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

 

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

Balance Sheet
Location

 

Fair Value (1)

 

Balance Sheet
Location

 

Fair Value (1)

 

(In millions)

 

 

 

September 30
2013

 

June 30
2013

 

 

 

September 30
2013

 

June 30
2013

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Prepaid expenses and other current assets

 

$

8.1

 

$

20.8

 

Other accrued liabilities

 

$

11.5

 

$

6.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Prepaid expenses and other current assets

 

4.4

 

0.9

 

Other accrued liabilities

 

3.2

 

2.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Derivatives

 

 

 

$

12.5

 

$

21.7

 

 

 

$

14.7

 

$

9.1

 

 

(1) See Note 5 — 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

 

 

 

 

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

 

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

 

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

 

 

 

Three Months Ended
September 30

 

 

 

Three Months Ended
September 30

 

(In millions)

 

2013

 

2012

 

 

 

2013

 

2012

 

Derivatives in Cash Flow Hedging Relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

(13.6

)

$

(13.5

)

Cost of sales

 

$

1.4

 

$

(0.1

)

 

 

 

 

 

 

Selling, general and administrative

 

2.4

 

2.5

 

Total derivatives

 

$

(13.6

)

$

(13.5

)

 

 

$

3.8

 

$

2.4

 

 

(1) The amount of net loss recognized in earnings related to the amount excluded from effectiveness testing was $0.1 million for the three months ended September 30, 2013 and 2012.  The net loss recognized in earnings related to the ineffective portion of the hedging relationships was $0.5 million for the three months ended September 30, 2013.  There was no gain (loss) recognized in earnings related to the ineffective portion of the hedging relationships for the three months ended September 30, 2012.

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

 

 

 

 

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

 

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

 

 

 

 

 

Three Months Ended
September 30

 

(In millions)

 

 

 

2013

 

2012

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Selling, general and administrative

 

$

3.0

 

$

2.1