Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of the fair value of outstanding derivative contracts recorded as assets in the accompanying consolidated balance sheet

The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2014 was as follows:



	ASSET DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest rate swap contracts: Float-to-fixed	Other non-current assets	$	0.8
Total derivatives designated as hedging instruments		$	0.8



	ASSET DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives NOT designated as hedging instruments
Foreign exchange contracts	Other current assets	$	2.1
Total derivatives NOT designated as hedging instruments		$	2.1

Total asset derivatives		$	2.9

The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2015 was as follows:



	ASSET DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest rate swap contracts: Float-to-fixed	Other non-current assets	$	—
Total derivatives designated as hedging instruments		$	—



	ASSET DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives NOT designated as hedging instruments
Foreign exchange contracts	Other current assets	$	0.3
Total derivatives NOT designated as hedging instruments		$	0.3

Total asset derivatives		$	0.3

Schedule of the fair value of outstanding derivative contracts recorded as liabilities in the accompanying consolidated balance sheet

The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2014 was as follows:



	LIABILITIES DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts	Accounts payable and accrued expenses	$	6.6
Commodity contracts	Accounts payable and accrued expenses	1.0
Interest rate swap contracts: Float-to-fixed	Accounts payable and accrued expenses	2.3
Commodity contracts	Other non-current liabilities	0.4
Interest rate swap contracts: Fixed-to-float	Other non-current liabilities	4.3
Total derivatives designated as hedging instruments		$	14.6



	LIABILITY DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives NOT designated as hedging instruments
Foreign exchange contracts	Accounts payable and accrued expenses	$	1.3
Total derivatives NOT designated as hedging instruments		$	1.3

Total liability derivatives		$	15.9

The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2015 was as follows:



	LIABILITY DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts	Accounts payable and accrued expenses	$	0.3
Commodity contracts	Accounts payable and accrued expenses	3.1
Interest rate swap contracts: Float-to-fixed	Accounts payable and accrued expenses	1.7
Commodity contracts	Other non-current liabilities	0.4
Interest rate swap contracts: Float-to-fixed	Other non-current liabilities	0.6
Total derivatives designated as hedging instruments		$	6.1



	LIABILITY DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives NOT designated as hedging instruments
Foreign exchange contracts	Accounts payable and accrued expenses	$	0.9
Commodity contracts	Accounts payable and accrued expenses	0.7
Commodity contracts	Other non-current liabilities	0.1
Total derivatives NOT designated as hedging instruments		$	1.7

Total liability derivatives		$	7.8

Schedule of the effect of derivative instruments on the consolidated statement of operations for gains or losses initially recognized in Other Comprehensive Income (OCI) in the Consolidated Balance Sheet

The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2014 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows:



Derivatives in Cash Flow Hedging Relationships (in millions)	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax)			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Foreign exchange contracts	$	(5.3	)	Cost of sales	$	(2.2	)
Commodity contracts	(0.8		)	Cost of sales	(0.1		)
Interest rate swap & cap contracts	(0.9		)	Interest expense	(1.8		)
Total	$	(7.0	)		$	(4.1	)



Derivatives Relationships (in millions)	Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Commodity contracts	Cost of sales	$	(0.1	)
Total		$	(0.1	)

The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2015 and gains or losses initially recognized in Other Comprehensive Income (OCI) in the Consolidated Balance Sheet was as follows:



Derivatives in Cash Flow Hedging Relationships (in millions)	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax)			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Foreign exchange contracts	$	4.0		Cost of sales	$	(11.7	)
Commodity contracts	(1.3		)	Cost of sales	(4.0		)
Interest rate swap contracts: Float-to-fixed	(0.5		)	Interest expense	(2.6		)
Total	$	2.2			$	(18.3	)



Derivatives Relationships (in millions)	Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Commodity contracts	Cost of sales	$	(0.2	)
Total		$	(0.2	)



Derivatives Not Designated as Hedging Instruments (in millions)	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Foreign exchange contracts	Other (expense) income, net	$	(1.4	)
Interest rate swap contracts	Other income	—
Total		$	(1.4	)



Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions)	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Interest rate swap contracts: Fixed-to-float	Interest expense	$	4.3
Total		$	4.3

The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2013 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows:



Derivatives in Cash Flow Hedging Relationships (in millions)	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax)			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Foreign exchange contracts	$	(0.3	)	Cost of sales	$	3.0
Commodity contracts	0.4			Cost of sales	(1.6		)
Total	$	0.1			$	1.4



Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions)	Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Interest rate swap contracts: Fixed-to-float	Interest expense	$	(13.7	)
Total		$	(13.7	)

Designated as Hedging Instrument

Derivative [Line Items]

Schedule of outstanding commodity and currency forward contracts

As of December 31, 2015, the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions:



Commodity	Units Hedged		Type
Aluminum	1,040	MT	Cash Flow
Copper	472	MT	Cash Flow
Natural Gas	291,260	MMBtu	Cash Flow
Steel	11,895	Short Tons	Cash Flow



Currency	Units Hedged	Type
Canadian Dollar	587,556	Cash Flow
European Euro	231,810	Cash Flow
South Korean Won	1,533,257,930	Cash Flow
Singapore Dollar	1,800,000	Cash Flow
Mexican Peso	28,504,800	Cash Flow
Japanese Yen	245,915,700	Cash Flow
Great British Pound	113,115	Cash Flow

As of December 31, 2014, the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions:



Commodity	Units Hedged		Type
Aluminum	1,657	MT	Cash Flow
Copper	820	MT	Cash Flow
Natural Gas	347,608	MMBtu	Cash Flow
Steel	14,665	Short Tons	Cash Flow



Currency	Units Hedged	Type
Canadian Dollar	7,984,824	Cash Flow
European Euro	89,006,695	Cash Flow
South Korean Won	1,964,906,996	Cash Flow
Singapore Dollar	3,900,000	Cash Flow
United States Dollar	29,228,731	Cash Flow
Mexican Peso	52,674,387	Cash Flow

Not Designated as Hedging Instrument

Derivative [Line Items]

Schedule of outstanding commodity and currency forward contracts

For derivative instruments that are not designated as hedging instruments under ASC Topic 815-10, the gains or losses on the derivatives are recognized in current earnings within Other (expense) income, net. As of December 31, 2014, the company had the following outstanding currency forward contracts that were not designated as hedging instruments:



Currency	Units Hedged	Recognized Location	Purpose
European Euro	73,302,332	Other (expense) income, net	Accounts Payable and Receivable Settlement
United States Dollar	18,244,912	Other (expense) income, net	Accounts Payable and Receivable Settlement
Australian Dollar	2,482,430	Other (expense) income, net	Accounts Payable and Receivable Settlement
Mexican Peso	3,151,000	Other (expense) income, net	Accounts Payable and Receivable Settlement
Canadian Dollar	2,516	Other (expense) income, net	Accounts Payable and Receivable Settlement

As of December 31, 2015, the company had the following outstanding currency forward contracts and commodity swaps that were not designated as hedging instruments:



Currency	Units Hedged		Recognized Location	Purpose
European Euro	20,490,320		Other (expense) income, net	Accounts payable and receivable settlement
United States Dollar	17,321,106		Other (expense) income, net	Accounts payable and receivable settlement
Australian Dollar	—		Other (expense) income, net	Accounts payable and receivable settlement
Mexican Peso	—		Other (expense) income, net	Accounts payable and receivable settlement
Canadian Dollar	1,117,850		Other (expense) income, net	Accounts payable and receivable settlement
Singapore Dollar	500,000		Other (expense) income, net	Accounts payable and receivable settlement
Great British Pound	4,840,238		Other (expense) income, net	Accounts payable and receivable settlement
Japanese Yen	70,518,463		Other (expense) income, net	Accounts payable and receivable settlement
Aluminum	175	MT	Other (expense) income, net	De-designated commodity swap
Steel	3,989	ST	Other (expense) income, net	De-designated commodity swap

Derivatives Not Designated as Hedging
Instruments (in millions)

Location of Gain or (Loss)
recognized in Income on
Derivative

Amount of Gain or (Loss)
Recognized in Income on
Derivative

Foreign exchange contracts

Other (expense) income, net