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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 28, 2014
Derivative financial instruments |
Summary of the gross and net fair values of contracts by counterparty |
|  | June 28, 2014 |  | December 31, 2013 |
|  | Gross Assets |  | Gross Liabilities |  | Net Assets / Liabilities |  | Gross Assets |  | Gross Liabilities |  | Net Assets / Liabilities |
FX forward contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Counterparty A |  | $ | 0.3 |  | $ | (0.1 | ) | $ | 0.2 |  | $ | 0.7 |  | $ | (0.1 | ) | $ | 0.6 |
Counterparty B |  | 0.1 |  | (0.1 | ) | — |  | 0.1 |  | (0.4 | ) | (0.3 | )
Aggregate of other counterparties |  | 0.6 |  | (0.1 | ) | 0.5 |  | 0.3 |  | — |  | 0.3 |
Totals (1) |  | $ | 1.0 |  | $ | (0.3 | ) | $ | 0.7 |  | $ | 1.1 |  | $ | (0.5 | ) | $ | 0.6 |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Counterparty A (2) |  | $ | 0.1 |  | $ | — |  | $ | 0.1 |  | $ | 0.4 |  | $ | — |  | $ | 0.4 |
(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. Amounts presented in our condensed consolidated balance sheets are as follows:
|  | June 28, |  | December 31, |
|  | 2014 |  | 2013 |
Designated as hedging instruments: |  |  |  |  |
Other current assets |  | $ | 0.2 |  | $ | 0.3 |
Accrued expenses |  | (0.1 | ) | — |
|  | 0.1 |  | 0.3 |
Not designated as hedging instruments: |  |  |  |  |
Other current assets |  | 0.6 |  | 0.6 |
Accrued expenses |  | — |  | (0.3 | )
|  | 0.6 |  | 0.3 |
Net fair value of FX forward contracts |  | $ | 0.7 |  | $ | 0.6 |
(2) Related contracts are designated as hedging instruments. Net amounts at June 28, 2014 and December 31, 2013 are recorded in “Other current assets.”
Summary of pre-tax gain (loss) recognized in AOCI resulting from derivative financial instruments designated as cash flow hedging relationships |
|  | Three months ended |  | Six months ended |
|  | June 28, 2014 |  | June 29, 2013 |  | June 28, 2014 |  | June 29, 2013 |
FX forward contracts |  | $ | 0.2 |  | $ | (11.0 | ) | $ | 0.5 |  | $ | (4.1 | )
Commodity contracts |  | 0.6 |  | (1.3 | ) | (0.7 | ) | (2.3 | )
|  | $ | 0.8 |  | $ | (12.3 | ) | $ | (0.2 | ) | $ | (6.4 | )
Summary of pre-tax loss related to derivative financial instruments designated as cash flow hedging relationships reclassified from AOCI to income |
|  | Three months ended |  | Six months ended |
|  | June 28, 2014 |  | June 29, 2013 |  | June 28, 2014 |  | June 29, 2013 |
FX forward contracts |  | $ | — |  | $ | (0.2 | ) | $ | — |  | $ | (0.8 | )
Commodity contracts |  | (0.1 | ) | 0.1 |  | (0.2 | ) | 0.1 |
|  | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.7 | )
Schedule of gain (loss) recognized in ''Other income (expense), net'' of derivative financial instruments not designated as cash flow hedging relationships |
|  | Three months ended |  | Six months ended |
|  | June 28, 2014 |  | June 29, 2013 |  | June 28, 2014 |  | June 29, 2013 |
FX forward contracts |  | $ | 1.4 |  | $ | 1.1 |  | $ | 1.8 |  | $ | (1.9 | )
FX embedded derivatives |  | 0.1 |  | 2.6 |  | (2.1 | ) | 5.7 |
|  | $ | 1.5 |  | $ | 3.7 |  | $ | (0.3 | ) | $ | 3.8 |
FX forward contracts |
Derivative financial instruments |
Summary of fair value of derivative instruments and the balance sheet classification |
|  | June 28, |  | December 31, |
|  | 2014 |  | 2013 |
Designated as hedging instruments: |  |  |  |  |
Other current assets |  | $ | 0.2 |  | $ | 0.3 |
Accrued expenses |  | (0.1 | ) | — |
|  | 0.1 |  | 0.3 |
Not designated as hedging instruments: |  |  |  |  |
Other current assets |  | 0.6 |  | 0.6 |
Accrued expenses |  | — |  | (0.3 | )
|  | 0.6 |  | 0.3 |
Net fair value of FX forward contracts |  | $ | 0.7 |  | $ | 0.6 |
FX embedded derivatives |
Derivative financial instruments |
Summary of fair value of derivative instruments and the balance sheet classification |
|  | June 28, |  | December 31, |
Balance Sheet Classification |  | 2014 |  | 2013 |
Other current assets |  | $ | 0.4 |  | $ | 0.7 |
Accrued expenses |  | (6.8 | ) | (6.5 | )
Other long-term liabilities |  | (1.9 | ) | (2.1 | )
|  | $ | (8.3 | ) | $ | (7.9 | )

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