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Fair Value Measurements and Risk (Tables)
3 Months Ended
Mar. 31, 2012
Fair Value Measurements and Risk  
Schedule of assets and liabilities measured at fair value on a recurring basis

 

 

 
  Fair Value Measurements at
March 31, 2012 Using
 
Items Measured at Fair Value on a Recurring Basis
(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

  $ 12.4   $   $ 12.4   $  

Commodity derivatives

                 
                   

Total Assets

  $ 12.4   $   $ 12.4   $  
                   

Liabilities

                         

Currency derivatives

  $ 0.5   $   $ 0.5   $  

Commodity derivatives

    4.5         4.5      
                   

Total Liabilities

  $ 5.0   $   $ 5.0   $  
                   

 

 
  Fair Value Measurements at
December 31, 2011 Using
 
Items Measured at Fair Value on a Recurring Basis
(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

  $ 20.4   $   $ 20.4   $  

Commodity derivatives

                 
                   

Total Assets

  $ 20.4   $   $ 20.4   $  
                   

Liabilities

                         

Currency derivatives

  $ 0.5   $   $ 0.5   $  

Commodity derivatives

    3.8         3.8      
                   

Total Liabilities

  $ 4.3   $   $ 4.3   $  
                   
Schedule of the location and fair values of derivative instruments included in the Consolidated Balance Sheets

 

 

 
  Asset Derivatives   Liability Derivatives  
Fair Values of Derivative
Instruments at March 31, 2012
(In millions)
  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   $ 4.5  

Currency contracts

  Other current assets     0.3   Other current liabilities     0.1  

Derivatives not designated as hedging instruments under ASC 815:

                     

Currency contracts

  Other current assets     6.3   Other current liabilities     0.4  

Currency contracts

  Other assets     5.8   Other liabilities      
                   

Total derivatives

      $ 12.4       $ 5.0  
                   

 
  Asset Derivatives   Liability Derivatives  
Fair Values of Derivative
Instruments at December 31, 2011
(In millions)
  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   $ 3.8  

Currency contracts

  Other current assets       Other current liabilities     0.4  

Derivatives not designated as hedging instruments under ASC 815:

                     

Currency contracts

  Other current assets     13.1   Other current liabilities     0.1  

Currency contracts

  Other assets     7.3   Other liabilities      
                   

Total derivatives

      $ 20.4       $ 4.3  
                   
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 Effect of Derivative Instruments on the
Consolidated Statement of Operations for the
Three Months Ended March 31, 2012
(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
Accumulated OCI
into Income
(Effective Portion)
 

Derivatives in ASC 815 cash flow hedging relationships:

                 

Currency contracts

  $ 0.2   Cost of goods sold   $ (0.2 )

Commodity contracts

    (2.8 ) Cost of goods sold     (2.2 )
               

Total derivatives

  $ (2.6 )     $ (2.4 )
               

 

 
  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 income (expense)   $ (8.9 )
           

 

The Effect of Derivative Instruments on the
Consolidated Statement of Operations for the
Three Months Ended March 31, 2011
(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
Accumulated OCI
into Income
(Effective Portion)
 

Derivatives in ASC 815 cash flow hedging relationships:

                 

Currency contracts

  $ 0.1   Cost of goods sold   $  

Commodity contracts

    0.1   Cost of goods sold     (0.9 )
               

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 income (expense)   $ (16.5 )