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Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2015
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 condensed consolidated balance sheets.

 

 

 

Fair Value of Asset

 

 

Fair Value of (Liability)

 

 

 

Derivatives

 

 

Derivatives

 

 

 

June 30,

 

 

December 31,

 

 

June 30,

 

 

December 31,

 

(In millions)

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Derivatives and hedging instruments designated

   as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts (cash flow hedges)

 

$

4.0

 

 

$

4.3

 

 

$

(1.6

)

 

$

(0.4

)

Interest rate and currency swaps (cash flow hedges)

 

 

29.7

 

 

 

17.8

 

 

 

—

 

 

 

—

 

Cross-currency swaps (net investment hedges)

 

 

—

 

 

 

—

 

 

 

(28.4

)

 

 

—

 

Derivatives and hedging instruments not designated as

   hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

45.0

 

 

 

41.3

 

 

 

(60.0

)

 

 

(67.6

)

Foreign currency option contracts

 

 

0.6

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

79.3

 

 

$

63.4

 

 

$

(90.0

)

 

$

(68.0

)

 
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Gain (Loss) Recognized in

 

 

Earnings on Derivatives

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(In millions)

2015

 

 

2014

 

 

2015

 

 

2014

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts (cash flow

   hedges)(1)

$

2.9

 

 

$

(1.1

)

 

$

3.7

 

 

$

1.2

 

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

 

(6.5

)

 

 

—

 

 

 

8.6

 

 

 

—

 

Treasury locks (cash flow hedges)(3)

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Sub-total cash flow hedges

 

(3.5

)

 

 

(1.1

)

 

 

12.4

 

 

 

1.3

 

Interest rate swaps (fair value hedges)

 

0.1

 

 

 

0.5

 

 

 

0.2

 

 

 

1.0

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

(3.4

)

 

 

(3.3

)

 

 

42.4

 

 

 

4.0

 

Total

$

(6.8

)

 

$

(3.9

)

 

$

55.0

 

 

$

6.3

 

  

 

(1)

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

(2)

Amounts recognized on the interest rate and currency swaps for the six months ended June 30, 2015, included a $12 million gain which offset a loss on the remeasurement of the hedged debt, which is included in other income, net and interest expense of $3 million related to the hedge of the interest payments.

(3)

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