DERIVATIVE INSTRUMENTS

6 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

Derivative and non-derivative financial instruments which are designated as hedging instruments:

The accumulated gain (loss) on foreign currency borrowings classified as net investment hedges in the foreign currency translation adjustment component of AOCI/(L) was $35.6 and $(2.5) as of December 31, 2016 and June 30, 2016, respectively.

The amount of gains and losses recognized in OCI in the Condensed Consolidated Balance Sheets related to the Company’s derivative and non-derivative financial instruments which are designated as hedging instruments for the three months ended December 31, 2016 and 2015 is presented below:

Gain (Loss) Recognized in OCI	Three Months Ended December 31,				Six Months Ended December 31,
	2016		2015		2016		2015
Foreign exchange forward contracts	$	0.1	$	0.9	$	0.6	$	7.6
Interest rate swap contracts	40.2		2.5		45.3		2.5
Net investment hedge	45.9		9.1		38.1		9.1

As of December 31, 2016, all of the Company’s remaining foreign currency forward contracts designated as hedges were highly effective. The accumulated gain (loss) on derivative instruments classified as cash flow hedges in AOCI, net of tax, was $13.0 and $28.9 as of December 31, 2016 and June 30, 2016, respectively. The estimated net loss related to these effective hedges that is expected to be reclassified from AOCI into earnings, net of tax, within the next twelve months is $4.4.

The amount of gains and losses reclassified from AOCI/(L) to the Condensed Consolidated Statements of Operations related to the Company’s derivative financial instruments which are designated as hedging instruments during the three and six months ended December 31, 2016 and 2015 is presented below:

Condensed Consolidated Statements of Operations Classification of Gain (Loss) Reclassified from AOCI/(L)	Three Months Ended December 31,						Six Months Ended December 31,
	2016			2015			2016			2015
Foreign exchange forward contracts:
Net revenue	$	0.9		$	1.4		$	1.6		$	2.8
Cost of Sales	0.3			0.1			0.3			0.1
Interest rate swap contracts:
Interest expense	$	(3.1	)	$	(0.8	)	$	(6.6	)	$	(0.8	)

Derivatives not designated as hedging:

The amount of gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments during the three and six months ended December 31, 2016 and 2015 is presented below:

Condensed Consolidated Statements of Operations Classification of Gain (Loss) Recognized in Operations	Three Months Ended December 31,						Six Months Ended December 31,
	2016			2015			2016		2015
Selling, general and administrative expenses	$	0.2		$	—		0.4		1.3
Interest expense, net	12.1			26.5			10.0		23.7
Other (expense) income, net (a)	(0.4		)	(24.2		)	(0.4	)	(24.2	)

^(a) During the three and six months ended December 31, 2015, the Company recognized $18.1 and $6.1 of realized and unrealized losses, respectively, on foreign currency forward contracts related to an advance payment for the Brazil Acquisition.