Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities at Fair Value

The table below summarizes our derivative assets and liabilities that were measured at fair value as of September 30, 2014, and December 31, 2013.



				Fair value measurements as of September 30, 2014
	Total at September 30, 2014			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Interest rate swaps	$	1.0		$	—	$	1.0		$	—
Foreign currency forwards	24.0			—		24.0			—
Commodity swaps	(1.3		)	—		(1.3		)	—
Total	$	23.7		$	—	$	23.7		$	—



				Fair value measurements as of December 31, 2013
	Total at December 31, 2013			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swaps	$	(71.7	)	$	—	$	(71.7	)	$	—
Foreign currency forwards	19.7			—		19.7			—
Commodity swaps	(4.9		)	—		(4.9		)	—
Total	$	(56.9	)	$	—	$	(56.9	)	$	—

Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets

Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheet (in millions)



	September 30, 2014
			Asset derivatives			Liability derivatives
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Interest rate swaps	$	750.0	Other current assets	$	0.2	Accounts payable and other current liabilities	$	(2.6	)
			Other non-current assets	3.4		Other liabilities	—
Foreign currency forwards	$	385.0	Other current assets	15.0		Accounts payable and other current liabilities	—
			Other non-current assets	9.0		Other liabilities	—
Total derivatives designated as hedging instruments				$	27.6		$	(2.6	)
Derivatives not designated as hedging instruments:

Commodity swaps	$	100.7	Other current assets	$	1.1	Accounts payable and other current liabilities	$	(2.1	)
			Other non-current assets	1.0		Other liabilities	(1.3		)
Total derivatives not designated as hedging instruments				$	2.1		$	(3.4	)



	December 31, 2013
			Asset derivatives			Liability derivatives
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	$	226.6	Other current assets	$	—	Accounts payable and other current liabilities	$	(71.7	)
Foreign currency forwards	$	476.1	Other current assets	11.5		Accounts payable and other current liabilities	—
			Other non-current assets	8.2		Other liabilities	—
Commodity swaps	$	17.7	Other current assets	0.2		Accounts payable and other current liabilities	(0.2		)
			Other non-current assets	0.1		Other liabilities	(0.3		)
Total derivatives designated as hedging instruments				$	20.0		$	(72.2	)
Derivatives not designated as hedging instruments:
Commodity swaps	$	67.7	Other current assets	$	—	Accounts payable and other current liabilities	$	(2.0	)
			Other non-current assets	—		Other liabilities	(2.7		)
Total derivatives not designated as hedging instruments				$	—		$	(4.7	)

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

We expect net gains of approximately $13 million (pretax) recorded in AOCI at September 30, 2014, will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged at September 30, 2014, is 3 years.

The Pretax Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (in millions)



For the Three Months Ended September 30, 2014
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative (effective portion)			Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI on derivative (effective portion)			Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Forward starting interest rate swaps	$	(2.1	)	Interest expense, net	$	(0.4	)	Interest expense, net	$	—
Foreign currency forwards	1.2			Other income (expense), net	(6.1		)	Other income (expense), net	—
				Cost of goods sold	(6.4		)	Cost of goods sold	—
Total	$	(0.9	)		$	(12.9	)		$	—



For the Three Months Ended September 28, 2013
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative (effective portion)			Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI on derivative (effective portion)			Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Forward starting interest rate swaps	$	—		Interest expense, net	$	(0.4	)	Interest expense, net	$	—
Foreign currency forwards	(9.0		)	Other income (expense), net	0.7			Other income (expense), net	—
				Cost of goods sold	1.7			Cost of goods sold	—
Commodity swaps	(0.7		)	Cost of goods sold	(0.2		)	Cost of goods sold	—
Total	$	(9.7	)		$	1.8			$	—



For the Three Months Ended September 28, 2013
Derivatives and non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI (effective portion)			Location of gain (loss) reclassified from AOCI into income (effective portion)	Amount of gain (loss) recognized from AOCI (effective portion)		Location of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)
Cross currency swaps	$	(9.3	)	Other income (expense), net	$	—	Other income (expense), net	$	—
€120 million term loan due 2016	(1.9		)	Other income (expense), net	—		Other income (expense), net	—
Total	$	(11.2	)		$	—		$	—

Other Derivatives

Other Derivatives (in millions)



For the Three Months Ended September 28, 2013
Derivatives not in hedging relationships	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Equity conversion feature of debt	Interest expense, net	$	21.1
	Other income (expense), net	(0.8		)
Commodity Swaps	Cost of goods sold	(1.5		)
Foreign currency forwards	Other income (expense), net	10.6
Total		$	29.4



For the Nine Months Ended September 30, 2014
Derivatives not in hedging relationships	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Commodity swaps	Cost of goods sold	$	(0.2	)
Total		$	(0.2	)



For the Nine Months Ended September 28, 2013
Derivatives not in hedging relationships	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Equity conversion feature of debt	Interest expense, net	$	(5.4	)
	Other income (expense), net	(1.1		)
Commodity Swaps	Cost of goods sold	(3.0		)
Foreign currency forwards	Other income (expense), net	3.9
Total		$	(5.6	)

For the Three Months Ended September 30, 2014

Derivatives in fair value hedge relationships

Amount of gain (loss) recognized in income on derivative

Location of gain (loss)
recognized in income

Interest rate swaps

Interest expense, net