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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2015
Derivative [Line Items] |
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, 2014 was as follows:
| ASSET DERIVATIVES
(in millions) | Balance Sheet Location | Fair Value
Derivatives designated as hedging instruments |  |  |
Interest rate swap contracts: Float-to-fixed | Other non-current assets | $ | 0.8 |
Total derivatives designated as hedging instruments |  | $ | 0.8 |
| ASSET DERIVATIVES
(in millions) | Balance Sheet Location | Fair Value
Derivatives NOT designated as hedging instruments |  |  |
Foreign exchange contracts | Other current assets | $ | 2.1 |
Total derivatives NOT designated as hedging instruments |  | $ | 2.1 |
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, 2015 was as follows:
| ASSET DERIVATIVES
(in millions) | Balance Sheet Location | Fair Value
Derivatives designated as hedging instruments |  |  |
Interest rate swap contracts: Float-to-fixed | Other non-current assets | $ | — |
Total derivatives designated as hedging instruments |  | $ | — |
| 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 |  | $ | 0.3 |
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, 2014 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 |  | $ | 6.6 |
Commodity contracts | Accounts payable and accrued expenses |  | 1.0 |
Interest rate swap contracts: Float-to-fixed | Accounts payable and accrued expenses |  | 2.3 |
Commodity contracts | Other non-current liabilities |  | 0.4 |
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities |  | 4.3 |
Total derivatives designated as hedging instruments |  |  | $ | 14.6 |
| LIABILITY DERIVATIVES
(in millions) | Balance Sheet Location | Fair Value
Derivatives NOT designated as hedging instruments |  |  |
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 1.3 |
Total derivatives NOT designated as hedging instruments |  | $ | 1.3 |
Total liability derivatives |  | $ | 15.9 |
The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2015 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 | $ | 0.3 |
Commodity contracts | Accounts payable and accrued expenses | 3.1 |
Interest rate swap contracts: Float-to-fixed | Accounts payable and accrued expenses | 1.7 |
Commodity contracts | Other non-current liabilities | 0.4 |
Interest rate swap contracts: Float-to-fixed | Other non-current liabilities | 0.6 |
Total derivatives designated as hedging instruments |  | $ | 6.1 |
| LIABILITY DERIVATIVES
(in millions) | Balance Sheet Location | Fair Value
Derivatives NOT designated as hedging instruments |  |  |
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.9 |
Commodity contracts | Accounts payable and accrued expenses | 0.7 |
Commodity contracts | Other non-current liabilities | 0.1 |
Total derivatives NOT designated as hedging instruments |  | $ | 1.7 |
Total liability derivatives |  | $ | 7.8 |
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, 2014 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 |  | $ | (5.3 | ) |  | Cost of sales |  | $ | (2.2 | )
Commodity contracts |  | (0.8 | ) |  | Cost of sales |  | (0.1 | )
Interest rate swap & cap contracts |  | (0.9 | ) |  | Interest expense |  | (1.8 | )
Total |  | $ | (7.0 | ) |  |  |  | $ | (4.1 | )
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 |  | $ | (0.1 | )
Total |  |  |  | $ | (0.1 | )
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 (expense) income, net |  | $ | 0.8 |
Total |  |  |  | $ | 0.8 |
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: Fixed-to-float |  | Interest expense |  | $ | 10.6 |
Total |  |  |  | $ | 10.6 |
The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2015 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 |  | $ | 4.0 |  |  | Cost of sales |  | $ | (11.7 | )
Commodity contracts |  | (1.3 | ) |  | Cost of sales |  | (4.0 | )
Interest rate swap contracts: Float-to-fixed |  | (0.5 | ) |  | Interest expense |  | (2.6 | )
Total |  | $ | 2.2 |  |  |  |  | $ | (18.3 | )
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 | $ | (0.2 | )
Total |  | $ | (0.2 | )
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 (expense) income, net | $ | (1.4 | )
Interest rate swap contracts | Other income | — |
Total |  | $ | (1.4 | )
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: Fixed-to-float | Interest expense | $ | 4.3 |
Total |  | $ | 4.3 |
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 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 (expense) income, net |  | $ | 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 (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)
Interest rate swap contracts: Fixed-to-float |  | Interest expense |  | $ | (13.7 | )
Total |  |  |  | $ | (13.7 | )
Designated as Hedging Instrument |
Derivative [Line Items] |
Schedule of outstanding commodity and currency forward contracts | As of December 31, 2015, the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions:
Commodity |  | Units Hedged |  |  |  | Type
Aluminum |  | 1,040 |  | MT |  | Cash Flow
Copper |  | 472 |  | MT |  | Cash Flow
Natural Gas |  | 291,260 |  | MMBtu |  | Cash Flow
Steel |  | 11,895 |  | Short Tons |  | Cash Flow
Currency |  | Units Hedged |  | Type
Canadian Dollar |  | 587,556 |  | Cash Flow
European Euro |  | 231,810 |  | Cash Flow
South Korean Won |  | 1,533,257,930 |  | Cash Flow
Singapore Dollar |  | 1,800,000 |  | Cash Flow
Mexican Peso |  | 28,504,800 |  | Cash Flow
Japanese Yen |  | 245,915,700 |  | Cash Flow
Great British Pound |  | 113,115 |  | Cash Flow
As of December 31, 2014, the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions:
Commodity |  | Units Hedged |  |  |  | Type
Aluminum |  | 1,657 |  | MT |  | Cash Flow
Copper |  | 820 |  | MT |  | Cash Flow
Natural Gas |  | 347,608 |  | MMBtu |  | Cash Flow
Steel |  | 14,665 |  | Short Tons |  | Cash Flow
Currency |  | Units Hedged |  | Type
Canadian Dollar |  | 7,984,824 |  | Cash Flow
European Euro |  | 89,006,695 |  | Cash Flow
South Korean Won |  | 1,964,906,996 |  | Cash Flow
Singapore Dollar |  | 3,900,000 |  | Cash Flow
United States Dollar |  | 29,228,731 |  | Cash Flow
Mexican Peso |  | 52,674,387 |  | Cash Flow
Not Designated as Hedging Instrument |
Derivative [Line Items] |
Schedule of outstanding commodity and currency forward contracts | 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. As of December 31, 2014, the company had the following outstanding currency forward contracts that were not designated as hedging instruments:
Currency |  | Units Hedged |  | Recognized Location |  | Purpose
European Euro |  | 73,302,332 |  | Other (expense) income, net |  | Accounts Payable and Receivable Settlement
United States Dollar |  | 18,244,912 |  | Other (expense) income, net |  | Accounts Payable and Receivable Settlement
Australian Dollar |  | 2,482,430 |  | Other (expense) income, net |  | Accounts Payable and Receivable Settlement
Mexican Peso |  | 3,151,000 |  | Other (expense) income, net |  | Accounts Payable and Receivable Settlement
Canadian Dollar |  | 2,516 |  | Other (expense) income, net |  | Accounts Payable and Receivable Settlement
As of December 31, 2015, the company had the following outstanding currency forward contracts and commodity swaps that were not designated as hedging instruments:
Currency |  | Units Hedged |  |  | Recognized Location |  | Purpose
European Euro |  | 20,490,320 |  |  | Other (expense) income, net |  | Accounts payable and receivable settlement
United States Dollar |  | 17,321,106 |  |  | Other (expense) income, net |  | Accounts payable and receivable settlement
Australian Dollar |  | — |  |  | Other (expense) income, net |  | Accounts payable and receivable settlement
Mexican Peso |  | — |  |  | Other (expense) income, net |  | Accounts payable and receivable settlement
Canadian Dollar |  | 1,117,850 |  |  | Other (expense) income, net |  | Accounts payable and receivable settlement
Singapore Dollar |  | 500,000 |  |  | Other (expense) income, net |  | Accounts payable and receivable settlement
Great British Pound |  | 4,840,238 |  |  | Other (expense) income, net |  | Accounts payable and receivable settlement
Japanese Yen |  | 70,518,463 |  |  | Other (expense) income, net |  | Accounts payable and receivable settlement
Aluminum |  | 175 |  | MT | Other (expense) income, net |  | De-designated commodity swap
Steel |  | 3,989 |  | ST | Other (expense) income, net |  | De-designated commodity swap

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