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Financial Instruments (Tables)

3 Months Ended

Apr. 02, 2016

Fair Value Disclosures [Abstract]

Estimated Aggregate Fair Value of Debt Instruments

The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):

	April 2, 2016				December 31, 2015
Estimated aggregate fair value	$	2,021.0			$	1,992.3
Aggregate carrying value	1,962.5				1,965.6

Schedule of Notional Amounts of Outstanding Foreign Currency Derivative Positions

The notional amount and estimated fair value of the Company's foreign currency derivative contracts are shown below (in millions, except for maturities):

	April 2, 2016				December 31, 2015
Contracts designated as cash flow hedges:
Notional amount	$	1,234.1			$	1,394.6
Fair value	$	(43.6	)		$	(46.4	)
Outstanding maturities in months, not to exceed	24				24
Contracts not designated as hedging instruments:
Notional amount	$	960.3			$	423.4
Fair value	$	1.1			$	(4.5	)
Outstanding maturities in months, not to exceed	12				12
Total outstanding notional amount	$	2,194.4			$	1,818.0

Fair Value of Outstanding Foreign Currency Derivative Contracts and Related Classification

The fair value of outstanding foreign currency derivative contracts and the related classification in the accompanying condensed consolidated balance sheets as of April 2, 2016 and December 31, 2015, are shown below (in millions):

	April 2, 2016				December 31, 2015
Contracts designated as cash flow hedges:
Other current assets	$	3.2			$	8.2
Other long-term assets	3.1				0.3
Other current liabilities	(47.0		)		(51.5		)
Other long-term liabilities	(2.9		)		(3.4		)
	(43.6		)		(46.4		)
Contracts not designated as hedging instruments:
Other current assets	9.0				3.6
Other current liabilities	(7.9		)		(8.1		)
	1.1				(4.5		)
	$	(42.5	)		$	(50.9	)

Pretax Amounts Related to Derivative Contracts

Pretax amounts related to foreign currency derivative contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):

	Three Months Ended
	April 2, 2016				March 28, 2015
Contracts designated as cash flow hedges:
Gains (losses) recognized in accumulated other comprehensive loss	$	(15.7	)		$	3.4
Losses reclassified from accumulated other comprehensive loss	18.5				4.7
Comprehensive income	$	2.8			$	8.1

Pretax Gains (Losses) Reclassified From AOCI Into Income

Pretax gains (losses) reclassified from accumulated other comprehensive loss to net sales and cost of sales are shown below (in millions):

	Three Months Ended
	April 2, 2016				March 28, 2015
Net sales	$	(0.3	)		$	0.4
Cost of sales	(18.2		)		(5.1		)
	$	(18.5	)		$	(4.7	)

Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level

Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of April 2, 2016 and December 31, 2015, are shown below (in millions):

	April 2, 2016
	Frequency		Asset (Liability)				Valuation Technique		Level 1				Level 2				Level 3
Foreign currency derivative contracts, net	Recurring		$	(42.5	)		Market/ Income		$	—			$	(42.5	)		$	—
Marketable equity securities	Recurring		$	25.0			Market		$	25.0			$	—			$	—

	December 31, 2015
	Frequency		Asset (Liability)				Valuation Technique		Level 1				Level 2				Level 3
Foreign currency derivative contracts, net	Recurring		$	(50.9	)		Market/ Income		$	—			$	(50.9	)		$	—
Marketable equity securities	Recurring		$	23.0			Market		$	23.0			$	—			$	—

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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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=64837297&loc=SL5624171-113959

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
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