Off-Balance Sheet Risk and Guarantees, Concentrations of Credit Risk and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Off Balance Sheet Risk and Guarantees, Concentrations of Credit Risk and Fair Value of Financial Instruments [Abstract]

Fair value of financial instruments in the balance sheet

    Following is a summary of the Company's financial instruments which have been valued at fair value in the Company's Consolidated Balance Sheets at December 31, 2012 and 2011:

	Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1)				Fair Value Based on Significant Other Observable Inputs (Level 2)					Fair Value Based on Significant Unobservable Inputs (Level 3)				Total
(dollars in millions)	2012		2011		2012		2011			2012		2011		2012		2011
Cash and cash equivalents:
Cash	$	447.1	$	491.7	$	–	$	–		$	–	$	–	$	447.1	$	491.7
Certificates of deposit		0.2		–		–		–			–		–		0.2		–
Money market funds		429.1		133.4		–		–			–		–		429.1		133.4
Commercial paper		–		–		202.7		140.4			–		–		202.7		140.4
U.S. treasury securities		17.6		–		–		–			–		–		17.6		–
U.S. non-governmental agency asset-backed securities		–		–		41.4		27.8			–		–		41.4		27.8
U.S. corporate obligations		18.9		29.1		–		–			–		–		18.9		29.1
Non-U.S. bank and other obligations		28.8		76.5		–		–			–		–		28.8		76.5
Short-term investments:
Commercial paper		–		–		253.9		213.5			–		–		253.9		213.5
Certificates of deposit		3.0		–		–		–			–		–		3.0		–
U.S. Treasury securities		64.5		10.1		–		–			–		–		64.5		10.1
U.S. non-governmental agency asset-backed securities		–		–		99.5		77.3			–		–		99.5		77.3
U.S. corporate obligations		96.1		122.6		–		–			–		–		96.1		122.6
Non-qualified plan assets:
Money market funds		1.1		–		–		–			–		–		1.1		–
Domestic bond funds		2.4		–		–		–			–		–		2.4		–
International bond fund		0.1		–		–		–			–		–		0.1		–
Domestic equity funds		3.6		–		–		–			–		–		3.6		–
International equity funds		2.1		–		–		–			–		–		2.1		–
Blended equity funds		2.6		–		–		–			–		–		2.6		–
Common stock		2.1		–		–		–			–		–		2.1		–
Derivatives, net asset (liability):
Foreign currency contracts		–		–		19.9		(13.8	)		–		–		19.9		(13.8	)
Interest rate contracts		–		–		–		1.4			–		–		–		1.4
	$	1,119.3	$	863.4	$	617.4	$	446.6		$	–	$	–	$	1,736.7	$	1,310.0

Information relating to the contracts and estimated fair values recorded in the Company's Consolidated Balance Sheets

Total gross volume bought (sold) by notional currency and maturity date on open derivative contracts at December 31, 2012 was as follows:

	Notional Amount - Buy						Notional Amount - Sell
(in millions)	2013		2014		Total		2013			2014			2015			Total
Foreign currency forward contracts–
Notional currency in:
Euro		240.5		62.1		302.6		(7.8	)		–			–			(7.8	)
Pound Sterling		58.6		–		58.6		(7.8	)		(0.2	)		–			(8.0	)
Norwegian krone		1,016.6		156.2		1,172.8		(394.5	)		(0.4	)		–			(394.9	)
Singapore dollar		11.0		–		11.0		–			–			–			–
U.S. dollar		43.4		0.3		43.7		(212.5	)		(5.3	)		(0.5	)		(218.3	)

Schedule of fair values of derivative financial instruments of balance sheets

The fair values of derivative financial instruments recorded in the Company's Consolidated Balance Sheets were as follows:

	December 31,
	2012				2011
(dollars in millions)	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedges:
Foreign exchange contracts –
Current	$	20.4	$	5.7	$	1.9	$	7.0
Non-current		2.3		0.4		–		0.6
Total derivatives designated as hedges		22.7		6.1		1.9		7.6
Derivatives not designated as hedges:
Foreign exchange contracts –
Current		3.3		–		2.5		10.6
Non-current		–		–		–		–
Interest rate swaps –
Current		–		–		1.4		–
Non-current		–		–		–		–
Total derivatives not designated as hedges		3.3		–		3.9		10.6
Total derivatives	$	26.0	$	6.1	$	5.8	$	18.2

Pre-tax gain (loss) from ineffective portion of derivatives

The amount of pre-tax gain (loss) from the ineffective portion of derivatives designated as hedging instruments and from derivatives not designated as hedging instruments was:

	Year Ended December 31,
(dollars in millions)	2012		2011			2010
Derivatives designated as hedging instruments:
Foreign currency contracts –
Cost of sales	$	0.4	$	(0.8	)	$	(0.7	)
Derivatives not designated as hedging instruments:
Foreign currency contracts –
Cost of sales		1.9		(0.5	)		2.7
Other costs		15.7		(9.3	)		–
Equity call options -
Other costs		–		(12.2	)		–
Interest rate swaps -
Interest, net		–		(0.2	)		7.2
Total pre-tax gain (loss)	$	18.0	$	(23.0	)	$	9.2