Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Financial Instruments

Schedule of effect of derivatives in our consolidated statements of operations

	Gain (loss) recognized in OCI				Gain (loss) reclassified from AOCI into income
	Three months ended September 30,					Three months ended September 30,
Derivatives designated as cash flow hedges	2013		2012		Location	2013		2012
	(in millions)					(in millions)
Foreign exchange contracts	$	6.1	$	—	Other operating—net	$	—	$	—

	Gain (loss) recognized in income
		Three months ended September 30,
	Location	2013		2012
		(in millions)
Foreign exchange contracts	Other operating—net(1)	$	1.3	$	—

	Gain (loss) recognized in income
		Three months ended September 30,
Derivatives not	Location	2013			2012
designated as hedges
		(in millions)
Natural gas derivatives	Cost of sales	$	(5.6	)	$	39.8
Foreign exchange contracts	Other operating—net		19.9			—
		$	14.3		$	39.8

	Gain (loss) in income
	Three months ended September 30,
All Derivatives	2013			2012
	(in millions)
Unrealized gains (losses)
Derivatives not designated as hedges	$	14.3		$	39.8
Cash flow hedge ineffectiveness		1.3			—
Total unrealized gains (losses)		15.6			39.8
Realized gains (losses)		(7.4	)		(31.7	)
Net derivative gains (losses)	$	8.2		$	8.1

	Gain (loss) recognized in OCI					Gain (loss) reclassified from AOCI into income
	Nine months ended September 30,						Nine months ended September 30,
Derivatives designated as cash flow hedges	2013			2012		Location	2013		2012
	(in millions)						(in millions)
Foreign exchange contracts	$	(0.4	)	$	—	Other operating—net	$	—	$	—

	Gain (loss) recognized in income
		Nine months ended September 30,
	Location	2013			2012
		(in millions)
Foreign exchange contracts	Other operating—net(1)	$	(0.8	)	$	—

	Gain (loss) recognized in income
		Nine months ended September 30,
Derivatives not	Location	2013			2012
designated as hedges
		(in millions)
Natural gas derivatives	Cost of sales	$	(1.2	)	$	61.5
Foreign exchange contracts	Other operating—net		12.0			—
		$	10.8		$	61.5

	Gain (loss) in income
	Nine months ended September 30,
All Derivatives	2013			2012
	(in millions)
Unrealized gains (losses)
Derivatives not designated as hedges	$	10.8		$	61.5
Cash flow hedge ineffectiveness		(0.8	)		—
Total unrealized gains (losses)		10.0			61.5
Realized gains (losses)		1.9			(134.1	)
Net derivative gains (losses)	$	11.9		$	(72.6	)

⁽¹⁾

For derivatives designated as cash flow hedges, the amount reported as gain (loss) recognized in income represents the amount excluded from hedge effectiveness.

Schedule of fair values of derivatives in our consolidated balance sheet

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	September 30, 2013		December 31, 2012		Balance Sheet Location	September 30, 2013		December 31, 2012
		(in millions)					(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets	$	6.3	$	4.2	Other current liabilities	$	—	$	—
Foreign exchange contracts	Other noncurrent assets		0.7		4.8	Other noncurrent liabilities		—		—
		$	7.0	$	9.0		$	—	$	—
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets	$	13.3	$	3.9	Other current liabilities	$	—	$	—
Foreign exchange contracts	Other noncurrent assets		3.9		2.4	Other non current liabilities		—		—
Natural gas derivatives	Other current assets		—		2.0	Other current liabilities		9.0		5.5
Natural gas derivatives	Other noncurrent assets		—		—	Other non current liabilities		—		0.1
		$	17.2	$	8.3		$	9.0	$	5.6
Total derivatives		$	24.2	$	17.3		$	9.0	$	5.6
Current / Non-Current Totals
	Other current assets	$	19.6	$	10.1	Other current liabilities	$	9.0	$	5.5
	Other noncurrent assets		4.6		7.2	Other non current liabilities		—		0.1
Total derivatives		$	24.2	$	17.3		$	9.0	$	5.6

Schedule of amounts relevant to offsetting of derivative assets and liabilities

			Gross amounts not offset in consolidated balance sheets
	Amounts presented in consolidated balance sheets(1)
			Financial instruments		Cash collateral received (pledged)		Net amount
	(in millions)
September 30, 2013
Total derivative assets	$	24.2	$	5.2	$	—	$	19.0
Total derivative liabilities		9.0		5.2		—		3.8
Net assets	$	15.2	$	—	$	—	$	15.2
December 31, 2012
Total derivative assets	$	17.3	$	4.6	$	—	$	12.7
Total derivative liabilities		5.5		4.6		—		0.9
Net assets	$	11.8	$	—	$	—	$	11.8

⁽¹⁾

We report the fair values of our derivative assets and liabilities on a gross basis on our consolidated balance sheets. As a result, the gross amounts recognized and net amounts presented are the same.