Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets or liabilities that have recurring measurements and are measured at fair value consisted of Level 2 derivatives and are shown below at their gross values at December 31, 2012, and December 31, 2011:

Fair Value Measurements at Reporting Date Using

 

     Derivative Balance Sheet Location    Significant
Other
Observable
Inputs
(Level 2)
Fair Value at
December 31,
2012 		     Significant
Other
Observable
Inputs
(Level 2)
Fair Value at
December 31,
2011 		 
          (In millions)  

ASSETS:

         

Derivatives designated as cash flow hedging instruments:

         

Foreign exchange currency contracts relating to inventory and intercompany management fee hedges

    Prepaid expenses and other current assets    $ 0.5       $ 4.4   

Derivatives not designated as cash flow hedging instruments:

         

Foreign exchange currency contracts

    Prepaid expenses and other current assets    $ 0.7       $ 0.8   
     

 

 

     

 

 

  
      $ 1.2       $ 5.2   
     

 

 

     

 

 

  

LIABILITIES:

         

Derivatives designated as cash flow hedging instruments:

         

Foreign exchange currency contracts relating to inventory and intercompany management fee hedges

    Accrued expenses    $ 3.3       $ —     

Interest rate swaps

    Accrued expenses    $ 2.0       $ 5.1   

Derivatives not designated as hedging instruments:

         

Foreign exchange currency contracts

    Accrued expenses    $ 1.3       $ 0.7   
     

 

 

     

 

 

  
      $ 6.6       $ 5.8   
     

 

 

     

 

 

  
Offsetting of Derivative Assets

The following tables summarize the offsetting of the fair values of the Company’s derivative assets and derivative liabilities for presentation in the Company’s consolidated balance sheet at December 31, 2012 and December 31, 2011:

 

     Offsetting of Derivative Assets  
     Gross
Amounts of
Recognized
Assets		      Gross
Amounts
Offset in the
Balance Sheet		     Net Amounts
of Assets
Presented in
the Balance
Sheet		  
     (In millions)  

December 31, 2012

        

Foreign exchange currency contracts

    $ 1.2       $ (1.2 )      —  
  

 

 

     

 

 

    

 

 

  

Total

    $ 1.2       $ (1.2 )      —  
  

 

 

     

 

 

    

 

 

  

December 31, 2011

        

Foreign exchange currency contracts

    $ 5.2       $ (0.7 )    $ 4.5   
  

 

 

     

 

 

    

 

 

  

Total

    $ 5.2       $ (0.7 )    $ 4.5   
  

 

 

     

 

 

    

 

 

  
Offsetting of Derivative Liabilities
     Offsetting of Derivative Liabilities  
     Gross
Amounts of
Recognized
Liabilities		      Gross
Amounts
Offset in the
Balance Sheet		     Net Amounts
of Liabilities
Presented in
the Balance
Sheet		  
     (In millions)  

December 31, 2012

        

Foreign exchange currency contracts

    $ 4.6       $ (1.2 )    $ 3.4   

Interest rate swaps

      2.0         —       2.0   
  

 

 

     

 

 

    

 

 

  

Total

    $ 6.6       $ (1.2 )    $ 5.4   
  

 

 

     

 

 

    

 

 

  

December 31, 2011

        

Foreign exchange currency contracts

    $ 0.7       $ (0.7 )      —  

Interest rate swaps

      5.1         —     $ 5.1   
  

 

 

     

 

 

    

 

 

  

Total

    $ 5.8       $ (0.7 )    $ 5.1