Derivatives

9 Months Ended

Sep. 30, 2012

Derivative Instruments [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivative Instruments

The company mitigates certain financial exposures to interest rate risk through the use of derivative financial instruments as part of its risk management program. The company does not use derivative instruments for trading purposes. All derivatives have been designated as cash flow hedges.

In August 2012, the company entered into two forward-starting interest rate swap contracts, with an aggregate notional value of $1.5 billion, to hedge the risk of changes in underlying benchmark interest rates associated with the expected issuances of fixed-rate debt. One of these swap contracts was settled in conjunction with the issuance of fixed-rate debt in September 2012.

The fair value and location of outstanding derivative instruments in the consolidated balance sheet as of September 30, 2012 were as follows.

(in millions)	Balance Sheet Location	Fair Value
Interest rate contract	Other liabilities	$	30.1

There were no derivative instruments outstanding at December 31, 2011.

The effect of derivative instruments on the consolidated statements of income as well as accumulated other comprehensive income (OCI) within the consolidated statements of comprehensive income and consolidated statements of shareholders' equity for the nine months ended September 30, 2012 and 2011 were as follows.

	Gains (Losses)  Recognized in OCI (Effective Portion)				Gains (Losses) Reclassified from Accumulated OCI (Effective Portion)						Gains (Losses) Recognized in Income (Ineffective Portion)
(in millions)	2012			2011	Location	2012			2011		Location	2012		2011
Interest rate contracts	$	(54.4	)	—	Interest and other borrowing costs	$	(0.4	)	(0.8	)	Gains (losses) on derivative investments	$	—	$	(0.1	)

At September 30, 2012, the company expects to reclassify $2.8 million of net gains (losses) on derivative instruments from accumulated other comprehensive income to net income as additional interest expense during the next twelve months due to the payment of interest associated with the issuance of fixed-rate debt.