Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v2.4.0.8
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2014 and December 31, 2013:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
September 30, 2014
 
December 31, 2013
 
September 30, 2014
 
December 31, 2013
Derivative Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
Other current liabilities
 
$
2.1

Foreign Exchange Contracts
 
 
—

 
Other current assets
 
0.3

 
Other current liabilities
 
17.4

 
Other current liabilities
 
25.8

Total derivatives designated as hedging instruments under ASC 815
 
 
$
—

 
 
 
$
0.3

 
 
 
$
17.4

 
 
 
$
27.9

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
Other current liabilities
 
$
1.1

Customer Supply Agreement
Other current assets
 
54.5

 
Other current assets
 
55.8

 
 
 
—

 
 
 
—

Provisional Pricing Arrangements
 
 
—

 
Other current assets
 
3.1

 
Other current liabilities
 
23.3

 
Other current liabilities
 
10.3

Total derivatives not designated as hedging instruments under ASC 815
 
 
$
54.5

 
 
 
$
58.9

 
 
 
$
23.3

 
 
 
$
11.4

Total derivatives
 
 
$
54.5

 
 
 
$
59.2

 
 
 
$
40.7

 
 
 
$
39.3

Schedule Of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Income
The following summarizes the effect of our derivatives designated as cash flow hedging instruments, net of tax in Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2014 and 2013:
 
(In Millions)
Derivatives in Cash Flow Hedging Relationships
Amount of Gain (Loss)
Recognized in OCI on Derivatives
 
Location of Gain (Loss)
Reclassified
from Accumulated OCI into Earnings
 
Amount of Gain (Loss)
Reclassified
from Accumulated
OCI into Earnings
(Effective Portion)
 
(Effective Portion)
 
(Effective Portion)
 
Three Months Ended
September 30,
 
 
 
Three Months Ended
September 30,
 
2014
 
2013
 
 
 
2014
 
2013
Australian Dollar Foreign
Exchange Contracts
(hedge designation)
$
(12.6
)
 
$
2.9

 
Product revenues
 
$
1.6

 
$
(8.9
)
Canadian Dollar Foreign Exchange Contracts (hedge designation)
(7.4
)
 
9.2

 
Cost of goods sold and operating expenses
 
(1.0
)
 
(7.3
)
Canadian Dollar Foreign Exchange Contracts
(prior to de-designation)
—

 
—

 
Cost of goods sold and operating expenses
 
—

 
—

Total
$
(20.0
)
 
$
12.1

 
 
 
$
0.6

 
$
(16.2
)
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
September 30,
 
 
 
Nine Months Ended
September 30,
 
2014
 
2013
 
 
 
2014
 
2013
Australian Dollar Foreign
Exchange Contracts
(hedge designation)
$
(3.4
)
 
$
(25.2
)
 
Product revenues
 
$
(11.2
)
 
$
(4.5
)
Canadian Dollar Foreign Exchange Contracts
    (hedge designation)
(9.2
)
 
(9.9
)
 
Cost of goods sold and operating expenses
 
(7.1
)
 
(7.5
)
Canadian Dollar Foreign Exchange Contracts
(prior to de-designation)
—

 
—

 
Cost of goods sold and operating expenses
 
(0.5
)
 
—

 
$
(12.6
)
 
$
(35.1
)
 
 
 
$
(18.8
)
 
$
(12.0
)
Schedule Of Derivatives Not Designated As Hedging Instruments Statements Of Financial Performance Location Table
The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2014 and 2013:
(In Millions)
Derivatives Not Designated as Hedging Instruments
Location of Gain (Loss) Recognized in
Income on Derivative
Amount of Gain (Loss) Recognized in Income on Derivative
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2014
 
2013
 
2014
 
2013
Foreign Exchange Contracts
Cost of goods sold and operating expenses
$
—

 
$
—

 
$
(3.3
)
 
$
—

Commodity Contracts
Other non-operating income (expense)
—

 
(2.7
)
 
—

 
(2.7
)
Customer Supply Agreement
Product revenues
62.6

 
53.9

 
124.6

 
113.4

Provisional Pricing Arrangements
Product revenues
(3.1
)
 
24.3

 
(23.3
)
 
(6.8
)
 
 
$
59.5

 
$
75.5

 
$
98.0

 
$
103.9