Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

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