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Derivative Instruments and Hedging Activities (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Derivative Instruments And Hedging Activities Disclosure [Abstract] |
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| Aggregate Interest Rate Swaps and Fair Value of Liabilities Outstanding |
The table below
describes the interest rate swaps in aggregate, and the fair value
of the liabilities that were outstanding as of December 31,
2013 and 2012:
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Interest
Rate
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Aggregate
Notional
Amounts |
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Average
Swap
Rate |
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Aggregate
Fair
Value |
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Maturity
Dates |
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(In millions) |
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(In millions) |
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At December 31,
2013
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Interest Rate
Swaps
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— |
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— |
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— |
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— |
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At December 31,
2012
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Interest Rate
Swaps
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$ |
140.0 |
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2.78 |
% |
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$ |
(2.0 |
) |
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July 2013 |
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| Summary of Foreign Currency Forward Contracts Outstanding |
The table below
describes all foreign currency forward contracts that were
outstanding as of December 31, 2013 and 2012:
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Foreign
Currency
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Average
Contract Rate |
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Original
Notional Amount |
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Fair Value
Gain (Loss) |
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(In millions) |
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(In millions) |
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At December 31,
2013
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Buy Australian dollar sell
Euro
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1.55 |
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$ |
2.7 |
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$ |
— |
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Buy Euro sell Australian
dollar
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1.52 |
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4.5 |
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0.1 |
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Buy Euro sell Chilean
peso
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727.40 |
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1.1 |
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— |
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Buy Euro sell British
pound
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0.83 |
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2.5 |
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— |
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Buy Euro sell Indonesian
rupiah
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16,915.00 |
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0.7 |
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— |
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Buy Euro sell Mexican
peso
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17.51 |
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150.3 |
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4.9 |
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Buy Euro sell Russian
ruble
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45.05 |
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3.0 |
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— |
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Buy Euro sell Singapore
dollar
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1.74 |
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3.0 |
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— |
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Buy Euro sell U.S.
dollar
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1.37 |
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161.3 |
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— |
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Buy British pound sell
Euro
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1.01 |
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4.9 |
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0.1 |
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Buy Japanese yen sell U.S.
dollar
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104.71 |
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2.9 |
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— |
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Buy Malaysian ringgit sell
U.S. dollar
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3.30 |
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5.3 |
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— |
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Buy Singapore dollar sell
Euro
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1.71 |
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2.0 |
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— |
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Buy New Taiwan dollar sell
U.S. dollar
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29.54 |
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14.9 |
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(0.1 |
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Buy U.S. dollar sell
Brazilian real
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2.35 |
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12.8 |
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0.6 |
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Buy U.S. dollar sell
Euro
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1.34 |
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171.8 |
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(4.2 |
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Buy U.S. dollar sell South
Korean won
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1,112.65 |
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50.0 |
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1.5 |
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Total forward
contracts
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$ |
593.7 |
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$ |
2.9 |
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Foreign
Currency
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Average
Contract Rate |
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Original
Notional Amount |
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Fair
Value
Gain (Loss)
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(In millions) |
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(In millions) |
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At December 31,
2012
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Buy Brazilian real sell
U.S. dollar
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2.08 |
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$ |
12.5 |
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$ |
0.2 |
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Buy Chinese yuan sell U.S.
dollar
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6.29 |
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1.3 |
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— |
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Buy Euro sell Argentine
peso
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6.66 |
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3.0 |
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— |
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Buy Euro sell Australian
dollar
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1.27 |
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1.4 |
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— |
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Buy Euro sell Chilean
peso
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633.00 |
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1.5 |
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— |
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Buy Euro sell Indonesian
rupiah
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12,935.00 |
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9.7 |
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— |
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Buy Euro sell Mexican
peso
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17.18 |
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143.7 |
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0.3 |
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Buy Euro sell Malaysian
ringgit
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4.06 |
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15.2 |
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(0.1 |
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Buy Euro sell Peruvian
nuevo sol
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3.41 |
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2.0 |
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— |
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Buy Euro sell U.S.
dollar
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1.33 |
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82.1 |
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(0.4 |
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Buy British pound sell
Euro
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0.82 |
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2.4 |
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— |
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Buy Japanese yen sell U.S.
dollar
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85.88 |
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9.3 |
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(0.1 |
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Buy South Korean won sell
U.S. dollar
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1,077.18 |
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52.5 |
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0.2 |
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Buy Malaysian ringgit sell
Euro
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4.07 |
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0.8 |
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— |
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Buy Malaysian ringgit sell
U.S. dollar
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3.08 |
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21.7 |
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0.1 |
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Buy U.S. dollar sell
Brazilian real
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2.05 |
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12.6 |
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— |
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Buy U.S. dollar sell
Colombian peso
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1,800.10 |
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11.7 |
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(0.2 |
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Buy U.S. dollar sell
Euro
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1.30 |
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174.4 |
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(2.9 |
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Buy U.S. dollar sell
British pound
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1.62 |
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16.2 |
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(0.1 |
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Buy U.S. dollar sell South
Korean won
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1,089.08 |
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6.3 |
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(0.1 |
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Buy U.S. dollar sell
Mexican peso
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13.12 |
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25.4 |
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(0.3 |
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Buy U.S. dollar sell
Philippine peso
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40.99 |
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2.9 |
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— |
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Buy U.S. dollar sell New
Taiwan dollar
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28.98 |
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0.8 |
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— |
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Buy U.S. dollar sell South
African rand
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8.54 |
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0.7 |
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— |
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Total forward
contracts
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$ |
610.1 |
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$ |
(3.4 |
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| Gains (Losses) Relating to Derivative Instruments Recorded in Other Comprehensive Income (Loss) |
The following
table summarizes gains (losses) relating to derivative instruments
recorded in other comprehensive income (loss) during the years
ended December 31, 2013, 2012, and 2011:
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Amount of Gain (Loss)
Recognized
in Other Comprehensive Income (Loss)
For the Year Ended |
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December 31,
2013 |
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December 31,
2012 |
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December 31,
2011 |
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(In
millions) |
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Derivatives designated
as cash flow hedging instruments:
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Foreign exchange currency
contracts relating to inventory and intercompany management fee
hedges
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$ |
3.5 |
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$ |
(3.3 |
) |
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$ |
4.1 |
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Interest rate
swaps
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$ |
— |
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$ |
(0.6 |
) |
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$ |
(2.1 |
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| Gains (Losses) Relating to Derivative Instruments Recorded to Income |
The following
table summarizes gains (losses) relating to derivative instruments
recorded to income during the years ended December 31, 2013,
2012, and 2011:
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Amount of Gain
(Loss)
Recognized in Income
For the Year Ended |
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Location of Gain (Loss)
Recognized in Income
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December 31,
2013 |
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December 31,
2012 |
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December 31,
2011 |
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(In
millions) |
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Derivatives designated
as cash flow hedging instruments:
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Foreign exchange currency
contracts relating to inventory hedges and intercompany management
fee hedges(1)
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$ |
(5.2 |
) |
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$ |
(1.8 |
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$ |
— |
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Selling, general and administrative expenses |
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Derivatives not
designated as hedging instruments:
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Foreign exchange currency
contracts
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$ |
6.4 |
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$ |
(10.0 |
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$ |
2.7 |
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Selling, general and administrative
expenses |
| (1) |
For foreign exchange
contracts designated as hedging instruments, the amounts recognized
in income (loss) represent the amounts excluded from the assessment
of hedge effectiveness. There were no ineffective amounts reported
for derivatives designated as hedging instruments. |
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| Gains (Losses) Relating to Derivative Instruments Reclassified from Accumulated Other Comprehensive Loss into Income Effective Portion |
The following
table summarizes gains (losses) relating to derivative instruments
reclassified from accumulated other comprehensive loss into income
during the years ended December 31, 2013, 2012, and
2011:
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Amount of Gain (Loss)
Reclassified
from Accumulated Other
Comprehensive Loss into Income |
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Location of Gain
(Loss) Reclassified
from Accumulated Other
Comprehensive Loss into
Income (effective portion)
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For the Year
Ended |
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December 31,
2013 |
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December 31,
2012 |
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December 31,
2011 |
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(In
millions) |
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Derivatives designated
as cash flow hedging instruments:
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Foreign exchange currency
contracts relating to inventory hedges
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$ |
(4.1 |
) |
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$ |
0.1 |
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$ |
(0.3 |
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Cost of sales |
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Foreign exchange currency
contracts relating to intercompany management fee hedges
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$ |
(0.7 |
) |
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$ |
4.5 |
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$ |
(1.8 |
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Selling, general and administrative
expenses |
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Interest rate
contracts
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$ |
(2.0 |
) |
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$ |
(3.6 |
) |
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$ |
(3.6 |
) |
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Interest expense, net |
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