XML 54 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements and Risk (Tables)
 6 Months Ended
Jun. 30, 2014
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis
The following tables present the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014, and December 31, 2013:
 
Fair Value Measurements at June 30, 2014, Using

(In millions)
Total
 
Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Currency derivatives
$
2.2

 
$
—

 
$
2.2

 
$
—

Commodity derivatives
0.1

 
—

 
0.1

 
—

Total Assets
$
2.3

 
$
—

 
$
2.3

 
$
—

Liabilities
 
 
 
 
 
 
 
Currency derivatives
$
0.2

 
$
—

 
$
0.2

 
$
—

Interest rate derivatives
2.8

 
—

 
2.8

 
—

Total Liabilities
$
3.0

 
$
—

 
$
3.0

 
$
—

 
Fair Value Measurements at December 31, 2013, Using

(In millions)
Total
 
Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Currency derivatives
$
2.1

 
$
—

 
$
2.1

 
$
—

Total Assets
$
2.1

 
$
—

 
$
2.1

 
$
—

Liabilities
 
 
 
 
 
 
 
Currency derivatives
$
6.9

 
$
—

 
$
6.9

 
$
—

Commodity derivatives
0.1

 
—

 
0.1

 
—

Total Liabilities
$
7.0

 
$
—

 
$
7.0

 
$
—
Schedule of the location and fair values of derivative instruments included in the Consolidated Balance Sheets
The following tables present the location and fair values of derivative instruments included in the Consolidated Balance Sheets as of June 30, 2014, and December 31, 2013:

June 30, 2014
(In millions)
Asset Derivatives
 
Liability Derivatives
Balance Sheet
Location
 
Fair Value
 
Balance Sheet
Location
 
Fair Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
Commodity contracts
Other current assets
 
$
0.1

 
Other current liabilities
 
$
—

Currency contracts
Other current assets
 
1.0

 
Other current liabilities
 
—

Interest rate contracts
Other current assets
 
—

 
Other current liabilities
 
1.0

Currency contracts
Other assets
 
0.9

 
Other liabilities
 
—

Interest rate contracts
Other assets
 
—

 
Other liabilities
 
1.8

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
Currency contracts
Other current assets
 
0.3

 
Other current liabilities
 
0.2

Currency contracts
Other assets
 
—

 
Other liabilities
 
—

Total derivatives
 
 
$
2.3

 
 
 
$
3.0


December 31, 2013
(In millions)
Asset Derivatives
 
Liability Derivatives
Balance Sheet
Location
 
Fair Value
 
Balance Sheet
Location
 
Fair Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
Commodity contracts
Other current assets
 
$
—

 
Other current liabilities
 
$
0.1

Currency contracts
Other current assets
 
1.0

 
Other current liabilities
 
—

Currency contracts
Other assets
 
1.0

 
Other liabilities
 
—

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
Currency contracts
Other current assets
 
0.1

 
Other current liabilities
 
6.9

Total derivatives
 
 
$
2.1

 
 
 
$
7.0
Schedule of the location and amount of gains and losses on derivative instruments included in the Consolidated Statements of Operations, or initially recognized in other comprehensive income (loss) ("OCI"), when applicable
The following tables present the location and amount of gains and losses on nonderivative instruments designated as net investment hedges. There were no reclassifications of the effective portion of net investment hedges out of OCI and into earnings for the periods presented in the tables below.
Three Months Ended June 30, 2014
(In millions)
Amount of Gain or (Loss) Recognized in OCI in Currency Translation Adjustments
(Effective Portion)
 
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income
(Ineffective Portion)
 
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
(Ineffective Portion)
Nonderivatives in ASC 815 net investment hedging relationships:
 
 
 
 
 
Foreign currency denominated debt
$
1.8

 
Not applicable
 
$
—

Total nonderivatives
$
1.8

 
 
 
$
—

Six Months Ended June 30, 2014
(In millions)
Amount of Gain or (Loss) Recognized in OCI in Currency Translation Adjustments
(Effective Portion)
 
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income
(Ineffective Portion)
 
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
(Ineffective Portion)
Nonderivatives in ASC 815 net investment hedging relationships:
 
 
 
 
 
Foreign currency denominated debt
$
1.8

 
Not applicable
 
$
—

Total nonderivatives
$
1.8

 
 
 
$
—

The following tables present the location and amount of gains and losses on derivative instruments included in the Consolidated Statements of Operations or, when applicable, gains and losses initially recognized in other comprehensive income ("OCI") for the three and six months ended June 30, 2014 and 2013:
Three Months Ended June 30, 2014
(In millions)
Amount of Gain or (Loss) Recognized in OCI on Derivatives
(Effective Portion)
 
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income
(Effective Portion)
 
Amount of Gain or (Loss) Reclassified from OCI into Income
(Effective Portion)
Derivatives in ASC 815 cash flow hedging relationships:
 
 
 
 
Interest rate contracts
$
(3.9
)
 
Interest expense
 
$
—

Currency contracts
(0.6
)
 
Other expense
 
(0.7
)
Commodity contracts
—

 
Cost of goods sold
 
(0.1
)
Total derivatives
$
(4.5
)
 
 
 
$
(0.8
)
 
 
 
 
 
 
 
 
Location of Gain or (Loss) Recognized in Income on Derivatives
 
Amount of Gain or (Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
Currency contracts
 
Other expense
 
$
0.3

Six Months Ended June 30, 2014
(In millions)
Amount of Gain or (Loss) Recognized in OCI on Derivatives
(Effective Portion)
 
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income
(Effective Portion)
 
Amount of Gain or (Loss) Reclassified from OCI into Income
(Effective Portion)
Derivatives in ASC 815 cash flow hedging relationships:
 
 
 
 
Interest rate contracts
$
(2.9
)
 
Interest expense
 
$
—

Currency contracts
(0.1
)
 
Other expense
 
(0.2
)
Commodity contracts
0.4

 
Cost of goods sold
 
0.2

Total derivatives
$
(2.6
)
 
 
 
$
—

 
 
 
 
 
 
 
 
Location of Gain or (Loss) Recognized in Income on Derivatives
 
Amount of Gain or (Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
Currency contracts
 
Other expense
 
$
4.8

Three Months Ended June 30, 2013
(In millions)
Amount of Gain or (Loss) Recognized in OCI on Derivatives
(Effective Portion)
 
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income
(Effective Portion)
 
Amount of Gain or (Loss) Reclassified from OCI into Income
(Effective Portion)
Derivatives in ASC 815 cash flow hedging relationships:
 
 
 
 
Currency contracts
$
1.0

 
Other expense
 
$
1.0

Currency contracts
—

 
Cost of goods sold
 
(0.2
)
Commodity contracts
(1.0
)
 
Cost of goods sold
 
0.5

Total derivatives
$
—

 
 
 
$
1.3

 
 
 
 
 
 
 
 
Location of Gain or (Loss) Recognized in Income on Derivatives
 
Amount of Gain or (Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
Currency contracts
 
Other expense
 
$
(3.6
)

Six Months Ended June 30, 2013
(In millions)
Amount of Gain or (Loss) Recognized in OCI on Derivatives
(Effective Portion)
 
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income
(Effective Portion)
 
Amount of Gain or (Loss) Reclassified from OCI into Income
(Effective Portion)
Derivatives in ASC 815 cash flow hedging relationships:
 
 
 
 
Currency contracts
$
0.7

 
Other expense
 
$
0.8

Currency contracts
(0.2
)
 
Cost of goods sold
 
(0.1
)
Commodity contracts
(0.3
)
 
Cost of goods sold
 
0.2

Total derivatives
$
0.2

 
 
 
$
0.9

 
 
 
 
 
 
 
 
Location of Gain or (Loss) Recognized in Income on Derivatives
 
Amount of Gain or (Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
Currency contracts
 
Other expense
 
$
4.1