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Derivatives | 9 Months Ended
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Sep. 30, 2013
Derivative Instruments and Hedges, Assets [Abstract] |
Derivatives | Derivatives The use of financial instruments, including derivatives, exposes the Company to market risk related to changes in interest rates, foreign currency exchange rates and commodity prices. The Company primarily uses derivatives to manage its interest rate exposure, to achieve a desired proportion of variable and fixed-rate debt, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and to manage changes in fair value resulting from changes in foreign currency exchange rates. The Company’s foreign exchange risk management policy generally emphasizes hedging transaction exposures of one-year duration or less and hedging foreign currency intercompany financing activities with derivatives with maturity dates of one year or less. The Company reports its derivative positions in the Condensed Consolidated Balance Sheets on a gross basis and does not net asset and liability derivative positions with the same counterparty. The Company monitors its positions with, and the credit quality of, the financial institutions that are parties to its financial transactions. Gains and losses from changes in fair values of derivatives that are not designated as hedges for accounting purposes are recognized currently in earnings, and such amounts were not material for the three and nine months ended September 30, 2013 and 2012. The following table summarizes the Company’s outstanding derivative instruments and their effects on the Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012 (in millions):
|  |  |  | Assets |  |  |  | Liabilities
Derivatives designated as hedging instruments |  | Balance Sheet Location |  | September 30, 2013 |  | December 31, 2012 |  | Balance Sheet Location |  | September 30, 2013 |  | December 31, 2012
Interest rate swaps |  | Other assets |  | $ | 26.2 |  |  | $ | 38.9 |  |  | Other noncurrent liabilities |  | $ | 29.2 |  |  | $ | 7.2 |
Foreign exchange contracts on inventory-related purchases |  | Prepaid expenses and other |  | 0.8 |  |  | 0.5 |  |  | Other accrued liabilities |  | 0.1 |  |  | 0.2 |
Foreign exchange contracts on intercompany borrowings |  | Prepaid expenses and other |  | 0.1 |  |  | — |  |  | Other accrued liabilities |  | 0.1 |  |  | 1.1 |
Total assets |  |  |  | $ | 27.1 |  |  | $ | 39.4 |  |  | Total liabilities |  | $ | 29.4 |  |  | $ | 8.5 |
The fair values of outstanding derivatives that are not designated as hedges for accounting purposes were not material as of September 30, 2013 and December 31, 2012. The Company is not a party to any derivatives that require collateral to be posted prior to settlement. Fair Value Hedges The following table presents the pretax effects of derivative instruments designated as fair value hedges on the Company’s Condensed Consolidated Statements of Operations (in millions):
Derivatives in fair value hedging relationships |  | Location of gain (loss) recognized in income |  | Amount of gain (loss) recognized in income
Three Months Ended |  | Nine Months Ended
September 30, |  | September 30,
2013 |  | 2012 |  | 2013 |  | 2012
Interest rate swaps |  | Interest expense, net |  | $ | 2.3 |  |  | $ | 2.3 |  |  | $ | (34.7 | ) |  | $ | 5.5 |
Fixed-rate debt |  | Interest expense, net |  | $ | (2.3 | ) |  | $ | (2.3 | ) |  | $ | 34.7 |  |  | $ | (5.5 | )
The Company did not realize any ineffectiveness related to fair value hedges during the three and nine months ended September 30, 2013 and 2012. Cash Flow Hedges The following table presents the pretax effects of derivative instruments designated as cash flow hedges on the Company’s Condensed Consolidated Statements of Operations and accumulated other comprehensive income (loss) (“AOCI”) (in millions):
Derivatives in cash flow hedging relationships |  | Location of gain (loss) recognized in income |  | Amount of gain (loss) reclassified from AOCI into income
Three Months Ended |  | Nine Months Ended
September 30, |  | September 30,
2013 |  | 2012 |  | 2013 |  | 2012
Foreign exchange contracts on inventory-related purchases |  | Cost of products sold |  | $ | 0.7 |  |  | $ | (0.3 | ) |  | $ | 2.9 |  |  | $ | 0.5 |
Foreign exchange contracts on intercompany borrowings |  | Interest expense, net |  | — |  |  | — |  |  | — |  |  | (0.1 | )
Forward interest rate swaps |  | Interest expense, net |  | (0.2 | ) |  | — |  |  | (0.6 | ) |  | — |
Commodity swap |  | Cost of products sold |  | — |  |  | (1.4 | ) |  | — |  |  | (1.9 | )
|  |  |  | $ | 0.5 |  |  | $ | (1.7 | ) |  | $ | 2.3 |  |  | $ | (1.5 | )
Derivatives in cash flow hedging relationships |  | Amount of gain (loss) recognized in AOCI
Three Months Ended |  | Nine Months Ended
September 30, |  | September 30,
2013 |  | 2012 |  | 2013 |  | 2012
Foreign exchange contracts on inventory-related purchases |  | $ | (1.0 | ) |  | $ | (2.0 | ) |  | $ | 3.3 |  |  | $ | (2.1 | )
Foreign exchange contracts on intercompany borrowings |  | (1.9 | ) |  | (2.0 | ) |  | (0.1 | ) |  | (0.4 | )
Forward interest rate swaps |  | — |  |  | (0.8 | ) |  | — |  |  | 0.3 |
Commodity swap |  | — |  |  | (0.4 | ) |  | — |  |  | (3.6 | )
|  | $ | (2.9 | ) |  | $ | (5.2 | ) |  | $ | 3.2 |  |  | $ | (5.8 | )
The Company did not realize any ineffectiveness related to cash flow hedges during the three and nine months ended September 30, 2013 and 2012. As of September 30, 2013, the Company expects to reclassify net losses of $0.1 million into earnings during the next 12 months.

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624258-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 10: 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=7476318&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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