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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] Ìý
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 SeptemberÌý30, 2014 and DecemberÌý31, 2013:
Ìý
(In Millions)
Ìý
Derivative Assets
Ìý
Derivative Liabilities
Ìý
SeptemberÌý30, 2014
Ìý
DecemberÌý31, 2013
Ìý
SeptemberÌý30, 2014
Ìý
December 31, 2013
Derivative Instrument
Balance Sheet Location
Ìý
Fair
Value
Ìý
Balance
Sheet
Location
Ìý
Fair
Value
Ìý
Balance Sheet
Location
Ìý
Fair
Value
Ìý
Balance Sheet
Location
Ìý
Fair
Value
Derivatives designated as hedging instruments under ASC 815:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Interest Rate Swaps
Ìý
Ìý
$
—

Ìý
Ìý
Ìý
$
—

Ìý
Ìý
Ìý
$
—

Ìý
Other current liabilities
Ìý
$
2.1

Foreign Exchange Contracts
Ìý
Ìý
—

Ìý
Other current assets
Ìý
0.3

Ìý
Other current liabilities
Ìý
17.4

Ìý
Other current liabilities
Ìý
25.8

Total derivatives designated as hedging instruments under ASC 815
Ìý
Ìý
$
—

Ìý
Ìý
Ìý
$
0.3

Ìý
Ìý
Ìý
$
17.4

Ìý
Ìý
Ìý
$
27.9

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

Ìý
Ìý
Ìý
$
—

Ìý
Ìý
Ìý
$
—

Ìý
Other current liabilities
Ìý
$
1.1

Customer Supply Agreement
Other current assets
Ìý
54.5

Ìý
Other current assets
Ìý
55.8

Ìý
Ìý
Ìý
—

Ìý
Ìý
Ìý
—

Provisional Pricing Arrangements
Ìý
Ìý
—

Ìý
Other current assets
Ìý
3.1

Ìý
Other current liabilities
Ìý
23.3

Ìý
Other current liabilities
Ìý
10.3

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

Ìý
Ìý
Ìý
$
58.9

Ìý
Ìý
Ìý
$
23.3

Ìý
Ìý
Ìý
$
11.4

Total derivatives
Ìý
Ìý
$
54.5

Ìý
Ìý
Ìý
$
59.2

Ìý
Ìý
Ìý
$
40.7

Ìý
Ìý
Ìý
$
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 SeptemberÌý30, 2014 and 2013:
Ìý
(In Millions)
Derivatives in Cash Flow Hedging Relationships
Amount of Gain (Loss)
Recognized in OCI on Derivatives
Ìý
Location of Gain (Loss)
Reclassified
from Accumulated OCI into Earnings
Ìý
Amount of Gain (Loss)
Reclassified
from Accumulated
OCI into Earnings
(Effective Portion)
Ìý
(Effective Portion)
Ìý
(Effective Portion)
Ìý
Three Months Ended
September 30,
Ìý
Ìý
Ìý
Three Months Ended
September 30,
Ìý
2014
Ìý
2013
Ìý
Ìý
Ìý
2014
Ìý
2013
Australian Dollar Foreign
Exchange Contracts
(hedge designation)
$
(12.6
)
Ìý
$
2.9

Ìý
Product revenues
Ìý
$
1.6

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

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

Ìý
—

Ìý
Cost of goods sold and operating expenses
Ìý
—

Ìý
—

Total
$
(20.0
)
Ìý
$
12.1

Ìý
Ìý
Ìý
$
0.6

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

Ìý
—

Ìý
Cost of goods sold and operating expenses
Ìý
(0.5
)
Ìý
—

Ìý
$
(12.6
)
Ìý
$
(35.1
)
Ìý
Ìý
Ìý
$
(18.8
)
Ìý
$
(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 SeptemberÌý30, 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
Ìý
Ìý
Three Months Ended
September 30,
Ìý
Nine Months Ended
September 30,
Ìý
Ìý
2014
Ìý
2013
Ìý
2014
Ìý
2013
Foreign Exchange Contracts
Cost of goods sold and operating expenses
$
—

Ìý
$
—

Ìý
$
(3.3
)
Ìý
$
—

Commodity Contracts
Other non-operating income (expense)
—

Ìý
(2.7
)
Ìý
—

Ìý
(2.7
)
Customer Supply Agreement
Product revenues
62.6

Ìý
53.9

Ìý
124.6

Ìý
113.4

Provisional Pricing Arrangements
Product revenues
(3.1
)
Ìý
24.3

Ìý
(23.3
)
Ìý
(6.8
)
Ìý
Ìý
$
59.5

Ìý
$
75.5

Ìý
$
98.0

Ìý
$
103.9