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Derivative Financial Instruments (Tables)
 9 Months Ended
Oct. 03, 2015
Summary of Fair Value of Derivatives
A summary of the fair value of the Company’s derivatives recorded in the Condensed Consolidated Balance Sheets at October 3, 2015 and January 3, 2015 follows: 
(Millions of Dollars)
Balance Sheet
Classification
 
October 3, 2015
 
January 3, 2015
 
Balance Sheet
Classification
 
October 3, 2015
 
January 3, 2015
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Contracts Cash Flow
LT other assets
 
$
—

 
$
—

 
LT other liabilities
 
$
41.7

 
$
34.3

Interest Rate Contracts Fair Value
Other current assets
 
14.6

 
13.2

 
Accrued expenses
 
3.0

 
1.1

 
LT other assets
 
16.1

 
—

 
LT other liabilities
 
—

 
19.1

Foreign Exchange Contracts Cash Flow
Other current assets
 
33.2

 
43.3

 
Accrued expenses
 
2.8

 
1.7

 
LT other assets
 
3.4

 
—

 
LT other liabilities
 
0.3

 
—

Net Investment Hedge
Other current assets
 
17.6

 
75.4

 
Accrued expenses
 
9.6

 
0.1

Total Designated
 
 
$
84.9

 
$
131.9

 
 
 
$
57.4

 
$
56.3

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
Other current assets
 
$
24.3

 
$
12.3

 
Accrued expenses
 
$
41.3

 
$
92.1

Total Undesignated
 
 
$
24.3

 
$
12.3

 
 
 
$
41.3

 
$
92.1
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings for Active Derivative Financial Instruments
The tables below detail pre-tax amounts reclassified from Accumulated other comprehensive loss into earnings for active derivative financial instruments during the periods in which the underlying hedged transactions affected earnings for the three and nine months ended October 3, 2015 and September 27, 2014 (in millions): 
Third Quarter 2015
Gain (Loss)
Recorded in  OCI
 
Classification of
Gain (Loss)
Reclassified from
OCI to Income
 
Gain (Loss)
Reclassified from
OCI to Income
(Effective Portion)
 
Gain (Loss)
Recognized  in
Income
(Ineffective Portion*)
Interest Rate Contracts
$
(12.1
)
 
Interest expense
 
$
—

 
$
—

Foreign Exchange Contracts
$
(73.7
)
 
Cost of Sales
 
$
16.9

 
$
—

Year-to-Date 2015
Gain (Loss)
Recorded in  OCI
 
Classification of
Gain (Loss)
Reclassified from
OCI to Income
 
Gain (Loss)
Reclassified from
OCI to Income
(Effective Portion)
 
Gain (Loss)
Recognized  in
Income
(Ineffective Portion*)
Interest Rate Contracts
$
7.4

 
Interest Expense
 
$
—

 
$
—

Foreign Exchange Contracts
$
(39.3
)
 
Cost of sales
 
$
39.8

 
$
—

 
Third Quarter 2014
Gain (Loss)
Recorded in  OCI
 
Classification of
Gain (Loss)
Reclassified from
OCI to Income
 
Gain (Loss)
Reclassified from
OCI to Income
(Effective Portion)
 
Gain (Loss)
Recognized  in
Income
(Ineffective Portion*)
Interest Rate Contracts
$
(6.0
)
 
Interest expense
 
$
—

 
$
—

Foreign Exchange Contracts
$
18.9

 
Cost of sales
 
$
(1.1
)
 
$
—

Year-to-Date 2014
Gain (Loss)
Recorded in  OCI
 
Classification of
Gain (Loss)
Reclassified from
OCI to Income
 
Gain (Loss)
Reclassified from
OCI to Income
(Effective Portion)
 
Gain (Loss)
Recognized  in
Income
(Ineffective Portion*)
Interest Rate Contracts
$
(6.7
)
 
Interest Expense
 
$
—

 
$
—

Foreign Exchange Contracts
$
15.3

 
Cost of Sales
 
$
(0.8
)
 
$
—


 * Includes ineffective portion and amount excluded from effectiveness testing on derivatives.
Fair Value Adjustments Relating to Swaps
A summary of the fair value adjustments relating to these swaps is as follows (in millions):
 
 
Third Quarter 2015
 
Year-to-Date 2015
Income Statement
Classification
Gain/(Loss)  on
Swaps*
 
Gain /(Loss)  on
Borrowings
 
Gain/(Loss)  on
Swaps
 
Gain /(Loss)  on
Borrowings
Interest Expense
$
24.3

 
$
(23.9
)
 
$
22.9

 
$
(22.4
)
 
Third Quarter 2014
 
Year-to-Date 2014
Income Statement
Classification
Gain/(Loss)  on
Swaps*
 
Gain /(Loss)  on
Borrowings
 
Gain/(Loss)  on
Swaps
 
Gain /(Loss)  on
Borrowings
Interest Expense
$
5.7

 
$
(5.8
)
 
$
90.5

 
$
(90.6
)
Details of Foreign Exchange Contracts Pre-Tax Amounts
The pre-tax gain or loss from fair value changes recorded in Accumulated other comprehensive loss was as follows (in millions):
 
Third Quarter 2015
 
Year-to-Date 2015
Income Statement Classification
Amount
Recorded in  OCI
Gain (Loss)
 
Effective Portion
Recorded in Income
Statement
 
Ineffective
Portion*
Recorded in
Income
Statement
 
Amount
Recorded in  OCI
Gain (Loss)
 
Effective Portion
Recorded in 
Income
Statement
 
Ineffective
Portion*
Recorded in
Income
Statement
Other-net
$
40.8

 
$
—

 
$
—

 
$
38.3

 
$
—

 
$
—


 
Third Quarter 2014
 
Year-to-Date 2014
Income Statement Classification
Amount
Recorded in  OCI
Gain (Loss)
 
Effective Portion
Recorded in Income
Statement
 
Ineffective
Portion*
Recorded in
Income
Statement
 
Amount
Recorded in  OCI
Gain (Loss)
 
Effective Portion
Recorded in 
Income
Statement
 
Ineffective
Portion*
Recorded in
Income
Statement
Other-net
$
39.4

 
$
—

 
$
—

 
$
3.5

 
$
—

 
$
—
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments
The gain (loss) recorded in income related to derivatives not designated as hedging instruments for the three and nine months ended October 3, 2015 and September 27, 2014 are as follows (in millions): 
Derivatives Not Designated as Hedging
Instruments under ASC 815
Income Statement
Classification
 
Third Quarter 2015 Amount of Gain (Loss) Recorded in Income on Derivative
 
Year-to-Date 2015
Amount of Gain (Loss) Recorded in Income on Derivative
Foreign Exchange Contracts
Other-net
 
$
(33.4
)
 
$
(12.7
)



Derivatives Not Designated as Hedging
Instruments under ASC 815
Income Statement
Classification
 
Third Quarter 2014
Amount of Gain (Loss) Recorded in Income on Derivative
 
Year-to-Date 2014
Amount of Gain (Loss) Recorded in Income on Derivative
Foreign Exchange Contracts
Other-net
 
$
(36.4
)
 
$
(10.1
)