DERIVATIVE INSTRUMENTS

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

The accumulated gain on foreign currency borrowings classified as net investment hedges in the foreign currency translation adjustment component of Accumulated other comprehensive income (loss) (“AOCI/(L)”) was $45.8 and $23.7 as of September 30, 2017 and June 30, 2017, respectively.

The amount of gains and losses recognized in Other comprehensive income (loss) (“OCI”) in the Condensed Consolidated Balance Sheets related to the Company’s derivative and non-derivative financial instruments which are designated as hedging instruments is presented below:



Gain (Loss) Recognized in OCI	Three Months Ended September 30,
	2017			2016
Foreign exchange forward contracts	$	(0.5	)	$	0.5
Interest rate swap contracts	0.5			5.1
Net investment hedge	(22.1		)	(7.8		)

As of September 30, 2017, all of the Company’s remaining foreign currency forward contracts designated as hedges were highly effective. The accumulated gain on derivative instruments classified as cash flow hedges in AOCI/(L), net of tax, was $12.5 and $12.6 as of September 30, 2017 and June 30, 2017, respectively. The estimated net gain related to these effective hedges that is expected to be reclassified from AOCI/(L) into earnings, net of tax, within the next twelve months is $1.9.

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 is presented below:



Condensed Consolidated Statements of Operations Classification of Gain (Loss) Reclassified from AOCI/(L)	Three Months Ended September 30,
	2017			2016
Foreign exchange forward contracts:
Net revenues	$	0.2		$	0.7
Cost of sales	0.1			—
Interest rate swap contracts:
Interest expense	$	(0.3	)	$	(3.5	)

Derivatives not designated as hedging:

The amount of gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments is presented below:



Condensed Consolidated Statements of Operations Classification of Gain (Loss) Recognized in Operations	Three Months Ended September 30,
	2017			2016
Selling, general and administrative expenses	$	(1.2	)	$	0.2
Interest expense, net	8.1			(2.1		)
Other expense, net	0.2			—