Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2016

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,
			2016		2015		2014		2016			2015			2014
Interest rate swaps		Interest expense	$	7.5	$	2.8	$	14.7	$	(7.5	)	$	(2.8	)	$	(14.7	)

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	2016		2015			2014			Location on Statement of Earnings	2016			2015			2014
Foreign exchange forward contracts	$	25.7	$	97.4		$	119.8		Cost of products sold	$	87.7		$	122.3		$	33.3
Interest rate swaps		4.0		–			–		Interest expense		–			–			–
Forward starting interest rate swaps		–		(38.3	)		(59.3	)	Interest expense		(1.7	)		(1.3	)		–
Forward starting interest rate swaps		–		–			–		Other expense, net		(66.4	)		–			–
	$	29.7	$	59.1		$	60.5			$	19.6		$	121.0		$	33.3

Derivative Instruments Not Designated as Hedging Instruments

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

Derivative Instrument	Location on	Year Ended December 31,
	Statement of Earnings	2016		2015		2014
Foreign exchange forward contracts	Other expense, net	$	2.5	$	28.8	$	15.3

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, 2016			As of December 31, 2015
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Asset Derivatives
Foreign exchange forward contracts	Other current assets	$	57.9	Other current assets	$	100.5
Foreign exchange forward contracts	Other assets		34.9	Other assets		19.8
Interest rate swaps	Other assets		4.0	Other assets		26.8
Total asset derivatives		$	96.8		$	147.1
Liability Derivatives
Foreign exchange forward contracts	Other current liabilities	$	20.9	Other current liabilities	$	16.7
Forward starting interest rate swaps	Other current liabilities		–	Other current liabilities		–
Foreign exchange forward contracts	Other long-term liabilities		6.9	Other long-term liabilities		8.3
Total liability derivatives		$	27.8		$	25.0

Schedule of Effects of Master Netting Agreements on 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, 2016						As of December 31, 2015
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	$	57.9	$	20.6	$	37.3	$	100.5	$	16.3	$	84.2
Cash flow hedges		Other assets		34.9		6.8		28.1		19.8		7.1		12.7
Liability Derivatives
Cash flow hedges		Other current liabilities		20.9		20.6		0.3		16.7		16.3		0.4
Cash flow hedges		Other long-term liabilities		6.9		6.8		0.1		8.3		7.1		1.2

Net Investment Hedge Gains Recognized on Consolidated Statements of Comprehensive Income

The following net investment hedge gains were recognized on our consolidated statements of comprehensive income (in millions):

	Amount of Gain / (Loss) Recognized in OCI
	Year Ended December 31,
Derivative Instrument	2016		2015		2014
Euro Notes	$	9.4	$	–	$	–
Foreign exchange forward contracts		9.4		–		–
	$	18.8	$	–	$	–