Derivatives (Tables)

9 Months Ended

Sep. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Amounts related to cash flow hedges

We recorded the following amounts related to our cash flow hedges (in millions):

	As of September 30, 2012			As of December 31, 2011
Commodity Price Hedges:
(Gains) losses included in AOCI, net of tax	$	(2.3	)	$	6.1
Expense for (benefit from) income taxes	1.3			(3.5		)
Interest Rate Swap:
Losses included in AOCI, net of tax	$	0.1		$	1.1
Benefit from income taxes	—			(0.6		)

Outstanding commodity futures contracts designated as cash flow hedges

We had the following outstanding commodity futures contracts designated as cash flow hedges (in millions):

	As of September 30, 2012	As of December 31, 2011
	(pounds)	(pounds)
Copper	21.4	23.3

Outstanding commodity futures contracts not designated as cash flow hedges

We had the following outstanding commodity futures contracts not designated as cash flow hedges (in millions):

	As of September 30, 2012	As of December 31, 2011
	(pounds)	(pounds)
Copper	2.3	2.8
Aluminum	2.6	3.0

Outstanding foreign currency forward contracts not designated as cash flow hedges

We had the following outstanding foreign currency forward contracts not designated as cash flow hedges (in millions):

	As of September 30, 2012	As of December 31, 2011
Notional amounts:
Brazilian Real	14.3	4.5
Mexican Peso	143.7	199.0
Euro	10.0	7.8
British Pound	4.4	6.5
Indian Rupee	78.0	—

Location and amounts of derivative fair values in Consolidated Balance Sheets and derivative gains and losses in Consolidated Statements of Operations

The following table provides the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Operations (in millions):

	Fair Values of Derivative Instruments(1)
	Derivatives Designated  as Hedging Instruments				Derivatives Not Designated  as Hedging Instruments
	As of September 30, 2012		As of December 31, 2011		As of September 30, 2012		As of December 31, 2011
Current Assets:
Other Assets
Commodity futures contracts	$	3.2	$	—	$	0.4	$	—
Foreign currency forward contracts	—		—		—		1.2
Non-Current Assets:
Other Assets, net
Commodity futures contracts	0.7		0.1		0.1		—
Total Assets	$	3.9	$	0.1	$	0.5	$	1.2
Current Liabilities:
Accrued Expenses
Commodity futures contracts	$	—	$	9.4	$	0.1	$	1.8
Interest rate swap	0.1		1.8		—		—
Foreign currency forward contracts	—		—		—		0.1
Non-Current Liabilities:
Other Liabilities
Commodity futures contracts	—		0.3		—		0.2
Interest rate swap	—		—		—		—
Total Liabilities	$	0.1	$	11.5	$	0.1	$	2.1

(1) All derivative instruments are classified as Level 2 within the fair value hierarchy. For more information on other fair value measurements, see Note 15.

Effect of Derivative Instruments on Consolidated Statements of Operations

Derivatives in Cash Flow Hedging Relationships
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
Amount of Loss or (Gain) Reclassified from AOCI into Income (Effective Portion):
Commodity futures contracts(1)	$	2.2		$	(2.9	)	$	5.8		$	(12.8	)
Interest rate swap(2)	0.6			0.6			1.8			1.9
	$	2.8		$	(2.3	)	$	7.6		$	(10.9	)
Amount of (Gain) or Loss Recognized in Income on Derivatives (Ineffective Portion):
Commodity futures contracts(3)	$	(0.1	)	$	0.1		$	(0.2	)	$	0.1

Derivatives Not Designated as Hedging Instruments
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
Amount of (Gain) or Loss Recognized in Income on Derivatives:
Commodity futures contracts(3)	$	(0.8	)	$	3.3		$	(0.9	)	$	3.8
Foreign currency forward contracts(3)	0.6			(0.4		)	0.3			0.9
	$	(0.2	)	$	2.9		$	(0.6	)	$	4.7

(1) The loss (gain) is recorded in Cost of goods sold in the accompanying Consolidated Statements of Operations.

(2) The loss is recorded in Interest expense, net in the accompanying Consolidated Statements of Operations.

(3) The (gain) loss is recorded in Losses and other expenses, net in the accompanying Consolidated Statements of Operations.