Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments Designated as Fair Value Hedges

Derivative instruments designated as fair value hedges had the following effects on our consolidated statements of earnings (in millions):

			Gain /(Loss) on Instrument							Gain /(Loss) on Hedged Item
Derivative Instrument	Location on Statement of Earnings		Year Ended December 31,							Year Ended December 31,
			2014		2013			2012		2014			2013		2012
Interest rate swaps		Interest expense	$	14.7	$	(24.6	)	$	6.1	$	(14.7	)	$	24.6	$	(6.1	)

Gross Unrealized Losses from Derivative Instruments

Derivative instruments designated as cash flow hedges had the following effects, before taxes, on OCI and net earnings on our consolidated statements of earnings, consolidated statements of comprehensive income and consolidated balance sheets (in millions):

	Amount of Gain / (Loss) Recognized in OCI										Amount of Gain / (Loss) Reclassified from OCI
	Year Ended December 31,										Year Ended December 31,
Derivative Instrument	2014			2013			2012			Location on Statement of Earnings	2014		2013			2012
Foreign exchange forward contracts	$	119.8		$	63.9		$	16.3		Cost of products sold	$	33.3	$	8.0		$	(12.0	)
Foreign exchange options		–			(0.3	)		(1.1	)	Cost of products sold		–		(0.2	)		(0.4	)
Forward starting interest rate swaps		(59.3	)		–			–		Interest expense		–		–			–
Cross-currency interest rate swaps		–			–			–		Interest expense		–		–			0.2
	$	60.5		$	63.6		$	15.2			$	33.3	$	7.8		$	(12.2	)

Gains/(Losses) from Derivative Instruments Recognized in Cost of Products Sold

The following gains/(losses) from these derivative instruments were recognized on our consolidated statements of earnings (in millions):

Derivative Instrument		Year Ended December 31,
	Location on Statement of Earnings	2014		2013		2012
Foreign exchange forward contracts	Cost of products sold	$	15.3	$	–	$	(2.0	)

Fair Value of Derivative Instruments on Gross Basis

The fair value of derivative instruments on a gross basis is as follows (in millions):

	As of December 31, 2014			As of December 31, 2013
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Asset Derivatives
Foreign exchange forward contracts	Other current assets	$	98.7	Other current assets	$	60.2
Foreign exchange forward contracts	Other assets		53.1	Other assets		30.2
Interest rate swaps	Other assets		24.0	Other assets		16.3
Total asset derivatives		$	175.8		$	106.7
Liability Derivatives
Foreign exchange forward contracts	Other current liabilities	$	16.4	Other current liabilities	$	26.4
Forward starting interest rate swaps	Other current liabilities		59.3	Other current liabilities		–
Foreign exchange forward contracts	Other long-term liabilities		11.6	Other current liabilities		15.9
Interest rate swaps	Other long-term liabilities		–	Other long-term liabilities		7.0
Total liability derivatives		$	87.3		$	49.3

Schedule of Effects of Master Netting Agreements on Condensed Consolidated Balance Sheets

The table below presents the effects of our master netting agreements on our consolidated balance sheets (in millions):

			As of December 31, 2014						As of December 31, 2013
Description	Location		Gross Amount		Offset		Net Amount in Balance Sheet		Gross Amount		Offset		Net Amount in Balance Sheet
Asset Derivatives
Cash flow hedges		Other current assets	$	98.7	$	15.9	$	82.8	$	60.2	$	13.5	$	46.7
Cash flow hedges		Other assets		53.1		10.4		42.7		30.2		8.2		22.0
Liability Derivatives
Cash flow hedges		Other current liabilities		16.4		15.9		0.5		26.4		13.5		12.9
Cash flow hedges		Other long-term liabilities		11.6		10.4		1.2		15.9		8.2		7.7