Derivatives (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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



	As of December 31,
	2013			2012
Unrealized losses (gains) on unsettled contracts	$	0.8		$	(1.8	)
Income tax expense (benefit)	(0.2		)	0.7
Losses (gains) included in AOCI, net of tax ⁽¹⁾	$	0.6		$	(1.1	)

⁽¹⁾ Assuming commodity prices remain constant, we expect to reclassify $0.7 million of derivative losses into earnings within the next 12 months.

Outstanding foreign currency forward contracts not designated as cash flow hedges

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



	As of December 31,
	2013	2012
Copper	22.9	22.8

Derivatives not Designated as Cash Flow Hedges

For commodity derivatives not designated as cash flow hedges, we follow the same hedging strategy as derivatives designated as cash flow hedges, except that we elect not to designate them as cash flow hedges at the inception of the arrangement. We had the following outstanding commodity futures contracts not designated as cash flow hedges (in millions of pounds):



	As of December 31,
	2013	2012
Copper	2.0	2.1
Aluminum	2.7	2.8

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



	As of December 31,
	2013	2012
Notional amounts (in local currency):
Brazilian Real	1.2	10.8
Mexican Peso	130.0	220.2
Euro	—	1.3
British Pound	3.4	5.4
Indian Rupee	28.0	19.5
Polish Zloty	32.6	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 as of December 31 ⁽¹⁾
	Derivatives Designated as Hedging Instruments				Derivatives Not Designated as Hedging Instruments
	2013		2012		2013		2012
Current Assets:
Other assets
Commodity futures contracts	$	0.1	$	1.6	$	—	$	0.2
Foreign currency forward contracts	—		—		0.1		0.1
Non-Current Assets:
Other assets, net
Commodity futures contracts	0.3		0.3		—		—
Total Assets	$	0.4	$	1.9	$	0.1	$	0.3
Current Liabilities:
Accrued expenses
Commodity futures contracts	$	1.2	$	—	$	0.3	$	—
Foreign currency forward contracts	—		—		—		0.1
Non-Current Liabilities:
Other liabilities
Commodity futures contracts	—		—		—		—
Total Liabilities	$	1.2	$	—	$	0.3	$	0.1

⁽¹⁾ All derivative instruments are classified as Level 2 within the fair value hierarchy. See Note 20 for more information on fair value measurements.

Effect of Derivative Instruments on Consolidated Statements of Operations



Derivatives in Cash Flow Hedging Relationships
	For the Years Ended December 31,
	2013		2012			2011
Amount of Loss (Gain) Reclassified from AOCI into Income (Effective Portion):
Commodity futures contracts ⁽¹⁾	$	4.2	$	6.0		$	(12.1	)
Interest rate swap ⁽²⁾	—		1.9			2.5
	$	4.2	$	7.9		$	(9.6	)
Amount of (Gain) Loss Recognized in Income on Derivatives (Ineffective Portion):
Commodity futures contracts ⁽³⁾	$	0.2	$	(0.1	)	$	0.1



Derivatives Not Designated as Hedging Instruments
	For the Years Ended December 31,
	2013		2012			2011
Amount of Loss (Gain) Recognized in Income on Derivatives:
Commodity futures contracts ⁽³⁾	$	1.2	$	(0.5	)	$	3.5
Foreign currency forward contracts ⁽³⁾	0.1		0.4			0.3
	$	1.3	$	(0.1	)	$	3.8

⁽¹⁾ The loss (gain) 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 and other expenses, net in the accompanying Consolidated Statements of Operations.