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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2015
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 September 30, 2015 and December 31, 2014 was as follows:
|  |  |  | ASSET DERIVATIVES
|  |  |  | September 30, 2015 |  | December 31, 2014
(in millions) |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  | $ | 0.3 |  |  | $ | — |
Commodity contracts |  | Other non-current assets |  | 0.1 |  |  | — |
Interest rate swap contracts: Float-to-fixed |  | Other non-current assets |  | — |  |  | 0.8 |
Total derivatives designated as hedging instruments |  |  |  | $ | 0.4 |  |  | $ | 0.8 |
|  |  |  | ASSET DERIVATIVES
|  |  |  | September 30, 2015 |  | December 31, 2014
(in millions) |  | Balance Sheet Location |  | Fair Value
Derivatives NOT designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  | $ | 0.1 |  |  | $ | 2.1 |
Total derivatives NOT designated as hedging instruments |  |  |  | $ | 0.1 |  |  | $ | 2.1 |
Total asset derivatives |  |  |  | $ | 0.5 |  |  | $ | 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, 2015 and December 31, 2014 was as follows:
|  |  |  | LIABILITY DERIVATIVES
|  |  |  | September 30, 2015 |  | December 31, 2014
(in millions) |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Accounts payable and accrued expenses |  | $ | 2.5 |  |  | $ | 6.6 |
Commodity contracts |  | Accounts payable and accrued expenses |  | 3.8 |  |  | 1.0 |
Interest rate swap contracts: Float-to-fixed |  | Accounts payable and accrued expenses |  | 2.2 |  |  | 2.3 |
Commodity contracts |  | Other non-current liabilities |  | 0.7 |  |  | 0.4 |
Interest rate swap contracts: Float-to-fixed |  | Other non-current liabilities |  | 1.9 |  |  | — |
Interest rate swap contracts: Fixed-to-float |  | Other non-current liabilities |  | — |  |  | 4.3 |
Total derivatives designated as hedging instruments |  |  |  | $ | 11.1 |  |  | $ | 14.6 |
|  |  |  | LIABILITY DERIVATIVES
|  |  |  | September 30, 2015 |  | December 31, 2014
(in millions) |  | Balance Sheet Location |  | Fair Value
Derivatives NOT designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Accounts payable and accrued expenses |  | $ | 0.2 |  |  | $ | 1.3 |
Total derivatives NOT designated as hedging instruments |  |  |  | $ | 0.2 |  |  | $ | 1.3 |
Total liability derivatives |  |  |  | $ | 11.3 |  |  | $ | 15.9 |
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, 2015 and September 30, 2014 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 OCI into Income (Effective Portion) |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships (in millions) |  | September 30, 2015 |  | September 30, 2014 |  |  | September 30, 2015 |  | September 30, 2014
Foreign exchange contracts |  | $ | 0.9 |  |  | $ | (2.7 | ) |  | Cost of sales |  | $ | (2.9 | ) |  | $ | (0.6 | )
Commodity contracts |  | (0.7 | ) |  | (0.3 | ) |  | Cost of sales |  | (1.1 | ) |  | — |
Interest rate swap contracts: Float-to-fixed |  | (1.0 | ) |  | 0.9 |  |  | Interest expense |  | (0.6 | ) |  | (0.7 | )
Total |  | $ | (0.8 | ) |  | $ | (2.1 | ) |  |  |  | $ | (4.6 | ) |  | $ | (1.3 | )
Derivatives |  | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) |  | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Relationships (in millions) |  |  | September 30, 2015 |  | September 30, 2014
Commodity contracts |  | Cost of sales |  | $ | (0.1 | ) |  | $ | (0.1 | )
Total |  |  |  | $ | (0.1 | ) |  | $ | (0.1 | )
Derivatives Not Designated as |  | Location of Gain or (Loss) Recognized on Derivative in Income |  | Amount of Gain or (Loss) on Derivative Recognized in Income
Hedging Instruments (in millions) |  |  | September 30, 2015 |  | September 30, 2014
Foreign exchange contracts |  | Other income |  | $ | (0.6 | ) |  | $ | 1.0 |
Total |  |  |  | $ | (0.6 | ) |  | $ | 1.0 |
The effect of derivative instruments on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2015 and September 30, 2014 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 OCI into Income (Effective Portion) |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships (in millions) |  | September 30, 2015 |  | September 30, 2014 |  |  | September 30, 2015 |  | September 30, 2014
Foreign exchange contracts |  | $ | 2.8 |  |  | $ | (3.8 | ) |  | Cost of sales |  | $ | (10.0 | ) |  | $ | — |
Commodity contracts |  | (1.9 | ) |  | (0.1 | ) |  | Cost of sales |  | (2.5 | ) |  | (0.2 | )
Interest rate swaps contracts: Float-to-fixed |  | (1.6 | ) |  | (0.2 | ) |  | Interest expense |  | (1.9 | ) |  | (1.1 | )
Total |  | $ | (0.7 | ) |  | $ | (4.1 | ) |  |  |  | $ | (14.4 | ) |  | $ | (1.3 | )
Derivatives |  | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) |  | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Relationships (in millions) |  |  | September 30, 2015 |  | September 30, 2014
Commodity contracts |  | Cost of sales |  | $ | (0.2 | ) |  | $ | (0.1 | )
Total |  |  |  | $ | (0.2 | ) |  | $ | (0.1 | )
Derivatives Not Designated as |  | Location of Gain or (Loss) Recognized on Derivative in Income |  | Amount of Gain or (Loss) on Derivative Recognized in Income
Hedging Instruments (in millions) |  |  | September 30, 2015 |  | September 30, 2014
Foreign exchange contracts |  | Other income |  | $ | (0.9 | ) |  | $ | 0.6 |
Total |  |  |  | $ | (0.9 | ) |  | $ | 0.6 |
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, 2015 and September 30, 2014 for gains or losses recognized through income was as follows:
Derivatives Designated as Fair Market Value |  | Location of Gain or (Loss) on Derivative Recognized in Income |  | Amount of Gain or (Loss) on Derivative Recognized in Income
Instruments under ASC 815 (in millions) |  |  | September 30, 2015 |  | September 30, 2014
Interest rate swap contracts: Fixed-to-float |  | Interest expense |  | $ | 2.0 |  |  | $ | (0.5 | )
Total |  |  |  | $ | 2.0 |  |  | $ | (0.5 | )
The effect of fair market value designated derivative instruments on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2015 and September 30, 2014 for gains or losses recognized through income was as follows:
Derivatives Designated as Fair Market Value |  | Location of Gain or (Loss) on Derivative Recognized in Income |  | Amount of Gain or (Loss) on Derivative Recognized in Income
Instruments under ASC 815 (in millions) |  |  | September 30, 2015 |  | September 30, 2014
Interest rate swap contracts: Fixed-to-float |  | Interest expense |  | $ | 4.3 |  |  | $ | 6.9 |
Total |  |  |  | $ | 4.3 |  |  | $ | 6.9 |
Designated as Hedging Instrument [Member] |
Derivative financial instruments |
Outstanding commodity and currency forward contracts that were entered into to hedge forecasted transactions | As of September 30, 2015 and December 31, 2014, the company had the following outstanding commodity and foreign currency exchange contracts that were intended to hedge forecasted transactions:
|  | Units Hedged |  |  |
Commodity |  | September 30, 2015 |  | December 31, 2014 |  | Unit | Type
Aluminum |  | 1,510 |  |  | 1,657 |  |  | MT | Cash Flow
Copper |  | 583 |  |  | 820 |  |  | MT | Cash Flow
Natural Gas |  | 298,703 |  |  | 347,608 |  |  | MMBtu | Cash Flow
Steel |  | 20,388 |  |  | 14,665 |  |  | Tons | Cash Flow
|  | Units Hedged |  |
Short Currency |  | September 30, 2015 |  | December 31, 2014 |  | Type
Canadian Dollar |  | 1,783,060 |  |  | 7,984,824 |  |  | Cash Flow
European Euro |  | 14,152,038 |  |  | 89,006,695 |  |  | Cash Flow
South Korean Won |  | 2,194,846,685 |  |  | 1,964,906,996 |  |  | Cash Flow
Singapore Dollar |  | 3,000,000 |  |  | 3,900,000 |  |  | Cash Flow
United States Dollar |  | 8,456,551 |  |  | 29,228,731 |  |  | Cash Flow
British Pound |  | 1,657,607 |  |  | — |  |  | Cash Flow
Japanese Yen |  | 592,670,800 |  |  | — |  |  | Cash Flow
Mexican Peso |  | 46,263,689 |  |  | 52,674,387 |  |  | 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 Other (expense) income, net in the Condensed Consolidated Statements of Operations. As of September 30, 2015 and December 31, 2014, the company had the following outstanding foreign currency exchange contracts that were not designated as hedging instruments:
|  | Units Hedged |  |  |  |
Short Currency |  | September 30, 2015 |  | December 31, 2014 |  | Recognized Location |  | Purpose
Euro |  | 10,902,051 |  |  | 73,302,332 |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
United States Dollar |  | 25,728,169 |  |  | 18,244,912 |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
Australian Dollar |  | — |  |  | 2,482,430 |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
Canadian Dollar |  | — |  |  | 2,516 |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
Mexican Peso |  | 2,288,431 |  |  | 3,151,000 |  |  | Other income, net |  | Accounts Payable and Receivable Settlement
British Pound Sterling |  | 89,878 |  |  | — |  |  | Other income, net |  | Accounts Payable and Receivable Settlement

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