Fair Value Measurements

Derivative Financial Instruments

Cash Flow Hedges

We attempt to substantially mitigate the risk that forecasted cash flows denominated in foreign currencies may be adversely affected by changes in the currency exchange rates through the use of option, forward and combination option contracts. Gains and losses related to cash flow hedges are deferred in accumulated other comprehensive loss with a corresponding asset or liability. When the hedged transaction occurs, the gains and losses in accumulated other comprehensive loss are reclassified into the Condensed Consolidated Statements of Operations in the same line as the item being hedged. The following table sets forth our cash flow hedges which are measured at fair value on a recurring basis.



	June 30, 2015							December 31, 2014
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Derivative assets:
Foreign currency forward contracts	—		0.2			—		—		7.3		—
Derivative liabilities:
Foreign currency forward contracts	—		(0.8		)	—		—		—		—
Total net derivative (liabilities) assets	$	—	$	(0.6	)	$	—	$	—	$	7.3	$	—

Other Derivative Instruments

We use foreign currency forward contracts to manage the foreign currency exposure related to our monetary assets and liabilities denominated in foreign currencies. We record the estimated fair value of these forward contracts in other current assets or other current liabilities on our Condensed Consolidated Balance Sheets and, because we do not receive hedge accounting for these derivatives, changes in their value are recognized every reporting period in the Condensed Consolidated Statements of Operations.

For the three months ended June 30, 2015 and 2014, we recorded net foreign currency losses of $0.6 million and $0.4 million, respectively, in other (income) expense in the Condensed Consolidated Statements of Operations. These net losses reflect changes in foreign exchange rates on foreign denominated assets and liabilities and are net of losses of $0.5 million and $0.1 million from the related foreign currency forward contracts for the three months ended June 30, 2015 and 2014, respectively.

For the six months ended June 30, 2015 and 2014, we recorded net foreign currency losses of $1.2 million and $0.4 million, respectively, in other (income) expense in the Condensed Consolidated Statements of Operations. These net losses reflect changes in foreign exchange rates on foreign denominated assets and liabilities and are net of gains of $0.2 million and losses of $0.3 million from the related foreign currency forward contracts for the six months ended June 30, 2015 and 2014, respectively.

The notional amounts and fair values of our derivative instruments recorded in other current assets and other current liabilities in the Condensed Consolidated Balance Sheets were as follows:



	June 30, 2015							December 31, 2014
			Fair Value							Fair Value
(In millions)	Notional Amount		Other Current Assets		Other Current Liabilities			Notional Amount		Other Current Assets		Other Current Liabilities
Cash flow hedges designated as hedging instruments	$	52.2	$	0.2	$	(0.8	)	$	86.7	$	7.3	$	—
Other hedges not receiving hedge accounting	0.6		—		—			23.4		—		—
Total	$	52.8	$	0.2	$	(0.8	)	$	110.1	$	7.3	$	—