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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
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

)