Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

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 Consolidated Balance Sheet as of December 31, 2012 was as follows:



	ASSET DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign Exchange Contracts	Other current assets	$	2.6
Total derivatives designated as hedging instruments		$	2.6



	ASSET DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives NOT designated as hedging instruments
Foreign Exchange Contracts	Other current assets	$	0.3
Total derivatives NOT designated as hedging instruments		$	0.3

Total asset derivatives		$	2.9

The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2013 was as follows:



	ASSET DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets	$	2.3
Commodity contracts	Other current assets	0.2
Total derivatives designated as hedging instruments		$	2.5



	ASSET DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives NOT designated as hedging instruments
Foreign exchange contracts	Other current assets	$	0.6
Total derivatives NOT designated as hedging instruments		$	0.6

Total asset derivatives		$	3.1

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 Consolidated Balance Sheet as of December 31, 2013 was as follows:



	LIABILITY DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts	Accounts payable and accrued expenses	$	0.5
Commodity contracts	Accounts payable and accrued expenses	0.4
Interest rate swap contracts: Fixed-to-float	Other non-current liabilities	14.9
Total derivatives designated as hedging instruments		$	15.8



	LIABILITY DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives NOT designated as hedging instruments
Foreign exchange contracts	Accounts payable and accrued expenses	$	0.6
Total derivatives NOT designated as hedging instruments		$	0.6

Total liability derivatives		$	16.4

The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2012 was as follows:



	LIABILITIES DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign Exchange Contracts	Accounts payable and accrued expenses	$	0.4
Interest Rate Swaps: Fixed-to-Float	Other non-current liabilities	1.1
Commodity Contracts	Accounts payable and accrued expenses	0.8
Total derivatives designated as hedging instruments		$	2.3



	LIABILITY DERIVATIVES
(in millions)	Balance Sheet Location	Fair Value
Derivatives NOT designated as hedging instruments
Foreign Exchange Contracts	Accounts payable and accrued expenses	$	0.5
Interest Rate Swap Contracts: Float-to-Fixed	Accounts payable and accrued expenses	0.3
Total derivatives NOT designated as hedging instruments		$	0.8

Total liability derivatives		$	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 Consolidated Statement of Operations for the twelve months ended December 31, 2011 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows:



Derivatives in Cash Flow Hedging Relationships (in millions)	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax)			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Foreign Exchange Contracts	$	(3.7	)	Cost of sales	$	2.5
Interest Rate Swap & Cap Contracts	1.3			Interest expense	(5.3		)
Commodity contracts	(2.1		)	Cost of sales	(0.3		)
Total	$	(4.5	)		$	(3.1	)



Derivatives Not Designated as Hedging Instruments (in millions)	Location of Gain or (Loss) recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Foreign Exchange Contracts	Other income	$	(2.0	)
Interest rate swap contracts	Other income	$	4.8
Total		$	2.8

The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2012 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows:



Derivatives in Cash Flow Hedging Relationships (in millions)	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax)			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Foreign Exchange Contracts	$	4.2		Cost of sales	$	(7.3	)
Interest Rate Swap & Cap Contracts	(0.2		)	Interest expense	0.1
Commodity Contracts	1.0			Cost of sales	(2.7		)
Total	$	5.0			$	(9.9	)



Derivatives Not Designated as Hedging Instruments (in millions)	Location of Gain or (Loss) recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Foreign Exchange Contracts	Other income	$	1.2
Interest Rate Swap Contracts	Other income	9.3
Total		$	10.5



Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions)	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Interest rate swap contracts	Interest expense	$	(1.7	)
Total		$	(1.7	)

The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2013 and gains or losses initially recognized in Other Comprehensive Income (OCI) in the Consolidated Balance Sheet was as follows:



Derivatives in Cash Flow Hedging Relationships (in millions)	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax)			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Foreign exchange contracts	$	(0.3	)	Cost of sales	$	3.0
Commodity contracts	0.4			Cost of sales	(1.6		)
Total	$	0.1			$	1.4



Derivatives Relationships (in millions)	Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Commodity contracts	Cost of sales	$	—
Total		$	—



Derivatives Not Designated as Hedging Instruments (in millions)	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Foreign exchange contracts	Other income	$	0.2
Total		$	0.2



Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions)	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Interest rate swap contracts	Interest expense	$	(13.7	)
Total		$	(13.7	)

Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

As of December 31, 2013, the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions:



Commodity	Units Hedged		Type
Aluminum	1,622	MT	Cash Flow
Copper	382	MT	Cash Flow
Natural Gas	214,277	MMBtu	Cash Flow
Steel	11,503	Short Tons	Cash Flow



Currency	Units Hedged	Type
Canadian Dollar	11,011,092	Cash Flow
European Euro	74,934,975	Cash Flow
South Korean Won	1,258,808,642	Cash Flow
Singapore Dollar	5,280,000	Cash Flow
United States Dollar	14,380,959	Cash Flow
Chinese Renminbi	245,324,730	Cash Flow

As of December 31, 2012, the company had the following outstanding interest rate, commodity and currency forward contracts that were entered into as hedge forecasted transactions:



Commodity	Units Hedged		Type
Aluminum	1,382	MT	Cash Flow
Copper	515	MT	Cash Flow
Natural Gas	158,670	MMBtu	Cash Flow
Steel	10,041	Short Tons	Cash Flow



Currency	Units Hedged	Type
Canadian Dollar	9,351,126	Cash Flow
European Euro	66,389,190	Cash Flow
South Korean Won	2,595,874,455	Cash Flow
Singapore Dollar	4,800,000	Cash Flow
United States Dollar	2,398,273	Cash Flow
Chinese Renminbi	187,640,472	Cash Flow

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

As of December 31, 2012, the designated fair market value hedges of receive-fixed/pay-float swaps of the 2022 Notes was $100.0 million. Including the floating rate swaps, the 2022 Notes had an all-in interest rate of 5.35%.

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.



Currency	Units Hedged	Recognized Location	Purpose
Euro	24,540,841	Other income, net	Accounts Payable and Receivable Settlement
United States Dollar	6,432,000	Other income, net	Accounts Payable and Receivable Settlement
Pounds Sterling	11,100,000	Other income, net	Accounts Payable and Receivable Settlement

As of December 31, 2013, the company had the following outstanding currency forward contracts that were not designated as hedging instruments:



Currency	Units Hedged	Recognized Location	Purpose
Euro	31,738,273	Other income, net	Accounts payable and receivable settlement
United States Dollar	29,091,053	Other income, net	Accounts payable and receivable settlement
Australian Dollar	1,000,000	Other income, net	Accounts payable and receivable settlement
Chinese Renminbi	125,000,000	Other income, net	Accounts payable and receivable settlement

Derivatives in Fair Value Hedging
Relationships (in millions)

Location of Gain or (Loss)
Recognized in Income on
Derivative (Ineffective Portion
and Amount Excluded from
Effectiveness Testing)

Amount of Gain or (Loss)
Recognized in Income on
Derivative (Ineffective
Portion and Amount
Excluded from Effectiveness
Testing)

Commodity Contracts

Cost of sales