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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 29, 2012
DERIVATIVE FINANCIAL INSTRUMENTS |
Summary of fair value of derivative instruments and the balance sheet classification |
|  | September 29, 2012 |  | December 31, 2011 |
|  | Balance Sheet |  |  |  | Balance Sheet |  |  |
|  | Classification |  | Fair Value |  | Classification |  | Fair Value |
Derivative contracts designated as hedging instruments: |  |  |  |  |  |  |  |  |
FX forward contracts |  | Other current assets |  | $ | 1.2 |  | Other current assets |  | $ | — |
Commodity contracts |  | Other current assets |  | 0.7 |  | Other current assets |  | — |
|  |  |  | $ | 1.9 |  |  |  | $ | — |
FX forward contracts |  | Accrued expenses |  | $ | (2.0 | ) | Accrued expenses |  | $ | (0.4 | )
Commodity contracts |  | Accrued expenses |  | — |  | Accrued expenses |  | (0.8 | )
|  |  |  | $ | (2.0 | ) |  |  | $ | (1.2 | )
Derivative contracts not designated as hedging instruments: |  |  |  |  |  |  |  |  |
FX embedded derivatives |  | Other current assets |  | $ | 0.7 |  | Other current assets |  | $ | 1.2 |
FX forward contracts |  | Accrued expenses |  | $ | (0.6 | ) | Accrued expenses |  | $ | (0.4 | )
FX embedded derivatives |  | Accrued expenses |  | (2.2 | ) | Accrued expenses |  | (0.3 | )
FX embedded derivatives |  | Other long-term liabilities |  | (12.9 | ) | Other long-term liabilities |  | (14.8 | )
|  |  |  | $ | (15.7 | ) |  |  | $ | (15.5 | )
Schedule of effect on AOCI and the Statements of Operations of derivative financial instruments in cash flow hedging relationships |
|  | Amount of gain (loss) |  |  |  | Amount of gain (loss) |
|  | recognized in AOCI, |  |  |  | reclassified from AOCI to |
|  | pre-tax (1) |  | Classification of gain (loss) |  | income, pre-tax (1) |
|  | 2012 |  | 2011 |  | reclassified from AOCI |  | 2012 |  | 2011 |
FX forward contracts |  | $ | (0.6 | ) | $ | 0.4 |  | Cost of products sold |  | $ | (0.8 | ) | $ | 0.1 |
Commodity contracts |  | 0.8 |  | (2.4 | ) | Cost of products sold |  | 0.3 |  | 0.1 |
|  | $ | 0.2 |  | $ | (2.0 | ) |  |  | $ | (0.5 | ) | $ | 0.2 |
|  | Amount of gain (loss) |  |  |  | Amount of gain (loss) |
|  | recognized in AOCI, |  |  |  | reclassified from AOCI to |
|  | pre-tax (1) |  | Classification of gain (loss) |  | income, pre-tax (1) |
|  | 2012 |  | 2011 |  | reclassified from AOCI |  | 2012 |  | 2011 |
FX forward contracts |  | $ | (1.2 | ) | $ | 0.4 |  | Cost of products sold |  | $ | (1.2 | ) | $ | (0.4 | )
Commodity contracts |  | 1.0 |  | (2.4 | ) | Cost of products sold |  | (0.7 | ) | 0.9 |
|  | $ | (0.2 | ) | $ | (2.0 | ) |  |  | $ | (1.9 | ) | $ | 0.5 |
(1) | During the three and nine months ended September 29, 2012, losses of $0.2 and $0.3 were recognized in other expense, net relating to derivative ineffectiveness and amounts excluded from effectiveness testing. During the nine months ended October 1, 2011, losses of $0.2 were recognized in other expense, net relating to derivative ineffectiveness and amounts excluded from effectiveness testing.
Schedule of the effect on the Statement of Operations of derivative financial instruments not designated in cash flow hedging relationships |
|  | Classification of gain (loss) |  | Amount of gain (loss) recognized in income |
|  | recognized in income |  | 2012 |  | 2011 |
FX forward contracts |  | Other expense, net |  | $ | 1.8 |  | $ | (35.2 | )
FX embedded derivatives |  | Other expense, net |  | (1.8 | ) | 3.8 |
|  |  |  | $ | — |  | $ | (31.4 | )
|  | Classification of gain (loss) |  | Amount of gain (loss) recognized in income |
|  | recognized in income |  | 2012 |  | 2011 |
FX forward contracts |  | Other expense, net |  | $ | 2.0 |  | $ | (33.6 | )
FX embedded derivatives |  | Other expense, net |  | (3.1 | ) | 1.0 |
|  |  |  | $ | (1.1 | ) | $ | (32.6 | )

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 815 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (c) -Name Accounting Standards Codification -Paragraph 4C -Section 50 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 815 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (e) -Name Accounting Standards Codification -Paragraph 4C -Section 50 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 + Details
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