Step 1

Grease a 15x10x1-in. pan with 1/2 teaspoon butter. In a heavy saucepan over medium-low heat, bring 1 cup butter, sugar and water to a boil, stirring constantly. Cook over medium heat until a candy thermometer reads 290° (soft-crack stage). Pour into prepared pan (do not scrape side of saucepan). Refrigerate for 1 hour or until hard.

Step 2

Break toffee into pieces. Place in a food processor; cover and process until coarsely chopped. Divide in half; set aside.

Step 3

Butter two 15x10x1-in. pans with remaining 1 tsp. butter. In a microwave, melt 4 cups white candy coating. Stir in 1-1/2 cups dried cranberries and half the toffee pieces.

Step 4

Pour into 1 prepared pan; spread to edges. Repeat with remaining white candy coating, dried cranberries and toffee pieces. Refrigerate until firm. Break into pieces.