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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Derivative financial instruments

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 March 31, 2014 and December 31, 2013 was as follows:

				ASSET DERIVATIVES
				March 31, 2014				December 31, 2013
(in millions)		Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts		Other current assets		$	1.6			$	2.3
Commodity contracts		Other current assets		0.1				0.2
Total derivatives designated as hedging instruments				$	1.7			$	2.5

				ASSET DERIVATIVES
				March 31, 2014				December 31, 2013
(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				$	1.7			$	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 Condensed Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 was as follows:

				LIABILITY DERIVATIVES
				March 31, 2014				December 31, 2013
(in millions)		Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts		Accounts payable and accrued expenses		$	0.7			$	0.5
Commodity contracts		Accounts payable and accrued expenses		0.5				0.4
Commodity contracts		Other non-current liabilities		0.1				—
Interest rate swap contracts: Fixed-to-float		Other non-current liabilities		11.3				14.9
Total derivatives designated as hedging instruments				$	12.6			$	15.8

				LIABILITY DERIVATIVES
				March 31, 2014				December 31, 2013
(in millions)		Balance Sheet Location		Fair Value
Derivatives NOT designated as hedging instruments
Foreign exchange contracts		Accounts payable and accrued expenses		$	0.9			$	0.6
Total derivatives NOT designated as hedging instruments				$	0.9			$	0.6
Total liability derivatives				$	13.5			$	16.4

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 March 31, 2014 and March 31, 2013 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)		March 31, 2014				March 31, 2013				OCI into Income (Effective Portion)		March 31, 2014				March 31, 2013
Foreign exchange contracts		$	(0.9	)		$	(2.3	)		Cost of sales		$	0.3			$	0.3
Commodity contracts		(0.2		)		(0.1		)		Cost of sales		(0.1		)		(0.5		)
Total		$	(1.1	)		$	(2.4	)				$	0.2			$	(0.2	)

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)		March 31, 2014				March 31, 2013
Commodity contracts		Cost of sales		$	—			$	—
Total				$	—			$	—

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		March 31, 2014				March 31, 2013
Foreign exchange contracts		Other income		$	(0.4	)		$	(0.2	)
Total				$	(0.4	)		$	(0.2	)

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 March 31, 2014 and March 31, 2013 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		March 31, 2014				March 31, 2013
Interest rate swap contracts		Interest expense		$	3.6			$	(1.3	)
Total				$	3.6			$	(1.3	)

Designated as Hedging Instrument [Member]

Derivative financial instruments

Outstanding commodity and currency forward contracts that were entered into to hedge forecasted transactions

As of March 31, 2014 and December 31, 2013, the company had the following outstanding commodity and foreign currency exchange contracts that were entered to hedge forecasted transactions:

		Units Hedged
Commodity		March 31, 2014			December 31, 2013				Type
Aluminum		2,257			1,622			MT	Cash Flow
Copper		783			382			MT	Cash Flow
Natural Gas		144,390			214,277			MMBtu	Cash Flow
Steel		8,649			11,503			Tons	Cash Flow

		Units Hedged
Short Currency		March 31, 2014			December 31, 2013			Type
Canadian Dollar		13,493,028			11,011,092			Cash Flow
European Euro		117,357,704			74,934,975			Cash Flow
South Korean Won		3,754,342,165			1,258,808,642			Cash Flow
Singapore Dollar		5,040,000			5,280,000			Cash Flow
United States Dollar		1,580,001			14,380,959			Cash Flow
Chinese Renminbi		250,303,820			245,324,730			Cash Flow

Not designated as hedging instruments

Derivative financial instruments

Outstanding commodity and currency forward contracts that were entered into to hedge forecasted transactions

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 March 31, 2014 and December 31, 2013, the company had the following outstanding foreign currency exchange contracts that were not designated as hedging instruments:

		Units Hedged
Short Currency		March 31, 2014			December 31, 2013			Recognized Location		Purpose
Euro		17,894,548			31,738,273			Other income, net		Accounts Payable and Receivable Settlement
United States Dollar		18,143,188			29,091,053			Other income, net		Accounts Payable and Receivable Settlement
Australian Dollar		18,200,000			1,000,000			Other income, net		Accounts Payable and Receivable Settlement
Chinese Renminbi		40,288,990			125,000,000			Other income, net		Accounts Payable and Receivable Settlement

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: 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



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

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Tabular disclosure of derivative liabilities at fair value.

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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

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Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

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