Annual report pursuant to Section 13 and 15(d)

Financial instruments (Tables)

v2.4.0.6
Financial instruments (Tables)
12 Months Ended
Dec. 31, 2011
Financial instruments [Abstract]  
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following activity related to cash flow hedges was recorded in Accumulated other comprehensive loss as of December 31:

   
Accumulated Unrealized Derivative
 
   
Gains (Losses)
 
   
2011
   
2010
 
(in millions)
 
Pretax
   
After-tax
   
Pretax
   
After-tax
 
                         
Beginning balance
  $ 3.1     $ (0.3 )   $ 9.6     $ 6.2  
Net change associated with current period hedging activity
    (9.8 )     (9.8 )     (1.7 )     (1.7 )
Net amount recognized into earnings (loss)
    5.8       5.8       (4.8 )     (4.8 )
                                 
Ending balance
  $ (0.9 )   $ (4.3 )   $ 3.1     $ (0.3 )
Fair Values of Derivative Instruments
As of December 31, 2011, the fair values of the Company's derivative instruments were:

(in millions)
         
   
Derivative Assets
 
Derivative Liabilities
 
Instrument
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
 
                   
Foreign exchange contracts
 
Prepaid expenses and other
  $ 3.9  
Accrued expenses
  $ 1.5  
Commodity contracts
 
Prepaid expenses and other
    -  
Accrued expenses
    4.1  
Interest rate contracts
 
Prepaid expenses and other
    -  
Accrued expenses
    2.4  
                       
Total
      $ 3.9       $ 8.0  

As of December 31, 2010, the fair values of the Company's derivative instruments were:

(in millions)
         
   
Derivative Assets
 
Derivative Liabilities
 
Instrument
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
 
                   
Foreign exchange contracts
 
Prepaid expenses and other
  $ 1.1  
Accrued expenses
  $ 3.4  
Commodity contracts
 
Prepaid expenses and other
    2.4  
Accrued expenses
    0.2  
                       
Total
      $ 3.5       $ 3.6  
Consolidated Statement of Operations, Effect of Derivative Instruments
The effect of derivative instruments on the Consolidated Statements of Operations for the year ended December 31, 2011, was:

(in millions)
     
Fair Value Hedging Instruments
 
Location of Gain (Loss) on
Derivatives Recognized in
Earnings (Loss)
 
Amount of Gain
(Loss) on Derivatives
Recognized in
Earnings (Loss)
 
           
Foreign exchange contracts
 
Cost of sales
  $ (1.4 )
Foreign exchange contracts
 
Other expense, net
    -  
             
Total
      $ (1.4 )

Cash Flow Hedge Instruments
 
Amount of Loss on
Derivatives Recognized
in Accumulated Other
Comprehensive Loss
 (Effective Portion)
 
Location of Gain (Loss)
Reclassified from
Accumulated Other
Comprehensive Loss into
Earnings (Loss)
(Effective Portion)
 
Amount of Gain (Loss)
Reclassified from
Accumulated Other
Comprehensive Loss
into Earnings (Loss)
 (Effective Portion)
 
               
Interest rate contracts
  $ (2.4 )
Interest expense
  $ 0.9  
Foreign exchange contracts
    (3.8 )
Cost of sales
    (9.8 )
Commodity contracts
    (3.6 )
Cost of sales
    3.1  
                   
Total
  $ (9.8 )     $ (5.8 )

The effect of derivative instruments on the Consolidated Statements of Operations for the year ended December 31, 2010, was:

(in millions)
     
Fair Value Hedging Instruments
 
Location of Gain (Loss) on
Derivatives Recognized in
Earnings (Loss)
 
Amount of Gain
(Loss) on Derivatives
Recognized in
Earnings (Loss)
 
           
Foreign exchange contracts
 
Cost of sales
  $ (1.8 )
Foreign exchange contracts
 
Other expense, net
    0.4  
             
Total
      $ (1.4 )
 
Cash Flow Hedge Instruments
 
Amount of Loss on
Derivatives Recognized
in Accumulated Other
Comprehensive Loss
 (Effective Portion)
 
Location of Gain Reclassified
from Accumulated Other
Comprehensive Loss into
Earnings (Loss)
(Effective Portion)
 
Amount of Gain
Reclassified from
Accumulated Other
Comprehensive Loss
into Earnings (Loss)
 (Effective Portion)
 
               
Interest rate contracts
  $ -  
Interest expense
  $ 0.9  
Foreign exchange contracts
    (0.7 )
Cost of sales
    2.0  
Commodity contracts
    (1.0 )
Cost of sales
    1.9  
                   
Total
  $ (1.7 )     $ 4.8