Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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								Gain (Loss) on
		Instrument								Hedged Item
		Three Months Ended				Six Months Ended				Three Months Ended					Six Months Ended
	Location on	June 30,				June 30,				June 30,					June 30,
Derivative Instrument	Statement of Earnings	2017		2016		2017		2016		2017		2016			2017		2016
Interest rate swaps	Interest expense	$	-	$	3.1	$	-	$	13.9	$	-	$	(3.1	)	$	-	$	(13.9	)

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)													Amount of Gain (Loss)
	Recognized in AOCI													Reclassified from AOCI
	Three Months Ended						Six Months Ended							Three Months Ended						Six Months Ended
	June 30,						June 30,						Location on	June 30,						June 30,
Derivative Instrument	2017			2016			2017			2016			Statement of Earnings	2017			2016			2017			2016
Foreign exchange    forward contracts	$	(25.9	)	$	(8.3	)	$	(63.1	)	$	(64.8	)	Cost of products sold	$	5.9		$	26.3		$	17.0		$	58.4
Interest rate swaps		(0.6	)		-			-			-		Interest expense		-			-			-			-
Forward starting    interest rate swaps		-			-			-			-		Interest expense		(0.2	)		(0.5	)		(0.3	)		(0.9	)
	$	(26.5	)	$	(8.3	)	$	(63.1	)	$	(64.8	)		$	5.7		$	25.8		$	16.7		$	57.5

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):

		Three Months Ended						Six Months Ended
	Location on	June 30,						June 30,
Derivative Instrument	Statement of Earnings	2017			2016			2017			2016
Foreign exchange forward contracts	Other expense, net	$	(10.8	)	$	(15.9	)	$	(38.6	)	$	(37.2	)

Fair Value of Derivative Instruments on Gross Basis

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

	June 30, 2017			December 31, 2016
	Balance			Balance
	Sheet	Fair		Sheet	Fair
	Location	Value		Location	Value
Asset Derivatives
Foreign exchange forward contracts	Other current assets	$	19.9	Other current assets	$	57.9
Foreign exchange forward contracts	Other assets		10.0	Other assets		34.9
Interest rate swaps	Other assets		4.0	Other assets		4.0
Total asset derivatives		$	33.9		$	96.8
Liability Derivatives
Foreign exchange forward contracts	Other current liabilities	$	22.6	Other current liabilities	$	20.9
Foreign exchange forward contracts	Other long-term liabilities		14.9	Other long-term liabilities		6.9
Total liability derivatives		$	37.5		$	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 June 30, 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	$	19.9	$	16.5	$	3.4	$	57.9	$	20.6	$	37.3
Cash flow hedges	Other assets		10.0		7.3		2.7		34.9		6.8		28.1
Liability Derivatives
Cash flow hedges	Other current liabilities		22.6		16.5		6.1		20.9		20.6		0.3
Cash flow hedges	Other long-term liabilities		14.9		7.3		7.6		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					Six Months Ended
	June 30,					June 30,
Derivative Instrument	2017			2016		2017			2016
Euro Notes	$	(71.0	)	$	-	$	(85.8	)	$	-