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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding commodity and currency forward contracts that were entered into to hedge forecasted transactions | As of September 30, 2013 and December 31, 2012, the company had the following outstanding commodity and foreign currency exchange contracts that were entered to hedge forecasted transactions:
|  | Units Hedged |  |  |
Commodity |  | September 30, 2013 |  | December 31, 2012 |  |  | Type
Aluminum |  | 1,715 |  |  | 1,382 |  |  | MT | Cash Flow
Copper |  | 417 |  |  | 515 |  |  | MT | Cash Flow
Natural Gas |  | 201,946 |  |  | 158,670 |  |  | MMBtu | Cash Flow
Steel |  | 14,054 |  |  | 10,041 |  |  | Tons | Cash Flow
|  | Units Hedged |  |
Short Currency |  | September 30, 2013 |  | December 31, 2012 |  | Type
Canadian Dollar |  | 10,079,738 |  |  | 9,351,126 |  |  | Cash Flow
European Euro |  | 114,968,295 |  |  | 66,389,190 |  |  | Cash Flow
South Korean Won |  | 2,211,098,418 |  |  | 2,595,874,455 |  |  | Cash Flow
Singapore Dollar |  | 4,800,000 |  |  | 4,800,000 |  |  | Cash Flow
United States Dollar |  | 246,399 |  |  | 2,398,273 |  |  | Cash Flow
Chinese Renminbi |  | 76,791,282 |  |  | 187,640,472 |  |  | Cash Flow
Schedule of currency forward contracts not designated as hedges and location of gain or loss in Statement of Operations | For derivative instruments that are not designated as hedging instruments under ASC Topic 815-10, the gains or losses on the derivatives are recognized in current earnings within cost of sales or other income, net in the Condensed Consolidated Statements of Operations. As of September 30, 2013 and December 31, 2012, the company had the following outstanding foreign currency exchange contracts that were not designated as hedging instruments:
|  | Units Hedged |  |  |  |
Short Currency |  | September 30, 2013 |  | December 31, 2012 |  | Recognized Location |  | Purpose
Euro |  | 30,411,329 |  |  | 24,540,841 |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
United States Dollar |  | 42,739,909 |  |  | 6,432,000 |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
Pound Sterling |  | — |  |  | 11,100,000 |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
Chinese Renminbi |  | 125,000,000 |  |  | — |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
Japanese Yen |  | 200,000,000 |  |  | — |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
Swiss Franc |  | 25,563,763 |  |  | — |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
Schedule of the fair value of outstanding derivative contracts recorded as assets in the accompanying consolidated balance sheet | The fair value of outstanding derivative contracts recorded as assets in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012 was as follows:
|  |  |  | ASSET DERIVATIVES
|  |  |  | September 30, 2013 |  | December 31, 2012
(in millions) |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  | $ | 2.7 |  |  | $ | 2.6 |
Commodity contracts |  | Other current assets |  | $ | 0.1 |  |  | $ | — |
Total derivatives designated as hedging instruments |  |  |  | $ | 2.8 |  |  | $ | 2.6 |
|  |  |  | ASSET DERIVATIVES
|  |  |  | September 30, 2013 |  | December 31, 2012
(in millions) |  | Balance Sheet Location |  | Fair Value
Derivatives NOT designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  | $ | 1.0 |  |  | $ | 0.3 |
Total derivatives NOT designated as hedging instruments |  |  |  | $ | 1.0 |  |  | $ | 0.3 |
Total asset derivatives |  |  |  | $ | 3.8 |  |  | $ | 2.9 |
Schedule of the fair value of outstanding derivative contracts recorded as liabilities in the accompanying consolidated balance sheet | The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012 was as follows:
|  |  |  | LIABILITY DERIVATIVES
|  |  |  | September 30, 2013 |  | December 31, 2012
(in millions) |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Accounts payable and accrued expenses |  | $ | 0.2 |  |  | $ | 0.4 |
Commodity contracts |  | Accounts payable and accrued expenses |  | 0.9 |  |  | 0.8 |
Commodity contracts |  | Other non-current liabilities |  | $ | 0.1 |  |  | $ | — |
Interest rate swap contracts: Fixed-to-float |  | Other non-current liabilities |  | $ | 11.2 |  |  | $ | 1.1 |
Total derivatives designated as hedging instruments |  |  |  | $ | 12.4 |  |  | $ | 2.3 |
|  |  |  | LIABILITY DERIVATIVES
|  |  |  | September 30, 2013 |  | December 31, 2012
(in millions) |  | Balance Sheet Location |  | Fair Value
Derivatives NOT designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Accounts payable and accrued expenses |  | $ | 1.5 |  |  | $ | 0.5 |
Interest rate swap contracts: Float-to-fixed |  | Accounts payable and accrued expenses |  | — |  |  | 0.3 |
Total derivatives NOT designated as hedging instruments |  |  |  | $ | 1.5 |  |  | $ | 0.8 |
Total liability derivatives |  |  |  | $ | 13.9 |  |  | $ | 3.1 |
Schedule of the effect of derivative instruments on the consolidated statement of operations for gains or losses initially recognized in Other Comprehensive Income (OCI) in the Consolidated Balance Sheet | The effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three months ended September 30, 2013 and September 30, 2012 for gains or losses initially recognized in Other Comprehensive Income (OCI) in the Condensed Consolidated Balance Sheets was as follows:
|  | Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) |  | Location of Gain or (Loss) Reclassified from Accumulated |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships (in millions) |  | September 30, 2013 |  | September 30, 2012 |  | OCI into Income (Effective Portion) |  | September 30, 2013 |  | September 30, 2012
Foreign exchange contracts |  | $ | 2.0 |  |  | $ | 2.7 |  |  | Cost of sales |  | $ | 0.8 |  |  | $ | (3.6 | )
Interest rate swap & cap contracts |  | — |  |  | — |  |  | Interest expense |  | — |  |  | — |
Commodity contracts |  | 0.4 |  |  | 0.9 |  |  | Cost of sales |  | (0.4 | ) |  | (0.8 | )
Total |  | $ | 2.4 |  |  | $ | 3.6 |  |  |  |  | $ | 0.4 |  |  | $ | (4.4 | )
Derivatives |  | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from |  | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Relationships (in millions) |  | Effectiveness Testing) |  | September 30, 2013 |  | September 30, 2012
Commodity contracts |  | Cost of sales |  | $ | — |  |  | $ | (0.1 | )
Total |  |  |  | $ | — |  |  | $ | (0.1 | )
Derivatives Not Designated as |  | Location of Gain or (Loss) Recognized on Derivative in |  | Amount of Gain or (Loss) on Derivative Recognized in Income
Hedging Instruments (in millions) |  | Income |  | September 30, 2013 |  | September 30, 2012
Foreign exchange contracts |  | Other income |  | $ | 0.8 |  |  | $ | 0.3 |
Interest rate swaps |  | Other income |  | — |  |  | 2.3 |
Total |  |  |  | $ | 0.8 |  |  | $ | 2.6 |
The effect of derivative instruments on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2013 and September 30, 2012 for gains or losses initially recognized in Other Comprehensive Income (OCI) in the Condensed Consolidated Balance Sheets was as follows:
|  | Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) |  | Location of Gain or (Loss) Reclassified from Accumulated |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships (in millions) |  | September 30, 2013 |  | September 30, 2012 |  | OCI into Income (Effective Portion) |  | September 30, 2013 |  | September 30, 2012
Foreign exchange contracts |  | $ | 0.2 |  |  | $ | 2.5 |  |  | Cost of sales |  | $ | 1.6 |  |  | $ | (6.9 | )
Interest rate swap & cap contracts |  | — |  |  | (0.1 | ) |  | Interest expense |  | — |  |  | — |
Commodity contracts |  | 0.1 |  |  | 0.7 |  |  | Cost of sales |  | (1.5 | ) |  | (2.2 | )
Total |  | $ | 0.3 |  |  | $ | 3.1 |  |  |  |  | $ | 0.1 |  |  | $ | (9.1 | )
Derivatives |  | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from |  | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Relationships (in millions) |  | Effectiveness Testing) |  | September 30, 2013 |  | September 30, 2012
Commodity contracts |  | Cost of sales |  | $ | (0.1 | ) |  | $ | (0.2 | )
Total |  |  |  | $ | (0.1 | ) |  | $ | (0.2 | )
Derivatives Not Designated as |  | Location of Gain or (Loss) Recognized on Derivative in |  | Amount of Gain or (Loss) on Derivative Recognized in Income
Hedging Instruments (in millions) |  | Income |  | September 30, 2013 |  | September 30, 2012
Foreign exchange contracts |  | Other income |  | $ | — |  |  | $ | (1.2 | )
Interest rate swaps |  | Other income |  | — |  |  | $ | 6.9 |
Total |  |  |  | $ | — |  |  | $ | 5.7 |
Schedule of Fair Market Value designated derivative instruments on the consolidated statement of operations for gains or losses recognized through income | The effect of Fair Market Value designated derivative instruments on the Condensed Consolidated Statements of Operations for the three months ended September 30, 2013 and September 30, 2012 for gains or losses recognized through income was as follows:
Derivatives Designated as Fair Market Value |  | Location of Gain or (Loss) on Derivative |  | Amount of Gain or (Loss) on Derivative Recognized in Income
Instruments under ASC 815 (in millions) |  | Recognized in Income |  | September 30, 2013 |  | September 30, 2012
Interest rate swap contracts |  | Interest expense |  | $ | (2.7 | ) |  | $ | — |
Total |  |  |  | $ | (2.7 | ) |  | $ | — |
The effect of Fair Market Value designated derivative instruments on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2013 and September 30, 2012 for gains or losses recognized through income was as follows:
Derivatives Designated as Fair Market Value |  | Location of Gain or (Loss) on Derivative |  | Amount of Gain or (Loss) on Derivative Recognized in Income
Instruments under ASC 815 (in millions) |  | Recognized in Income |  | September 30, 2013 |  | September 30, 2012
Interest rate swap contracts |  | Interest expense |  | $ | (10.1 | ) |  | $ | 11.5 |
Total |  |  |  | $ | (10.1 | ) |  | $ | 11.5 |

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: 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=7476318&loc=SL5624171-113959 Reference 4: 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=7476318&loc=SL5618551-113959 + Details
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