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Fair Value

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosure. We categorize assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are as follows:


Level 1	Valuation is based upon quoted prices for identical instruments traded in active markets.


Level 2	Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.


Level 3	Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability.

The following tables present the amounts recorded on our balance sheet measured at fair value on a recurring basis as of June 30, 2014:



(in millions)	Total Fair Value				Level 1				Level 2				Level 3
Assets:
Commodity futures contracts	$	0.1			$	—			$	0.1			$	—
Foreign currency derivatives	$	0.5			$	—			$	0.5			$	—
Balance as of June 30, 2014	$	0.6			$	—			$	0.6			$	—

The following tables present the amounts recorded on our balance sheet measured at fair value on a recurring basis as of December 31, 2013:



(in millions)	Total Fair Value				Level 1				Level 2				Level 3
Assets:
Commodity futures contracts	$	0.6			$	—			$	0.6			$	—
Balance as of December 31, 2013	$	0.6			$	—			$	0.6			$	—
Liabilities:
Foreign currency derivatives	$	(1.6	)		$	—			$	(1.6	)		$	—
Balance as of December 31, 2013	$	(1.6	)		$	—			$	(1.6	)		$	—

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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