Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

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 condensed consolidated statements of earnings (in millions):

Derivative Instrument	Location on Statement of Earnings		Gain on Instrument				Loss on Hedged Item
			Three Months Ended March 31,				Three Months Ended March 31,
			2015		2014		2015			2014
Interest rate swaps		Interest expense	$	7.2	$	5.1	$	(7.2	)	$	(5.1	)

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 condensed consolidated statements of earnings, condensed consolidated statements of comprehensive income and condensed consolidated balance sheets (in millions):

Derivative Instrument	Amount of Gain / (Loss) Recognized in OCI						Location on Statement of Earnings	Amount of Gain / (Loss) Reclassified from OCI
	Three Months Ended March 31,							Three Months Ended March 31,
	2015			2014				2015			2014
Foreign exchange forward contracts	$	90.0		$	(3.9	)	Cost of products sold	$	28.1		$	5.0
Foreign exchange options		—			—		Cost of products sold		—			(0.1	)
Forward starting interest rate swaps		(38.3	)		—		Interest expense		(0.1	)		—
	$	51.7		$	(3.9	)		$	28.0		$	4.9

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

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

Derivative Instrument	Location on Statement of Earnings	Three Months Ended March 31,
		2015		2014
Foreign exchange forward contracts	Other expense	$	15.2	$	(2.4	)

Fair Value of Derivative Instruments on Gross Basis

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

	March 31, 2015			December 31, 2014
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Asset Derivatives
Foreign exchange forward contracts	Other current assets	$	134.7	Other current assets	$	98.7
Foreign exchange forward contracts	Other assets		66.0	Other assets		53.1
Interest rate swaps	Other assets		31.2	Other assets		24.0
Total asset derivatives		$	231.9		$	175.8
Liability Derivatives
Foreign exchange forward contracts	Other current liabilities	$	12.6	Other current liabilities	$	16.4
Forward starting interest rate swaps	Other current liabilities		—	Other current liabilities		59.3
Foreign exchange forward contracts	Other long-term liabilities		8.6	Other long-term liabilities		—
Interest rate swaps	Other long-term liabilities		—	Other long-term liabilities		11.6
Total liability derivatives		$	21.2		$	87.3

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 condensed consolidated balance sheets (in millions):

	Location	As of March 31, 2015						As of December 31, 2014
Description		Gross Amount		Offset		Net Amount in Balance Sheet		Gross Amount		Offset		Net Amount in Balance Sheet
Asset Derivatives
Cash flow hedges	Other current assets	$	134.7	$	12.4	$	122.3	$	98.7	$	15.9	$	82.8
Cash flow hedges	Other assets		66.0		8.6		57.4		53.1		10.4		42.7
Liability Derivatives
Cash flow hedges	Other current liabilities		12.6		12.4		0.2		16.4		15.9		0.5
Cash flow hedges	Other long-term liabilities		8.6		8.6		—		11.6		10.4		1.2