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Derivatives and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value of Derivative Instruments

The following table details the fair value of our derivative instruments included on our condensed consolidated balance sheets.

 

     Fair Value of Asset
Derivatives (1)		      Fair Value of (Liability)
Derivatives (1)		  
     September 30,      December 31,      September 30,     December 31,  
   2013      2012      2013     2012  

Derivatives designated as hedging instruments:

           

Foreign currency forward contracts (cash flow hedges)

    $ 1.9       $ 0.5       $ (2.0 )    $ (0.8 ) 

Derivatives not designated as hedging instruments:

           

Foreign currency forward contracts

      3.4         4.9         (33.1 )      (29.6 ) 
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 5.3       $ 5.4       $ (35.1 )    $ (30.4 ) 
  

 

 

     

 

 

     

 

 

    

 

 

  

 

(1) 

Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the condensed consolidated balance sheets.
Effect of Derivative Instruments on Consolidated Statements of Operations

The following table details the effect of our derivative instruments on our condensed consolidated statements of operations. The gains and losses on foreign currency forward contracts included below were substantially offset by the gains and losses resulting from the remeasurement of the underlying foreign currency denominated items, which are included in other expense, net, on the condensed consolidated statement of operations. The underlying foreign currency denominated items include third party and intercompany receivables and payables and interest-bearing intercompany loans. See “Foreign Currency Forward Contracts Not Designated as Hedges” above for further information.

 

     Amount of Gain (Loss) Recognized in
Earnings on Derivatives(1)		  
     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2013      2012      2013     2012  

Derivatives designated as hedging instruments:

           

Interest rate swaps

    $ —         $ —         $ —        $ 0.4   

Foreign currency forward contracts

      1.5         —           1.7        (0.1 ) 

Derivatives not designated as hedging instruments:

           

Foreign currency forward contracts

      11.1         13.6         (5.1 )      8.0   
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 12.6       $ 13.6       $ (3.4 )    $ 8.3   
  

 

 

     

 

 

     

 

 

    

 

 

  

 

(1) 

Amounts recognized on the foreign currency forward contracts were included in other expense, net. Amounts recognized on the interest rate swaps were included in interest expense in the condensed consolidated statements of operations.