Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2013
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 September 30, 2013, and December 31, 2012:

Fair Value Measurements at Reporting Date

 

     Derivative Balance
Sheet
Location
   Significant
Other
Observable
Inputs
(Level 2)
Fair Value at
September 30,
2013
     Significant
Other
Observable
Inputs
(Level 2)
Fair Value at
December 31,
2012
 
          (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

   $ 5.6       $ 0.5   

Derivatives not designated as cash flow hedging instruments:

        

Foreign exchange currency contracts

   Prepaid expenses and other

current assets

   $ 4.9       $ 0.7   
     

 

 

    

 

 

 
      $ 10.5       $ 1.2   
     

 

 

    

 

 

 

LIABILITIES:

        

Derivatives designated as cash flow hedging instruments:

        

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

     Accrued expenses       $ 4.2       $ 3.3   

Interest rate swaps

     Accrued expenses         —         $ 2.0   

Derivatives not designated as hedging instruments:

        

Foreign exchange currency contracts

     Accrued expenses       $ 0.5       $ 1.3   
     

 

 

    

 

 

 
      $ 4.7       $ 6.6   
     

 

 

    

 

 

 
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 condensed consolidated balance sheet at September 30, 2013 and December 31, 2012:

 

     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)  

September 30, 2013

       

Foreign exchange currency contracts

   $ 10.5       $ (4.2   $ 6.3   
  

 

 

    

 

 

   

 

 

 

Total

   $ 10.5       $ (4.2   $ 6.3   
  

 

 

    

 

 

   

 

 

 

December 31, 2012

       

Foreign exchange currency contracts

   $ 1.2       $ (1.2     —    
  

 

 

    

 

 

   

 

 

 

Total

   $ 1.2       $ (1.2     —    
  

 

 

    

 

 

   

 

 

 
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)  

September 30, 2013

       

Foreign exchange currency contracts

   $ 4.7       $ (4.2   $ 0.5   
  

 

 

    

 

 

   

 

 

 

Total

   $ 4.7       $ (4.2   $ 0.5   
  

 

 

    

 

 

   

 

 

 

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