Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The tables below present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016.

	March 31, 2017
				Fair Value Measurements
Description	Nominal volume			Derivative asset			Derivative liability			Balance sheet location
Derivatives designated as hedging    instruments 1)
Foreign exchange forward contracts, less than    1 year (cash flow hedge)	$	58.9		$	5.2		$	0.4		Other current assets/ Other current liabilities
Foreign exchange forward contracts, less than    2 years (cash flow hedge)		4.5			0.0			0.1		Other non-current assets/ Other non-current liabilities
Total derivatives designated as hedging    instruments	$	63.4		$	5.2		$	0.5
Derivatives not designated as hedging    instruments
Foreign exchange swaps, less than    6 months	$	269.9	2)	$	0.3	3)	$	0.6	4)	Other current assets/ Other current liabilities
Total derivatives not designated as hedging    instruments	$	269.9		$	0.3		$	0.6

¹⁾ There is no netting since there are no offsetting contracts.

²⁾ Net nominal amount after deducting for offsetting swaps under ISDA agreements is $231.4 million.

³⁾ Net amount after deducting for offsetting swaps under ISDA agreements is $0.2 million.

⁴⁾ Net amount after deducting for offsetting swaps under ISDA agreements is $0.5 million.

	December 31, 2016
				Fair Value Measurements
Description	Nominal volume			Derivative asset			Derivative liability			Balance sheet location
Derivatives designated as hedging    instruments 1)
Foreign exchange forward contracts, less than    1 year (cash flow hedge)	$	74.0		$	7.6		$	0.3		Other current assets/ Other current liabilities
Foreign exchange forward contracts, less than    2 years (cash flow hedge)		10.8			0.0			0.2		Other non-current assets/ Other non-current liabilities
Total derivatives designated as hedging    instruments	$	84.8		$	7.6		$	0.5
Derivatives not designated as hedging    instruments
Foreign exchange swaps, less than    6 months	$	251.8	2)	$	1.1	3)	$	0.1	4)	Other current assets/ Other current liabilities
Total derivatives not designated as hedging    instruments	$	251.8		$	1.1		$	0.1

¹⁾ There is no netting since there are no offsetting contracts.

²⁾ Net nominal amount after deducting for offsetting swaps under ISDA agreements is $226.5 million.

³⁾ Net amount after deducting for offsetting swaps under ISDA agreements is $1.1 million.

⁴⁾ Net amount after deducting for offsetting swaps under ISDA agreements is $0.0 million.

Fair Value of Debt

	March 31,		March 31,		December 31,		December 31,
	2017		2017		2016		2016
	Carrying		Fair		Carrying		Fair
Long-term debt	value1)		value		value1)		value
U.S. Private placement	$	1,311.9	$	1,392.9	$	1,312.4	$	1,360.0
Other long-term debt		11.8		11.8		11.2		11.2
Total	$	1,323.7	$	1,404.7	$	1,323.6	$	1,371.2
Short-term debt
Overdrafts and other short-term debt	$	43.8	$	43.8	$	39.7	$	39.7
Short-term portion of long-term debt		181.4		187.2		180.1		185.6
Total	$	225.2	$	231.0	$	219.8	$	225.3

¹⁾ Debt as reported in balance sheet.