Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2017

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):

			Gain (Loss) on Instrument				Gain (Loss) on Hedged Item
			Three Months Ended				Three Months Ended
	Location on Statement of Earnings		March 31,				March 31,
Derivative Instrument			2017		2016		2017		2016
Interest rate swaps		Interest expense	$	—	$	10.8	$	—	$	(10.8	)

Gross Unrealized Losses from Derivative Instruments

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

	Amount of Gain (Loss) Recognized in AOCI								Amount of Gain (Loss) Reclassified from AOCI
	Three Months Ended March 31,						Location on Statement of Earnings		Three Months Ended March 31,
Derivative Instrument	2017			2016					2017			2016
Foreign exchange forward contracts	$	(37.2	)	$	(56.5	)		Cost of products sold	$	11.1		$	32.1
Interest rate swaps		0.6			—			Interest expense		—			—
Forward starting interest rate swaps		—			—			Interest expense		(0.1	)		(0.4	)
	$	(36.6	)	$	(56.5	)			$	11.0		$	31.7

Derivative Instruments Not Designated as Hedging Instruments

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

	Location on Statement of Earnings	Three Months Ended March 31,
Derivative Instrument		2017			2016
Foreign exchange forward contracts	Other expense, net	$	(27.8	)	$	(21.3	)

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, 2017				December 31, 2016
	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Asset Derivatives
Foreign exchange forward contracts		Other current assets	$	39.3		Other current assets	$	57.9
Foreign exchange forward contracts		Other assets		17.0		Other assets		34.9
Interest rate swaps		Other assets		4.6		Other assets		4.0
Total asset derivatives			$	60.9			$	96.8
Liability Derivatives
Foreign exchange forward contracts		Other current liabilities	$	27.3		Other current liabilities	$	20.9
Foreign exchange forward contracts		Other long-term liabilities		9.9		Other long-term liabilities		6.9
Total liability derivatives			$	37.2			$	27.8

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):

		As of March 31, 2017						As of December 31, 2016
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		$39.3		20.2		$19.1		$57.9		$20.6		$37.3
Cash flow hedges	Other assets		17.0		8.2		8.8		34.9		6.8		28.1
Liability Derivatives
Cash flow hedges	Other current liabilities		27.3		20.2		7.1		20.9		20.6		0.3
Cash flow hedges	Other long-term liabilities		9.9		8.2		1.7		6.9		6.8		0.1

Net Investment Hedge Gains Recognized on Consolidated Statements of Comprehensive Income

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

	Amount of Loss Recognized in OCI
	Three Months Ended March 31,
Derivative Instrument	2017			2016
Euro Notes	$	(14.8	)	$	—