Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value of Derivative Financial Instruments

At December 31, 2013 and 2012, the fair value of derivative financial instruments is as follows:

	2013				2012
	Fair Value of Derivatives				Fair Value of Derivatives				Weighted Average Remaining Term (years)
(in millions)	Asset (a)		Liability (a)		Asset (a)		Liability (a)
Derivatives designated as effective hedges:
Cash flow hedges:
Interest rate swaps	$	4.5	$	8.0	$	—	$	12.4		3.1
Foreign currency contracts		11.3		9.1		9.0		4.2		0.6
Subtotal		15.8		17.1		9.0		16.6
Derivatives not designated as effective hedges:
Foreign currency contracts		3.5		2.4		1.2		2.0		0.5
Commodity contracts		0.2		0.2		0.1		0.2		0.6
Subtotal		3.7		2.6		1.3		2.2
Total	$	19.5	$	19.7	$	10.3	$	18.8

(a)	Consolidated balance sheet location:
	Asset:	Other current and non-current assets
	Liability:	Other current and non-current liabilities

Gain and Loss Activity Related to Derivative Financial Instruments Designated as Effective Hedges

The following table presents gain and loss activity (on a pretax basis) for 2013, 2012 and 2011 related to derivative financial instruments designated as effective hedges:

	2013							2012									2011
	Gain/(Loss)							Gain/(Loss)									Gain/(Loss)
(in millions)	Recognized in OCI (a)		Reclassified from AOCI to Income		Recognized in Income (b)			Recognized in OCI (a)			Reclassified from AOCI to Income			Recognized in Income (b)			Recognized in OCI (a)			Reclassified from AOCI to Income			Recognized in Income (b)
Derivatives designated as effective hedges:
Cash flow hedges:
Interest rate swaps	$	8.9	$	—	$	—		$	(3.8	)	$	—		$	—		$	(3.1	)	$	—		$	—
Foreign currency contracts		13.9		18.2		(5.5	)		6.6			5.9			(5.4	)		2.5			(19.6	)		(1.3	)
Total	$	22.8	$	18.2	$	(5.5	)	$	2.8		$	5.9		$	(5.4	)	$	(0.6	)	$	(19.6	)	$	(1.3	)
Location of gain/(loss) in the consolidated results of operations:
Net sales			$	0.1	$	—					$	(1.8	)	$	—					$	(1.0	)	$	—
Cost of sales				18.1		—						7.7			—						(18.6	)		—
SG&A				—		(5.5	)					—			(5.4	)					—			(1.3	)
Total			$	18.2	$	(5.5	)				$	5.9		$	(5.4	)				$	(19.6	)	$	(1.3	)

(a) Represents effective portion recognized in Other Comprehensive Income (“OCI”).

(b) Represents portion excluded from effectiveness testing.

Gain and Loss Activity Related to Derivative Financial Instruments Not Designated as Effective Hedges

The following table presents gain and loss activity (on a pretax basis) for 2013, 2012 and 2011 related to derivative financial instruments not designated as effective hedges:

	Gain/(Loss) Recognized in Income (a)
(in millions)	2013			2012			2011
Derivatives not designated as effective hedges:
Cash flow derivatives:
Interest rate swaps	$	—		$	—		$	(1.0	)
Foreign currency contracts		(2.7	)		(5.7	)		(0.3	)
Commodity contracts		0.9			(0.4	)		0.1
Subtotal		(1.8	)		(6.1	)		(1.2	)
Fair value derivatives:
Interest rate swaps		—			—			0.5
Total	$	(1.8	)	$	(6.1	)	$	(0.7	)

(a) Classified in SG&A