XML 56 R40.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Derivatives (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Amounts related to cash flow hedges | We recorded the following amounts related to our cash flow hedges in AOCI (in millions):
| As of December 31,
| 2017 |  | 2016
Unrealized gains on unsettled contracts | $ | (11.3 | ) |  | $ | (8.9 | )
Income tax expense | 3.9 |  |  | 3.3 |
Gains included in AOCI, net of tax (1) | $ | (7.4 | ) |  | $ | (5.6 | )
(1) Assuming commodity and foreign currency prices remain constant, we expect to reclassify $7.1 million of derivative gains into earnings within the next 12 months.
Outstanding foreign currency forward contracts not designated as cash flow hedges | We had the following outstanding commodity futures contracts designated as cash flow hedges (in millions of pounds):
| As of December 31,
Notional Amounts | 2017 |  | 2016
Copper | 20.6 |  |  | 30.4 |
We had the following outstanding foreign exchange forward contracts designated as cash flow hedges (in millions):
| As of December 31,
Notional Amounts (in local currency): | 2017 |  | 2016
Mexican Peso | 207.3 |  |  | 310.1 |
Canadian Dollar | 68.6 |  |  | 24.9 |
Derivatives not Designated as Cash Flow Hedges For commodity derivatives not designated as cash flow hedges, we follow the same hedging strategy as derivatives designated as cash flow hedges, except that we elect not to designate them as cash flow hedges at the inception of the arrangement. We had the following outstanding commodity futures contracts not designated as cash flow hedges (in millions of pounds):
| As of December 31,
| 2017 |  | 2016
Copper | 1.8 |  |  | 2.4 |
Aluminum | 1.8 |  |  | 2.6 |
We had the following outstanding foreign currency forward contracts not designated as cash flow hedges (in millions):
| As of December 31,
Notional amounts (in local currency): | 2017 |  | 2016
Chinese Yuan | 73.8 |  |  | 10.5 |
Mexican Peso | 136.6 |  |  | 64.5 |
Euro | 64.4 |  |  | 46.9 |
British Pound | 4.5 |  |  | 1.3 |
Indian Rupee | 39.8 |  |  | 584.6 |
Singapore Dollar | 7.0 |  |  | — |
Australian Dollar | 107.0 |  |  | — |
New Zealand Dollar | 5.0 |  |  | — |
Canadian Dollar | 27.3 |  |  | — |
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 as of December 31 (1)
| Derivatives Designated as Hedging Instruments |  | Derivatives Not Designated as Hedging Instruments
| 2017 |  | 2016 |  | 2017 |  | 2016
Current Assets: |  |  |  |  |  |  |
Other assets |  |  |  |  |  |  |
Commodity futures contracts | $ | 11.0 |  |  | $ | 8.7 |  |  | $ | 1.2 |  |  | $ | 0.7 |
Foreign currency forward contracts | 0.1 |  |  | 0.5 |  |  | 0.9 |  |  | 0.2 |
Non-Current Assets: |  |  |  |  |  |  |
Other assets, net |  |  |  |  |  |  |
Commodity futures contracts | 0.6 |  |  | 1.9 |  |  | 0.1 |  |  | 0.2 |
Foreign currency forward contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Assets | $ | 11.7 |  |  | $ | 11.1 |  |  | $ | 2.2 |  |  | $ | 1.1 |
Current Liabilities: |  |  |  |  |  |  |
Accrued expenses |  |  |  |  |  |  |
Commodity futures contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts | 0.3 |  |  | 0.8 |  |  | 1.1 |  |  | 3.2 |
Total Liabilities | $ | 0.3 |  |  | $ | 0.8 |  |  | $ | 1.1 |  |  | $ | 3.2 |
(1) All derivative instruments are classified as Level 2 within the fair value hierarchy. See Note 19 for more information on fair value measurements.
Effect of Derivative Instruments on Consolidated Statements of Operations |
Derivatives in Cash Flow Hedging Relationships
| For the Years Ended December 31,
| 2017 |  | 2016 |  | 2015
Amount of (Gain) Loss Reclassified from AOCI into Income (Effective Portion): |  |  |  |  |
Commodity futures contracts (1) | $ | (13.7 | ) |  | $ | 12.3 |  |  | $ | 12.5 |
Amount of Loss (Gain) Recognized in Income on Derivatives (Ineffective Portion): |  |  |  |  |
Commodity futures contracts (2) | $ | 1.0 |  |  | $ | (1.6 | ) |  | $ | 0.1 |
Derivatives Not Designated as Hedging Instruments
| For the Years Ended December 31,
| 2017 |  | 2016 |  | 2015
Amount of (Gain) Loss Recognized in Income on Derivatives: |  |  |  |  |
Commodity futures contracts (2) | $ | (1.9 | ) |  | $ | (0.9 | ) |  | $ | 2.5 |
Foreign currency forward contracts (2) | (5.7 | ) |  | 4.3 |  |  | 0.3 |
| $ | (7.6 | ) |  | $ | 3.4 |  |  | $ | 2.8 |
(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.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=84234895&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=84234895&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=84234895&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration