Derivatives (Tables)

9 Months Ended

Sep. 30, 2013

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, 2013			As of December 31, 2012
Commodity Hedges:
Losses (gains) included in AOCI, net of tax	$	2.0		$	(1.1	)
Income tax expense (benefit)	(1.1		)	0.7

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, 2013	As of December 31, 2012
	(pounds)	(pounds)
Copper	20.0	22.8

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, 2013	As of December 31, 2012
	(pounds)	(pounds)
Copper	2.1	2.1
Aluminum	2.5	2.8

Outstanding foreign currency forward contracts not designated as cash flow hedges

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

	As of September 30, 2013	As of December 31, 2012
Notional Amounts:
Brazilian Real	5.2	10.8
Mexican Peso	248.5	220.2
Euro	2.0	1.3
British Pound	3.4	5.4
Indian Rupee	112.0	19.5
Polish Zloty	30.5	12.4

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

The following tables provide the locations 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, 2013		As of December 31, 2012		As of September 30, 2013		As of December 31, 2012
Current Assets:
Other Assets
Commodity futures contracts	$	—	$	1.6	$	—	$	0.2
Foreign currency forward contracts	—		—		—		0.1
Non-Current Assets:
Other Assets, net
Commodity futures contracts	0.1		0.3		—		—
Total Assets	$	0.1	$	1.9	$	—	$	0.3
Current Liabilities:
Accrued Expenses
Commodity futures contracts	$	3.3	$	—	$	0.4	$	—
Foreign currency forward contracts	—		—		0.2		0.1
Non-Current Liabilities:
Other Liabilities
Commodity futures contracts	—		—		—		—
Total Liabilities	$	3.3	$	—	$	0.6	$	0.1

⁽¹⁾ All derivative instruments are classified as Level 2 within the fair value hierarchy. See Note 16 for more information.

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,
	2013			2012			2013		2012
Amount of Loss Reclassified from AOCI into Income (Effective Portion):
Commodity futures contracts(1)	$	2.1		$	2.2		$	3.3	$	5.8
Interest rate swap(2)	—			0.6			—		1.8
	$	2.1		$	2.8		$	3.3	$	7.6
Amount of Loss (Gain) Recognized in Income (Ineffective Portion):
Commodity futures contracts(3)	$	(0.1	)	$	(0.1	)	$	0.2	$	(0.2	)

Derivatives Not Designated as Hedging Instruments
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2012			2013		2012
Amount of Loss (Gain) Recognized in Income:
Commodity futures contracts(3)	$	(0.6	)	$	(0.8	)	$	1.2	$	(0.9	)
Foreign currency forward contracts(3)	(0.6		)	0.6			0.2		0.3
	$	(1.2	)	$	(0.2	)	$	1.4	$	(0.6	)

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

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

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