Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

The table below summarizes our derivative assets and liabilities that were measured at fair value as of March 31, 2015, and December 31, 2014.



				Fair value measurements as of March 31, 2015
	Total at March 31, 2015			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swap	$	15.9		$	—	$	15.9		$	—
Interest rate swaps	(7.1		)	—		(7.1		)	—
Foreign currency forwards	49.7			—		49.7			—
Commodity swaps	(8.2		)	—		(8.2		)	—
Total	$	50.3		$	—	$	50.3		$	—



				Fair value measurements as of December 31, 2014
	Total at December 31, 2014			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Interest rate swaps	$	(2.2	)	$	—	$	(2.2	)	$	—
Foreign currency forwards	31.6			—		31.6			—
Commodity swaps	(8.9		)	—		(8.9		)	—
Total	$	20.5		$	—	$	20.5		$	—

Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheet (in millions)



	March 31, 2015
			Asset derivatives			Liability derivatives
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swap	$	284.5	Other non-current assets	$	15.9	Other liabilities	$	—
Interest rate swaps	$	1,178.4	Other current assets	—		Accounts payable and other current liabilities	(26.9		)
			Other non-current assets	19.8		Other liabilities	—
Foreign currency forwards	$	344.2	Other current assets	29.7		Accounts payable and other current liabilities	—
			Other non-current assets	19.0		Other liabilities	(0.2		)
Total derivatives designated as hedging instruments				$	84.4		$	(27.1	)
Derivatives not designated as hedging instruments:
Commodity swaps	$	120.9	Other current assets	$	1.0	Accounts payable and other current liabilities	$	(5.3	)
			Other non-current assets	1.1		Other liabilities	(5.0		)
Foreign currency forwards	$	28.6	Other current assets	1.2		Accounts payable and other current liabilities	—
Total derivatives not designated as hedging instruments				$	3.3		$	(10.3	)



	December 31, 2014
			Asset derivatives			Liability derivatives
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Interest rate swaps	$	844.2	Other current assets	$	—	Accounts payable and other current liabilities	$	(13.0	)
			Other non-current assets	10.8		Other liabilities	—
Foreign currency forwards	$	343.4	Other current assets	19.5		Accounts payable and other current liabilities	—
			Other non-current assets	12.1		Other liabilities	—
Total derivatives designated as hedging instruments				$	42.4		$	(13.0	)
Derivatives not designated as hedging instruments:
Commodity swaps	$	111.1	Other current assets	$	0.2	Accounts payable and other current liabilities	$	(4.9	)
			Other non-current assets	0.4		Other liabilities	(4.6		)
Total derivatives not designated as hedging instruments				$	0.6		$	(9.5	)

The Pretax Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (in millions)



For the Three Months Ended March 31, 2015
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative (effective portion)			Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI on derivative (effective portion)			Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Forward starting interest rate swaps	$	(15.7	)	Interest expense, net	$	(0.3	)	Interest expense, net	$	—
Foreign currency forwards	21.5			Other income (expense), net	(2.4		)	Other income (expense), net	—
				Cost of goods sold	4.7			Cost of goods sold	—
Total	$	5.8			$	2.0			$	—



For the Three Months Ended March 31, 2015
Derivatives and non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI (effective portion)		Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI (effective portion)		Location of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)
Cross currency swap	$	15.5	Interest expense, net	$	—	Interest expense, net	$	0.4
Total	$	15.5		$	—		$	0.4



For the Three Months Ended March 31, 2014
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative (effective portion)		Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI on derivative (effective portion)			Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Forward starting interest rate swaps	$	—	Interest expense, net	$	(0.4	)	Interest expense, net	$	—
Foreign currency forwards	14.7		Other income (expense), net	1.6			Other income (expense), net	—
			Cost of goods sold	3.3			Cost of goods sold	—
Commodity swaps	0.3		Cost of goods sold	0.2			Cost of goods sold	—
Total	$	15.0		$	4.7			$	—



For the Three Months Ended March 31, 2014
Derivatives and non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI (effective portion)		Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI (effective portion)		Location of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)
Cross currency swap	$	6.5	Other income (expense), net	$	—	Other income (expense), net	$	—
Total	$	6.5		$	—		$	—

Other Derivatives (in millions)



For the Three Months Ended March 31, 2015
Derivatives not in hedging relationships	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Commodity swaps	Cost of goods sold	$	(0.6	)
Foreign currency forwards	Other income (expense), net	1.2
Total		$	0.6



For the Three Months Ended March 31, 2014
Derivatives not in hedging relationships	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Commodity Swaps	Cost of goods sold	$	(1.3	)
Total		$	(1.3	)

For the Three Months Ended March 31, 2015

Derivatives in fair value hedge relationships

Amount of gain (loss) recognized in income on derivative

Location of gain (loss)recognized in income

Interest rate swaps

Interest expense, net