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Financial Instrument, Risk Management and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2012
Financial Instruments Risk Management And Fair Value Measurements [Abstract]  
Schedule of derivative instruments fair value and balance sheet presentation
The following table provides the fair value and balance sheet presentation of our derivative instruments as of September 30, 2012 and December 31, 2011.
(in Millions)
 
 
 
September 30, 2012
 
December 31, 2011
 
 
Balance Sheet Location
 
Fair Value
Derivatives Designated as Cash Flow Hedges
 
 
 
 
 
 
Foreign exchange contracts
 
Prepaid and other current assets
 
$
0.5


$
8.4

Commodity contracts:
 
 
 
 
 
 
Energy contracts
 
Prepaid and other current assets
 
0.5

 
0.5

Other contracts
 
Prepaid and other current assets
 
0.2

 
—

Total Derivative Assets
 
 
 
$
1.2

 
$
8.9

 
 
 
 
 
 
 
Foreign exchange contracts
 
Accrued and other liabilities
 
(2.7
)

(10.3
)
Commodity contracts:
 
 
 
 
 
 
Energy contracts
 
Accrued and other liabilities
 
(0.7
)
 
(8.0
)
Total Derivative Liabilities
 
 
 
$
(3.4
)
 
$
(18.3
)
Net Derivative Assets/(Liabilities)
 
 
 
$
(2.2
)
 
$
(9.4
)
 
 
 
 
 
 
 
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
Foreign exchange contracts
 
Prepaid and other current assets
 
$
0.2


$
3.5

Commodity contracts:
 
 
 
 
 
 
Soybean contracts
 
Prepaid and other current assets
 
0.5

 
—

Total Derivative Assets
 
 
 
$
0.7

 
$
3.5

 
 
 
 
 
 
 
Foreign exchange contracts
 
Accrued and other liabilities
 
(0.9
)

—

Commodity contracts:
 
 
 
 
 
 
Soybean contracts
 
Accrued and other liabilities
 
(0.5
)
 
—

Total Derivative Liabilities
 
 
 
$
(1.4
)
 
$
—

Net Derivative Assets/(Liabilities)
 
 
 
$
(0.7
)
 
$
3.5

The information included in the above chart is also presented in our fair value table included below
Schedule of derivative instruments, gain (loss) in condensed consolidated statements of income
The following tables provide the impact of derivative instruments and related hedged items on the condensed consolidated statements of income for the three and nine months ended September 30, 2012 and 2011.

Derivatives in Cash Flow Hedging Relationships
(in Millions)
 
Amount of Gain or (Loss)
Recognized in OCI on
Derivatives, net of tax
(Effective Portion)
 
Amount of Pre-tax Gain or
(Loss) Reclassified from
AOCI into Income (Effective
Portion) (a)
 
Amount of Pre-tax Gain or
(Loss) Recognized in Income
on Derivative (Ineffective
Portion and Amount Excluded
from Effectiveness Testing) (a)
 
 
Three Months Ended September 30
 
Three Months Ended September 30
 
Three Months Ended September 30
 
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
Foreign exchange contracts
 
$
1.1

 
$
(6.3
)
 
$
(1.7
)
 
$
3.0

 
$
(0.3
)
 
$
(0.3
)
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
Energy contracts
 
2.6

 
(0.7
)
 
(2.3
)
 
(1.7
)
 
—

 
—

Total
 
$
3.7

 
$
(7.0
)
 
$
(4.0
)
 
$
1.3

 
$
(0.3
)
 
$
(0.3
)

(in Millions)
 
Amount of Gain or (Loss)
Recognized in OCI on
Derivatives, net of tax
(Effective Portion)
 
Amount of Pre-tax Gain or
(Loss) Reclassified from
AOCI into Income (Effective
Portion) (a)
 
Amount of Pre-tax Gain or
(Loss) Recognized in Income
on Derivative (Ineffective
Portion and Amount Excluded
from Effectiveness Testing) (a)
 
 
Nine Months Ended September 30
 
Nine Months Ended September 30
 
Nine Months Ended September 30
 
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
Foreign exchange contracts
 
$
—

 
$
(4.5
)
 
$
2.0

 
$
4.8

 
$
—

 
$
(0.1
)
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
Energy contracts
 
4.5

 
1.1

 
(8.7
)
 
(5.5
)
 
(0.1
)
 
—

Other
 
0.1

 
—

 
—

 
—

 
—

 
—

Total
 
$
4.6

 
$
(3.4
)
 
$
(6.7
)
 
$
(0.7
)
 
$
(0.1
)
 
$
(0.1
)
____________________
(a)
Amounts are included in “Cost of sales and services” on the condensed consolidated statements of income.

Derivatives Not Designated as Hedging Instruments
 
 
Location of Gain or (Loss)
Recognized in Income on Derivatives
Amount of Pre-tax Gain or (Loss) 
Recognized in Income on Derivatives
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(in Millions)
 
2012
 
2011
 
2012
 
2011
Foreign Exchange contracts
Cost of Sales and Services
$
(8.2
)
 
$
(2.1
)
 
$
11.1


$
(4.6
)
Commodity contracts:
 
 
 
 
 
 
 
 
Energy contracts
Cost of Sales and Services
—

 
—

 
—

 
(0.2
)
Total
 
$
(8.2
)
 
$
(2.1
)
 
$
11.1

 
$
(4.8
)
Schedule of assets and liabilities measured at fair value on recurring basis
The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our condensed consolidated balance sheets as of September 30, 2012 and December 31, 2011. During the periods presented there were no transfers between fair-value hierarchy levels.
 
(in Millions)
September 30, 2012
 
Quoted
Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Derivatives – Commodities: (2)
 
 
 
 
 
 
 
Energy contracts
0.5

 
—

 
0.5

 
—

Other contracts
0.7

 
—

 
0.7

 
—

Derivatives – Foreign Exchange (2)
0.7

 
—

 
0.7

 
—

Deferred compensation arrangement (3)
32.1

 
32.1

 
—

 
—

Total Assets
$
34.0

 
$
32.1

 
$
1.9

 
$
—

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Derivatives – Commodities: (4)
 
 
 
 
 
 
 
Energy contracts
$
0.7

 
$
—

 
$
0.7

 
$
—

Other contracts
0.5

 
—

 
0.5

 
—

Derivatives – Foreign Exchange (4)
3.6

 
—

 
3.6

 
—

Acquisition (5)
1.5

 
—

 
—

 
1.5

Deferred compensation arrangement (6)
38.8

 
38.8

 
—

 
—

Total Liabilities
$
45.1

 
$
38.8

 
$
4.8

 
$
1.5

 
(in Millions)
December 31, 2011
 
Quoted
Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Common Stock (1)
$
0.1

 
$
0.1

 
$
—

 
$
—

Derivatives – Commodities: (2)
 
 
 
 
 
 
 
Energy contracts
0.5

 
—

 
0.5

 
—

Derivatives – Foreign Exchange (2)
11.9

 
—

 
11.9

 
—

Other (3)
20.9

 
20.9

 
—

 
—

Total Assets
$
33.4

 
$
21.0

 
$
12.4

 
$
—

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Derivatives – Commodities: (4)
 
 
 
 
 
 
 
Energy contracts
$
8.0

 
$
—

 
$
8.0

 
$
—

Derivatives – Foreign Exchange (4)
10.3

 
—

 
10.3

 
—

Acquisition (5)
3.5

 
—

 
—

 
3.5

Other (6)
31.8

 
31.8

 
—

 
—

Total Liabilities
$
53.6

 
$
31.8

 
$
18.3

 
$
3.5

____________________
(1)
Amounts included in “Investments” in the condensed consolidated balance sheets.
(2)
Amounts included in “Prepaid and other current assets” in the condensed consolidated balance sheets.
(3)
Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the condensed consolidated balance sheets.
(4)
Amounts included in “Accrued and other liabilities” in the condensed consolidated balance sheets.
(5)
Represents contingent consideration associated with the acquisitions during 2011. See Note 3 for more information. The changes in this Level 3 liability represented payments made against the liability.
(6)
Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the condensed consolidated balance sheets.
Schedule of assets and liabilities measured at fair value on non-recurring basis
The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our condensed consolidated balance sheets during the nine months ended September 30, 2012 and the year ended December 31, 2011. See Note 3 for the assets and liabilities measured on a non-recurring basis at fair value associated with our acquisitions.
(in Millions)
Nine months ended September 30, 2012
 
Quoted
Prices
in Active
Markets  for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total Gains (Losses) (Nine Months Ended September 30, 2012)
Assets
 
 
 
 
 
 
 
 
 
Long-lived assets to be abandoned (1)
$
—

 
$
—


$
—


$
—


$
(1.8
)
Total Assets
$
—

 
$
—

 
$
—

 
$
—

 
$
(1.8
)
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Liabilities associated with exit activities (2)
$
5.7

 
$
—

 
$
5.7

 
$
—

 
$
(5.7
)
Total Liabilities
$
5.7

 
$
—

 
$
5.7

 
$
—

 
$
(5.7
)
____________________
(1)
We recorded charges to write down the value of certain long-lived assets to be abandoned within our Agricultural Products segment to their salvage value of zero as the majority of these long-lived assets have no future use and are anticipated to be demolished. The loss noted in the above table represents the accelerated depreciation of these assets recorded during the period.
(2)
This amount represents severance liabilities associated with the Zeolites shutdown as further described in Note 8.

(in Millions)
Year ended December 31, 2011
 
Quoted
Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total Gains
(Losses)
(Year Ended
December 31,
2011)
Assets
 
 
 
 
 
 
 
 
 
Long-lived assets to be abandoned (1)
$
2.3

 
$
—

 
$
—

 
$
2.3

 
$
(16.4
)
Total Assets
$
2.3

 
$
—

 
$
—

 
$
2.3

 
$
(16.4
)
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Liabilities associated with exit activities (2)
5.5

 
—

 
5.5

 
—

 
(5.5
)
Total Liabilities
$
5.5

 
$
—

 
$
5.5

 
$
—

 
$
(5.5
)
____________________
(1)
In connection with the Sodium Percarbonate phase-out, we recorded charges to write down the value of the related long-lived assets to be abandoned to their salvage value of $0.7 million. We also recognized a $1.6 million charge to write down certain other assets to fair value in our Industrial Chemicals segment during the year ended December 31, 2011. The loss noted in the above table represents the accelerated depreciation and write-down of these assets recorded during the period.
(2)
This amount represents severance liabilities associated with the Sodium Percarbonate phase-out as further described in Note 8.