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Financial Instruments (Tables)

6 Months Ended

Jul. 01, 2017

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):

	July 1, 2017				December 31, 2016
Estimated aggregate fair value	$	2,000.9			$	2,004.8
Aggregate carrying value (1)	1,928.1				1,943.7

⁽¹⁾ Credit agreement and senior notes, excluding the impact of unamortized debt issuance costs.

Notional Amount, Estimated Fair Value and Related Balance Sheet Classification of Foreign Currency Derivative Contracts

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

	July 1, 2017				December 31, 2016
Fair value of foreign currency contracts designated as cash flow hedges:
Other current assets	$	29.9			$	11.2
Other long-term assets	12.8				0.5
Other current liabilities	(12.8		)		(58.3		)
Other long-term liabilities	(1.1		)		(9.9		)
	28.8				(56.5		)
Notional amount	$	1,207.5			$	1,275.0
Outstanding maturities in months, not to exceed	24				24
Fair value of foreign currency contracts not designated as hedging instruments:
Other current assets	$	7.3			$	5.9
Other current liabilities	(4.1		)		(3.8		)
	3.2				2.1
Notional amount	$	1,208.8			$	681.2
Outstanding maturities in months, not to exceed	12				12
Total fair value	$	32.0			$	(54.4	)
Total notional amount	$	2,416.3			$	1,956.2

Notional Amount, Estimated Fair Value and Related Balance Sheet Classification of Interest Rate Swap Contracts

The notional amount, estimated fair value and related balance sheet classification of the Company's interest rate swap contracts are shown below (in millions, except for maturities):

	July 1, 2017
Fair value of interest rate swap contracts designated as cash flow hedges:
Other current assets	$	5.5
Notional amount	$	375.0
Outstanding maturities in months, not to exceed	5

Pretax Amounts Related to Derivative Contracts

Pretax amounts related to foreign currency and interest rate swap derivative contracts designated as cash flow hedges that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):

	Three Months Ended								Six Months Ended
	July 1, 2017				July 2, 2016				July 1, 2017				July 2, 2016
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign currency contracts	$	15.5			$	(39.2	)		$	73.6			$	(54.9	)
Interest rate swap contracts	5.5				—				5.5				—
	21.0				(39.2		)		79.1				(54.9		)
Foreign currency contract (gains) losses reclassified from accumulated other comprehensive loss to:
Net sales	0.5				1.1				0.6				1.4
Cost of sales	(0.6		)		20.2				11.1				38.4
	(0.1		)		21.3				11.7				39.8
Comprehensive income (loss)	$	20.9			$	(17.9	)		$	90.8			$	(15.1	)

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 July 1, 2017 and December 31, 2016, are shown below (in millions):

	July 1, 2017
	Frequency		Asset (Liability)				Valuation Technique		Level 1				Level 2				Level 3
Foreign currency contracts, net	Recurring		$	32.0			Market/ Income		$	—			$	32.0			$	—
Interest rate swap contracts, net	Recurring		$	5.5			Market/ Income		$	—			$	5.5			$	—
Marketable equity securities	Recurring		$	37.8			Market		$	37.8			$	—			$	—

	December 31, 2016
	Frequency		Asset (Liability)				Valuation Technique		Level 1				Level 2				Level 3
Foreign currency contracts, net	Recurring		$	(54.4	)		Market/ Income		$	—			$	(54.4	)		$	—
Marketable equity securities	Recurring		$	30.2			Market		$	30.2			$	—			$	—

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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=84234895&loc=SL5624171-113959

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Subparagraph (c)(1)
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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these 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=84234895&loc=SL5624171-113959

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