Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 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 consolidated statements of earnings (in millions):

		Gain / (Loss) on Instrument						Gain / (Loss) on Hedged Item
	Location on Statement of	Years Ended December 31,						Years Ended December 31,
Derivative Instrument	Earnings	2017		2016		2015		2017		2016			2015
Interest rate swaps	Interest expense	$	-	$	7.5	$	2.8	$	-	$	(7.5	)	$	(2.8	)

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 (loss) and consolidated balance sheets (in millions):

	Amount of Gain / (Loss)									Amount of Gain / (Loss)
	Recognized in OCI								Location on	Reclassified from OCI
	Years Ended December 31,								Statement of	Years Ended December 31,
Derivative Instrument	2017			2016		2015			Earnings	2017			2016			2015
Foreign exchange forward    contracts	$	(116.5	)	$	25.7	$	97.4		Cost of products sold	$	5.1		$	87.7		$	122.3
Interest rate swaps		0.5			4.0		-		Interest expense		-			-			-
Forward starting interest rate    swaps		-			-		(38.3	)	Interest expense		(0.5	)		(1.7	)		(1.3	)
Forward starting interest rate    swaps		-			-		-		Other expense, net		-			(66.4	)		-
	$	(116.0	)	$	29.7	$	59.1			$	4.6		$	19.6		$	121.0

Derivative Instruments Not Designated as Hedging Instruments

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

	Location on	Years Ended December 31,
Derivative Instrument	Statement of Earnings	2017			2016		2015
Foreign exchange forward contracts	Other expense, net	$	(62.3	)	$	2.5	$	28.8

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, 2017			As of December 31, 2016
	Balance Sheet	Fair		Balance Sheet	Fair
	Location	Value		Location	Value
Asset Derivatives
Foreign exchange forward    contracts	Other current assets	$	14.5	Other current assets	$	57.9
Foreign exchange forward    contracts	Other assets		4.8	Other assets		34.9
Interest rate swaps	Other assets		4.5	Other assets		4.0
Total asset derivatives		$	23.8		$	96.8
Liability Derivatives
Foreign exchange forward    contracts	Other current liabilities	$	45.8	Other current liabilities	$	20.9
Forward starting interest rate    swaps	Other current liabilities		-	Other current liabilities		-
Foreign exchange forward    contracts	Other long-term liabilities		22.8	Other long-term liabilities		6.9
Total liability derivatives		$	68.6		$	27.8

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, 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	$	14.5	$	13.4	$	1.1	$	57.9	$	20.6	$	37.3
Cash flow hedges	Other assets		4.8		4.3		0.5		34.9		6.8		28.1
Liability Derivatives
Cash flow hedges	Other current liabilities		45.8		13.4		32.4		20.9		20.6		0.3
Cash flow hedges	Other long-term liabilities		22.8		4.3		18.5		6.9		6.8		0.1

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 (loss) (in millions):

	Amount of Gain / (Loss)
	Recognized in OCI
	Years Ended December 31,
Derivative Instrument	2017			2016		2015
Euro Notes	$	(146.0	)	$	9.4	$	-
Foreign exchange forward contracts		-			9.4		-
	$	(146.0	)	$	18.8	$	-