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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Estimated Aggregate Fair Value and Aggregate Carrying 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):
 
September 30,
2017
 
December 31, 2016
Estimated aggregate fair value
$
2,037.8

 
$
2,004.8

Aggregate carrying value (1)
1,975.0

 
1,943.7


(1) Credit agreement and senior notes, excluding the impact of unamortized original issue discount and 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):
 
September 30,
2017
 
December 31,
2016
Fair value of foreign currency contracts designated as cash flow hedges:
 
 
 
Other current assets
$
29.2

 
$
11.2

Other long-term assets
7.5

 
0.5

Other current liabilities
(14.7
)
 
(58.3
)
Other long-term liabilities
(2.5
)
 
(9.9
)
 
19.5

 
(56.5
)
Notional amount
$
1,287.8

 
$
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
$
6.1

 
$
5.9

Other current liabilities
(4.2
)
 
(3.8
)
 
1.9

 
2.1

 
 
 
 
Notional amount
$
1,020.3

 
$
681.2

Outstanding maturities in months, not to exceed
12

 
12

 
 
 
 
Total fair value
$
21.4

 
$
(54.4
)
Total notional amount
$
2,308.1

 
$
1,956.2
Pretax Amounts Related to Foreign Currency Derivative Contracts
Pretax amounts related to foreign currency 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
 
Nine Months Ended
 
September 30,
2017
 
October 1,
2016
 
September 30,
2017
 
October 1,
2016
Gains (losses) recognized in accumulated other comprehensive loss:
$
(5.5
)
 
$
(22.3
)
 
$
68.1

 
$
(77.2
)
 
 
 
 
 
 
 
 
(Gains) losses reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
 
 
Net sales
0.8

 
2.2

 
1.4

 
3.6

Cost of sales
(4.6
)
 
20.9

 
6.5

 
59.3


(3.8
)
 
23.1

 
7.9

 
62.9

Comprehensive income (loss)
$
(9.3
)
 
$
0.8

 
$
76.0

 
$
(14.3
)
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 September 30, 2017 and December 31, 2016, are shown below (in millions):
 
September 30, 2017
 
Frequency
 
Asset
(Liability)
 
Valuation
Technique
 
Level 1
 
Level 2
 
Level 3

Foreign currency contracts, net
Recurring
 
$
21.4

 
Market/ Income
 
$
—

 
$
21.4

 
$
—

Marketable equity securities
Recurring
 
$
40.7

 
Market
 
$
40.7

 
$
—

 
$
—

 
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

 
$
—

 
$
—