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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Jun. 30, 2013
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of fair values of the derivative financial instruments included in the consolidated balance sheets

 

 

Asset Derivatives

 

Liability Derivatives

 

(In millions) 

 

Balance Sheet
Location

 

Fair Value (1)

 

Balance Sheet
Location

 

Fair Value (1)

 

 

 

 

 

June 30

 

 

 

June 30

 

 

 

 

 

2013

 

2012

 

 

 

2013

 

2012

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Prepaid expenses and other current assets

 

$

20.8

 

$

16.1

 

Other accrued liabilities

 

$

6.4

 

$

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Prepaid expenses and other current assets

 

0.9

 

1.6

 

Other accrued liabilities

 

2.7

 

1.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Derivatives

 

 

 

$

21.7

 

$

17.7

 

 

 

$

9.1

 

$

6.2

 

 

 

(1) See Note 11 – Fair Value Measurements for further information about how the fair value of derivative assets and liabilities are determined.

Schedule of gains and losses related to derivative financial instruments designated as hedging instruments

(In millions)

 

Amount of Gain or (Loss)
Recognized in OCI on Derivatives
(Effective Portion)

 

Location of Gain or
(Loss) Reclassified
from Accumulated OCI
into Earnings (Effective
Portion)

 

Amount of Gain or (Loss)
Reclassified from Accumulated
OCI into Earnings
(Effective Portion) 
(1)

 

 

 

June 30

 

 

 

June 30

 

 

 

2013

 

2012

 

 

 

2013

 

2012

 

Derivatives in Cash Flow Hedging Relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

10.3

 

$

40.2

 

Cost of sales

 

$

(1.8

)

$

4.6

 

 

 

 

 

 

 

Selling, general and administrative

 

10.6

 

7.1

 

Total derivatives

 

$

10.3

 

$

40.2

 

 

 

$

8.8

 

$

11.7

 

 

(1) The amount of gain (loss) recognized in earnings related to the amount excluded from effectiveness testing was $1.8 million and $(0.8) million for fiscal 2013 and 2012, respectively.  The loss recognized in earnings related to the ineffective portion of the hedging relationships was $0.2 million for fiscal 2013.  The gain recognized in earnings related to the ineffective portion of the hedging relationships was de minimis for fiscal 2012.

Schedule of gains and losses related to derivative financial instruments not designated as hedging instruments

 

(In millions)

 

Location of Gain or (Loss) Recognized
in Earnings on Derivatives

 

Amount of Gain or (Loss) Recognized
in Earnings on Derivatives

 

 

 

 

 

June 30

 

 

 

 

 

2013

 

2012

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Selling, general and administrative

 

$

(2.1

)

$

(0.3

)