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FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 30, 2013
Derivative financial instruments |
Summarizes the gross and net fair values of contracts by counterparty |
|  | March 30, 2013 |  | December 31, 2012 |
|  | Gross assets |  | Gross liabilities |  | Net assets / liabilities |  | Gross assets |  | Gross liabilities |  | Net assets / liabilities |
FX Forward Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Counterparty A |  | $ | 3.0 |  | $ | (0.5 | ) | $ | 2.5 |  | $ | 0.2 |  | $ | (0.3 | ) | $ | (0.1 | )
Counterparty B |  | 4.7 |  | (0.6 | ) | 4.1 |  | 0.1 |  | (0.2 | ) | (0.1 | )
Totals (1) |  | $ | 7.7 |  | $ | (1.1 | ) | $ | 6.6 |  | $ | 0.3 |  | $ | (0.5 | ) | $ | (0.2 | )
Commodity Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Counterparty A (2) |  | $ | — |  | $ | (0.9 | ) | $ | (0.9 | ) | $ | 0.3 |  | $ | (0.1 | ) | $ | 0.2 |
(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 balance sheets are as follows:
|  | March 30, |  | December 31, |
|  | 2013 |  | 2012 |
Designated as hedging instruments: |  |  |  |  |
Other current assets |  | $ | 6.9 |  | $ | 0.1 |
Accrued expenses |  | — |  | (0.3 | )
|  | 6.9 |  | (0.2 | )
Not designated as hedging instruments: |  |  |  |  |
Other current assets |  | (0.3 | ) | 0.1 |
Accrued expenses |  | — |  | (0.1 | )
|  | (0.3 | ) | — |
Net fair value of FX forward contracts in balance sheets |  | $ | 6.6 |  | $ | (0.2 | )
(2) Related contracts are designated as hedging instruments. Net amounts at March 30, 2013 and December 31, 2012 are recorded in “Accrued expenses” and “Other Current Assets,” respectively.
Schedule of effects 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) |
|  | 2013 |  | 2012 |  | reclassified from AOCI |  | 2013 |  | 2012 |
FX forward contracts |  | $ | 6.9 |  | $ | — |  | Cost of products sold |  | $ | (0.6 | ) | $ | 0.5 |
Commodity contracts |  | (1.0 | ) | 1.0 |  | Cost of products sold |  | — |  | (0.6 | )
|  | $ | 5.9 |  | $ | 1.0 |  |  |  | $ | (0.6 | ) | $ | (0.1 | )
(1) Losses of $0.1 relating to derivative ineffectiveness and amounts excluded from effectiveness testing were recognized during the first quarter of 2012 in “Other income, net”.
Schedule of the effects 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 |  | 2013 |  | 2012 |
FX forward contracts |  | Other income, net |  | $ | (3.0 | ) | $ | 0.7 |
FX embedded derivatives |  | Other income, net |  | 3.1 |  | (2.9 | )
|  |  |  | $ | 0.1 |  | $ | (2.2 | )
FX forward contracts |
Derivative financial instruments |
Summary of fair value of derivative instruments and the balance sheet classification |
|  | March 30, |  | December 31, |
|  | 2013 |  | 2012 |
Designated as hedging instruments: |  |  |  |  |
Other current assets |  | $ | 6.9 |  | $ | 0.1 |
Accrued expenses |  | — |  | (0.3 | )
|  | 6.9 |  | (0.2 | )
Not designated as hedging instruments: |  |  |  |  |
Other current assets |  | (0.3 | ) | 0.1 |
Accrued expenses |  | — |  | (0.1 | )
|  | (0.3 | ) | — |
Net fair value of FX forward contracts in balance sheets |  | $ | 6.6 |  | $ | (0.2 | )
FX embedded derivatives |
Derivative financial instruments |
Summary of fair value of derivative instruments and the balance sheet classification |
|  | March 30, |  | December 31, |
Balance Sheet Classification |  | 2013 |  | 2012 |
Other current assets |  | $ | 0.8 |  | $ | 0.3 |
Accrued expenses |  | (5.9 | ) | (0.9 | )
Other long-term liabilities |  | (2.2 | ) | (9.8 | )
|  | $ | (7.3 | ) | $ | (10.4 | )

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7476318&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 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 2: 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=7476318&loc=SL5624163-113959 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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