Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

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 June 30, 2013 and December 31, 2012:

	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)	2013		2012		2013			2012		2013			2012
Cash and cash equivalents:
Cash	$	1,000.1	$	447.1	$	–		$	–	$	1,000.1		$	447.1
Certificates of deposit		–		0.2		–			–		–			0.2
Money market funds		586.8		429.1		–			–		586.8			429.1
Commercial paper		–		–		66.8			202.7		66.8			202.7
U.S. Treasury securities		–		17.6		–			–		–			17.6
U.S. non-governmentalagency asset-backed securities		–		–		15.2			41.4		15.2			41.4
U.S. corporate obligations		2.9		18.9		–			–		2.9			18.9
Non-U.S. bank and other obligations		46.3		28.8		–			–		46.3			28.8
Short-term investments:
Certificates of deposit		0.2		3.0		–			–		0.2			3.0
Commercial paper		–		–		187.9			253.9		187.9			253.9
U.S. Treasury securities		9.9		64.5		–			–		9.9			64.5
U.S. non-governmental agency asset-backed securities		–		–		59.8			99.5		59.8			99.5
U.S. corporate obligations		52.4		96.1		–			–		52.4			96.1
Non-qualified plan assets:
Money market funds		1.2		1.1		–			–		1.2			1.1
Domestic bond funds		2.6		2.4		–			–		2.6			2.4
International bond fund		0.3		0.1		–			–		0.3			0.1
Domestic equity funds		4.0		3.6		–			–		4.0			3.6
International equity funds		2.2		2.1		–			–		2.2			2.1
Blended equity funds		3.1		2.6		–			–		3.1			2.6
Common stock		3.2		2.1		–			–		3.2			2.1
Derivatives, net asset (liability):
Foreign currency contracts		–		–		(14.3	)		19.9		(14.3	)		19.9
	$	1,715.2	$	1,119.3	$	315.4		$	617.4	$	2,030.6		$	1,736.7

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 June 30, 2013 was as follows (in millions):

	Notional Amount - Buy								Notional Amount - Sell
	2013		2014		2015		Total		2013			2014			2015			Total
FX Forward Contracts
Notional currency in:
EUR		150.7		82.9		–		233.6		(11.5	)		(1.5	)		–			(13.0	)
GBP		96.5		10.3		0.5		107.3		(32.9	)		(1.3	)		–			(34.2	)
MYR		–		28.4		–		28.4		–			–		­–				–
NOK		816.7		801.5		128.5		1,746.7		(274.4	)		(134.4	)		–			(408.8	)
SGD		0.3		–		–		0.3		–			–			–			–
USD		60.1		6.2		–		66.3		(174.7	)		(112.4	)		(6.4	)		(293.5	)

Schedule of fair values of derivative financial instruments of balance sheets

The fair values of derivative financial instruments recorded in the Company's Consolidated Condensed Balance Sheets at June 30, 2013 and December 31, 2012 were as follows (in millions):

	June 30, 2013				December 31, 2012
	Assets		Liabilities		Assets		Liabilities
Foreign exchange contracts designated as hedging instruments:
Current	$	10.2	$	16.2	$	20.4	$	5.7
Non-current		0.8		2.8		2.3		0.4
		11.0		19.0		22.7		6.1
Foreign exchange contracts not designated as hedging instruments:
Current		1.8		7.0		3.3		–
Non-current		–		1.1		–		–
		1.8		8.1		3.3		–
Total derivatives	$	12.8	$	27.1	$	26.0	$	6.1

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 June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Foreign currency contracts designated as hedging instruments:
Cost of sales	$	(0.7	)	$	(0.8	)	$	(5.4	)	$	(0.5	)
Foreign currency contracts not designated as hedging instruments:
Cost of sales		–			(0.5	)		–			0.5
Other costs		2.7			1.5			–			5.6
Total	$	2.0		$	0.2		$	(5.4	)	$	5.6