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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Amounts related to cash flow hedges | We recorded the following amounts in AOCL related to our cash flow hedges (in millions):
| As of June 30, 2017 |  | As of December 31, 2016
Unrealized gains on unsettled contracts | $ | (10.0 | ) |  | $ | (8.9 | )
Income tax expense | 3.6 |  |  | 3.3 |
Gains included in AOCL, net of tax (1) | $ | (6.4 | ) |  | $ | (5.6 | )
(1) Assuming commodity and foreign currency prices remain constant, we expect to reclassify $6.3 million of derivative gains into earnings within the next 12 months.
Outstanding contracts designated and not designated as cash flow hedges | We had the following outstanding commodity futures contracts not designated as cash flow hedges (in millions of pounds):
| As of June 30, 2017 |  | As of December 31, 2016
Copper | 2.0 |  |  | 2.4 |
Aluminum | 2.0 |  |  | 2.6 |
We also had the following outstanding foreign currency forward contracts not designated as cash flow hedges (in millions):
| As of June 30, 2017 |  | As of December 31, 2016
Notional Amounts (in local currency): |  |  |
Chinese Yuan | 65.4 |  |  | 10.5 |
Mexican Peso | 141.5 |  |  | 64.5 |
Euro | 57.0 |  |  | 46.9 |
Canadian Dollar | 50.1 |  |  | — |
British Pound | 4.3 |  |  | 1.3 |
Australian Dollar | 43.0 |  |  | — |
New Zealand Dollar | 6.0 |  |  | — |
Indian Rupee | 398.5 |  |  | 584.6 |
We had the following outstanding commodity futures contracts designated as cash flow hedges (in millions of pounds):
| As of June 30, 2017 |  | As of December 31, 2016
Copper | 21.5 |  |  | 30.4 |
We had the following outstanding foreign exchange forward contracts designated as cash flow hedges (in millions):
| As of June 30, 2017 |  | As of December 31, 2016
Notional Amounts (in local currency): |  |  |
Mexican Peso | 146.7 |  |  | 310.1 |
Canadian Dollar | — |  |  | 24.9 |
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 (1)
| Derivatives Designated as Hedging Instruments |  | Derivatives Not Designated as Hedging Instruments
| As of June 30, 2017 |  | As of December 31, 2016 |  | As of June 30, 2017 |  | As of December 31, 2016
Current Assets: |  |  |  |  |  |  |
Other Assets |  |  |  |  |  |  |
Commodity futures contracts | $ | 9.1 |  |  | $ | 8.7 |  |  | $ | 1.4 |  |  | $ | 0.7 |
Foreign currency forward contracts | 0.8 |  |  | 0.5 |  |  | 1.0 |  |  | 0.2 |
Non-Current Assets: |  |  |  |  |  |  |
Other Assets, net |  |  |  |  |  |  |
Commodity futures contracts | 0.2 |  |  | 1.9 |  |  | — |  |  | 0.2 |
Total Assets | $ | 10.1 |  |  | $ | 11.1 |  |  | $ | 2.4 |  |  | $ | 1.1 |
Current Liabilities: |  |  |  |  |  |  |
Accrued Expenses |  |  |  |  |  |  |
Commodity futures contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts | 0.4 |  |  | 0.8 |  |  | 0.2 |  |  | 3.2 |
Non-Current Liabilities: |  |  |  |  |  |  |
Other Liabilities |  |  |  |  |  |  |
Commodity futures contracts | — |  |  | — |  |  | — |  |  | — |
Foreign currency forward contracts | — |  |  | — |  |  | — |  |  | — |
Total Liabilities | $ | 0.4 |  |  | $ | 0.8 |  |  | $ | 0.2 |  |  | $ | 3.2 |
(1) All derivative instruments are classified as Level 2 within the fair value hierarchy. See Note 15 for more information.
Effect of derivative instruments on Consolidated Statements of Operations |
Derivatives Designated as Cash Flow Hedges |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Amount of (Gain)/Loss reclassified from AOCL into Income (effective portion) (1) |  | $ | (2.8 | ) |  | $ | 3.4 |  |  | $ | (5.9 | ) |  | $ | 8.2 |
Amount of Loss recognized in Net income (ineffective portion) (2) |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | 0.1 |
Derivatives Not Designated as Hedging Instruments |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Amount of (Gain)/Loss Recognized in Net Income: |  |  |  |  |  |  |  |
Commodity futures contracts (2) |  | $ | (0.2 | ) |  | $ | 0.1 |  |  | $ | (1.1 | ) |  | $ | 0.1 |
Foreign currency forward contracts (2) |  | (3.1 | ) |  | (0.5 | ) |  | (3.9 | ) |  | (0.1 | )
|  | $ | (3.3 | ) |  | $ | (0.4 | ) |  | $ | (5.0 | ) |  | $ | — |
(1) The (gain)/loss was recorded in Cost of goods sold in the accompanying Consolidated Statements of Operations. (2) The (gain)/loss was recorded in Losses and other expenses, net in the accompanying Consolidated Statements of Operations.

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + Details
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