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Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Instruments

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

 

 

 

Fair Value of Asset

 

 

Fair Value of (Liability)

 

 

 

Derivatives (1)

 

 

Derivatives (1)

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts (cash flow hedges)

 

$

4.3

 

 

$

3.4

 

 

$

(0.4

)

 

$

(1.4

)

Interest rate swaps (fair value hedges)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.0

)

Interest rate and currency swaps (cash flow hedges)

 

 

17.8

 

 

 

—

 

 

 

—

 

 

 

—

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

41.3

 

 

 

7.1

 

 

 

(67.6

)

 

 

(49.1

)

Total

 

$

63.4

 

 

$

10.5

 

 

$

(68.0

)

 

$

(51.5

)

 

 

(1) 

Asset derivatives are included in other assets and liability derivatives are included in other liabilities.

Effect of Derivative Instruments on Condensed Consolidated Statements of Operations

The following table details the effect of our derivative instruments on our consolidated statements of operations.

 

 

 

Amount of Gain (Loss) Recognized in

 

 

 

Earnings on Derivatives

 

 

 

Year Ended December 31,

 

(In millions)

 

2014

 

 

2013

 

 

2012

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts (cash flow hedges)(1)

 

$

1.9

 

 

$

2.7

 

 

$

(0.1

)

Interest rate and currency swaps (cash flow hedges)(2)

 

 

13.5

 

 

 

—

 

 

 

—

 

Treasury locks (cash flow hedges)(3)

 

 

0.1

 

 

 

0.1

 

 

 

1.7

 

   Sub-total cash flow hedges

 

 

15.5

 

 

 

2.8

 

 

 

1.6

 

Interest rate swaps (fair value hedges)

 

 

1.8

 

 

 

—

 

 

 

1.0

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

(15.2

)

 

 

(8.5

)

 

 

4.6

 

Total

 

$

2.1

 

 

$

(5.7

)

 

$

7.2

 

  

 

—

Amounts recognized on the foreign currency forward contracts were included in other income (expense), net.

·

Amounts recognized on the interest rate and currency swaps included a $16.5 million gain which offset a loss on the remeasurement of the hedged debt, which is included in other income (expense), net and interest expense of $3 million related to the hedge of the interest payments.

—

Amounts recognized on the treasury locks were included in interest expense.