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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2014
Derivative financial instruments |
Summary of the gross and net fair values of contracts by counterparty |
|  | December 31, 2014 |  | December 31, 2013 |
|  | Gross Assets |  | Gross Liabilities |  | Net Assets / Liabilities |  | Gross Assets |  | Gross Liabilities |  | Net Assets / Liabilities |
FX Forward Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Counterparty A |  | $ | — |  | $ | (0.1 | ) | $ | (0.1 | ) | $ | 0.7 |  | $ | (0.1 | ) | $ | 0.6 |
Counterparty B |  |  | 0.3 |  |  | (3.5 | ) |  | (3.2 | ) |  | 0.1 |  |  | (0.4 | ) |  | (0.3 | )
Aggregate of other counterparties |  |  | 0.5 |  |  | (1.8 | ) |  | (1.3 | ) |  | 0.3 |  |  | — |  |  | 0.3 |
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Totals(1) |  | $ | 0.8 |  | $ | (5.4 | ) | $ | (4.6 | ) | $ | 1.1 |  | $ | (0.5 | ) | $ | 0.6 |
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Commodity Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Counterparty A(2) |  | $ | — |  | $ | (1.4 | ) | $ | (1.4 | ) | $ | 0.4 |  | $ | — |  | $ | 0.4 |
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(1) | We enter into arrangements designed to provide the right of setoff in the event of counterparty default or insolvency, and have elected to offset the fair values of our qualifying financial instruments in our consolidated balance sheets. Amounts presented in our consolidated balance sheets are as follows:
|  | December 31, 2014 |  | December 31, 2013 |
Designated as hedging instruments: |  |  |  |  |  |  |
Other current assets |  | $ | — |  | $ | 0.3 |
Accrued expenses |  |  | (0.1 | ) |  | — |
Other long-term liabilities |  |  | (0.1 | ) |  | — |
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|  |  | (0.2 | ) |  | 0.3 |
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Not designated as hedging instruments: |  |  |  |  |  |  |
Other current assets |  |  | — |  |  | 0.6 |
Accrued expenses |  |  | (4.4 | ) |  | (0.3 | )
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|  |  | (4.4 | ) |  | 0.3 |
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Net fair value of FX forward contracts |  | $ | (4.6 | ) | $ | 0.6 |
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(2) | Related contracts are designated as hedging instruments. Net amounts at December 31, 2014 and 2013 are recorded in "Accrued expenses" and "Other current assets," respectively.
Summary of pre-tax gain (loss) recognized in AOCI resulting from derivative financial instruments designated as cash flow hedging relationships |
|  | Year ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
FX forward contracts |  | $ | 0.4 |  | $ | (0.3 | ) | $ | (0.4 | )
Commodity contracts |  |  | (2.5 | ) |  | (1.2 | ) |  | 0.4 |
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|  | $ | (2.1 | ) | $ | (1.5 | ) | $ | — |
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Summary of pre-tax loss related to derivative financial instruments designated as cash flow hedging relationships reclassified from AOCI to income |
|  | Year ended December 31, |
|  | 2014 |  | 2013(1) |  | 2012(1) |
FX forward contracts |  | $ | (0.8 | ) | $ | (4.0 | ) | $ | (0.7 | )
Commodity contracts |  |  | (0.7 | ) |  | (1.3 | ) |  | (0.8 | )
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|  | $ | (1.5 | ) | $ | (5.3 | ) | $ | (1.5 | )
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(1) | For the years ended December 31, 2013 and 2012, losses of $0.2 and $0.4, respectively, were recognized in "Other income (expense), net" relating to derivative ineffectiveness and amounts excluded from effectiveness testing.
Schedule of gain (loss) recognized in ''Other income (expense), net'' of derivative financial instruments not designated as cash flow hedging relationships |
|  | Year ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
FX forward contracts |  | $ | (7.8 | ) | $ | 0.1 |  | $ | 0.6 |
FX embedded derivatives |  |  | 5.4 |  |  | 0.6 |  |  | (0.4 | )
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|  | $ | (2.4 | ) | $ | 0.7 |  | $ | 0.2 |
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FX forward contracts |
Derivative financial instruments |
Summary of fair value of derivative instruments and the balance sheet classification |
|  | December 31, 2014 |  | December 31, 2013 |
Designated as hedging instruments: |  |  |  |  |  |  |
Other current assets |  | $ | — |  | $ | 0.3 |
Accrued expenses |  |  | (0.1 | ) |  | — |
Other long-term liabilities |  |  | (0.1 | ) |  | — |
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|  |  | (0.2 | ) |  | 0.3 |
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Not designated as hedging instruments: |  |  |  |  |  |  |
Other current assets |  |  | — |  |  | 0.6 |
Accrued expenses |  |  | (4.4 | ) |  | (0.3 | )
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|  |  | (4.4 | ) |  | 0.3 |
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Net fair value of FX forward contracts |  | $ | (4.6 | ) | $ | 0.6 |
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FX embedded derivatives |
Derivative financial instruments |
Summary of fair value of derivative instruments and the balance sheet classification |
Balance Sheet Classification |  | December 31, 2014 |  | December 31, 2013 |
Other current assets |  | $ | 5.1 |  | $ | 0.7 |
Other assets |  |  | 1.2 |  |  | — |
Accrued expenses |  |  | (4.7 | ) |  | (6.5 | )
Other long-term liabilities |  |  | (0.9 | ) |  | (2.1 | )
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|  | $ | 0.7 |  | $ | (7.9 | )
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