Derivatives and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Investments All Other Investments [Abstract]

Location and Fair Value Amount of Derivative Instruments

The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012:

	Asset Derivatives						Liability Derivatives
	June 30, 2013			December 31, 2012			June 30, 2013			December 31, 2012
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	(In millions)
Derivatives not designated as hedging instruments under ASC 815
Commodity contracts	Prepaid expenses and other current assets	$	—	Prepaid expenses and other current assets	$	0.2	Other accrued liabilities	$	0.5	Other accrued liabilities		—
Total derivatives		$	—		$	0.2		$	0.5		$	—

Location and Amount of Gains and Losses Reported in Consolidated Statements of Comprehensive Income

The following table summarizes the location and amount of gains and losses reported in our Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2013 and 2012:

Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	Amount of Gain/(Loss) Recognized in Income on  Derivatives
		Three Months Ended June 30,						Six Months Ended June 30,
		2013			2012			2013			2012
		(In millions)
Foreign exchange contracts	Other income and (expense), net	$	—		$	0.1		$	—		$	0.1
Metal commodity contracts	Cost of materials sold		(0.4	)		(0.2	)		(0.7	)		(0.1	)
Total		$	(0.4	)	$	(0.1	)	$	(0.7	)	$	—

Assets and Liabilities Measured and Recorded at Fair Value

The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2013:

	At June 30, 2013
	Level 1		Level 2		Level 3
	(In millions)
Assets
Cash equivalents:
Commercial paper	$	35.3	$	—	$	—
Prepaid and other current assets:
Common stock—available-for-sale investment	$	22.1	$	—	$	—
Liabilities
Mark-to-market derivatives:
Commodity contracts	$	—	$	0.5	$	—

	At December 31, 2012
	Level 1		Level 2		Level 3
	(In millions)
Assets
Cash equivalents:
Commercial paper	$	28.3	$	—	$	—
Prepaid and other current assets:
Common stock – available-for-sale investment	$	20.7	$	—	$	—
Mark-to-market derivatives:
Commodity contracts	$	—	$	0.2	$	—

Carrying and Estimated Fair Values of Financial Instruments

The carrying and estimated fair values of the Company’s financial instruments at June 30, 2013 and December 31, 2012 were as follows:

	At June 30, 2013				At December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	75.7	$	75.7	$	70.8	$	70.8
Restricted cash		3.8		3.8		3.9		3.9
Receivables less provision for allowances, claims and doubtful accounts		436.0		436.0		396.7		396.7
Accounts payable		235.5		235.5		196.2		196.2
Long-term debt, including current portion		1,268.6		1,276.1		1,305.4		1,296.4

Assets and Liabilities Measured and Recorded at Fair Value on Non-Recurring Basis

The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at June 30, 2013:

	June 30, 2013
	Level 1		Level 2		Level 3
	(In millions)
Assets
Other current assets – assets held for sale	$	—	$	2.4	$	—

	At December 31, 2012
	Level 1		Level 2		Level 3
	(In millions)
Assets
Other current assets – assets held for sale	$	—	$	3.6	$	—

Available-for-sale Securities

The Company’s available-for-sale securities as of June 30, 2013 can be summarized as follows:

	At June 30, 2013
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In millions)
Common stock	$	17.4	$	4.7	$	—	$	22.1

	At December 31, 2012
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In millions)
Common stock	$	17.4	$	3.3	$	—	$	20.7