of gain (loss) recognized in ''Other income (expense), net'' of derivative financial instruments not designated as cash flow hedging relationships
The following summarizes the gain (loss) recognized in ‘‘Other income (expense), net’’ for the three and nine months ended September 26, 2015 and September 27, 2014 related to derivative financial instruments not designated as cash flow hedging relationships:
 
Three months ended
 
Nine months ended
 
September 26, 2015
 
September 27, 2014
 
September 26, 2015
 
September 27, 2014
FX forward contracts
$
3.9

 
$
(2.7
)
 
$
(5.2
)
 
$
(3.8
)
FX embedded derivatives
0.7

 
1.5

 
3.5

 
0.4

 
$
4.6

 
$
(1.2
)
 
$
(1.7
)
 
$
(3.4
)
FX Forward Contracts:  
Derivative Financial Instruments  
Summary of the fair value of derivative instruments and the balance sheet classification
Amounts presented in our condensed consolidated balance sheets were as follows:
 
September 26,
2015
 
December 31,
2014
Designated as hedging instruments:
 

 
 

Accrued expenses
$
(0.7
)
 
$
(0.1
)
Other long-term liabilities
(0.2
)
 
(0.1
)
 
(0.9
)
 
(0.2
)
 
 
 
 
Not designated as hedging instruments:
 

 
 

Other current assets
0.6

 
—

Accrued expenses
—

 
(4.1
)
 
0.6

 
(4.1
)
Net fair value of FX forward contracts
$
(0.3
)
 
$
(4.3
)
(2) 
Related contracts are designated as hedging instruments. Net amounts at September 26, 2015 and December 31, 2014 were recorded in “Accrued expenses.”
FX embedded derivatives  
Derivative Financial Instruments  
Summary of the fair value of derivative instruments and the balance sheet classification
The following summarizes the fair value of our FX embedded derivative instruments, which are not designated as hedging instruments, and the related balance sheet classification as of September 26, 2015 and December 31, 2014:
 
 
September 26,
2015
 
December 31,
2014
Balance Sheet Classification
 
 
Other current assets
 
$
8.3

 
$
4.1

Other assets
 
2.3

 
1.2

Accrued expenses
 
(4.3
)
 
(3.8
)
Other long-term liabilities
 
(0.6
)
 
(0.6
)
 
 
$
5.7

 
$
0.9