Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value of Financial Instruments [Abstract]

Fair value of financial instruments

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 March 31, 2014 and December 31, 2013:

	Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1)				Fair Value Based on Significant Other Observable Inputs (Level 2)				Total
(in millions)	2014		2013		2014		2013		2014		2013
Cash and cash equivalents:
Cash	$	448.2	$	617.8	$	–	$	–	$	448.2	$	617.8
Money market funds		503.8		1,172.4		–		–		503.8		1,172.4
Commercial paper		–		–		5.8		3.9		5.8		3.9
Non-U.S. bank and other obligations		14.3		18.8		–		–		14.3		18.8
Short-term investments:
U.S. Treasury securities		41.0		41.0		–		–		41.0		41.0
Non-qualified plan assets:
Money market funds		1.1		1.0		–		–		1.1		1.0
Domestic bond funds		3.0		2.9		–		–		3.0		2.9
International bond fund		0.4		0.3		–		–		0.4		0.3
Domestic equity funds		5.8		5.5		–		–		5.8		5.5
International equity funds		2.7		2.7		–		–		2.7		2.7
Blended equity funds		4.1		3.8		–		–		4.1		3.8
Common stock		2.2		2.3		–		–		2.2		2.3
Derivatives, net asset (liability):
Foreign currency contracts		–		–		21.0		19.0		21.0		19.0
	$	1,026.6	$	1,868.5	$	26.8	$	22.9	$	1,053.4	$	1,891.4

Open derivative contracts

Total gross volume bought (sold) by notional currency and maturity date on open derivative contracts at March 31, 2014 was as follows (in millions):

	Notional Amount - Buy								Notional Amount - Sell
	2014		2015		2016		Total		2014			2015			2016			Total
Foreign exchange forward contracts -
Notional currency in:
Chinese yuan		54.5		–		–		54.5		–			–			–			–
Euro		121.4		28.0		10.2		159.6		(29.7	)		–			–			(29.7	)
Malaysian ringgit		64.7		215.0		3.5		283.2		–			–			–			–
Norwegian krone		994.5		360.3		10.6		1,365.4		(371.5	)		(64.4	)		–			(435.9	)
Pound sterling		131.6		17.3		0.8		149.7		(89.5	)		–			–			(89.5	)
U.S. dollar		86.2		2.8		–		89.0		(569.1	)		(205.1	)		(46.6	)		(820.8	)

Fair values of derivative financial instruments

The fair values of derivative financial instruments recorded in the Company's Consolidated Condensed Balance Sheets at March 31, 2014 and December 31, 2013 were as follows (in millions):

	March 31, 2014				December 31, 2013
	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments:
Current	$	29.2	$	8.0	$	28.3	$	10.4
Non-current		3.2		1.1		2.8		1.7
Total derivatives designated as hedges		32.4		9.1		31.1		12.1
Derivatives not designated as hedging instruments:
Current		1.4		3.7		5.6		5.6
Non-current		–		–		–		–
Total derivatives not designated as hedges		1.4		3.7		5.6		5.6
Total derivatives	$	33.8	$	12.8	$	36.7	$	17.7

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 (in millions):

	Three Months Ended March 31,
	2014			2013
Derivatives designated as hedging instruments -
Cost of sales	$	1.4		$	(4.7	)
Derivatives not designated as hedging instruments -
Cost of sales		1.4			–
Other costs		(0.1	)		(2.7	)
	$	2.7		$	(7.4	)