Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Amounts Recorded On Balance Sheet Related To Cumulative Basis Adjustments For Fair Value Hedges

As of March 31, 2018 and December 31, 2017, the following amounts were recorded on our condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in millions):

	Carrying Amount of the Hedged Liabilites				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Balance Sheet Line Item	March 31, 2018		December 31, 2017		March 31, 2018		December 31, 2017
Long-term debt	$	570.7	$	572.8	$	21.0	$	23.1

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							Three Months Ended
	March 31,						Location on	March 31,
Derivative Instrument	2018			2017			Statement of Earnings	2018			2017
Foreign exchange    forward contracts	$	(34.2	)	$	(37.2	)	Cost of products sold	$	(11.1	)	$	11.1
Interest rate swaps		1.1			0.6		Interest expense		-			-
Forward starting    interest rate swaps		-			-		Interest expense		(0.1	)		(0.1	)
	$	(33.1	)	$	(36.6	)		$	(11.2	)	$	11.0

Effect of Fair Value and Cash flow Hedge Accounting on Condensed Consolidated Statements of Earnings

The following table presents the effect of fair value and cash flow hedge accounting on our condensed consolidated statements of earnings (in millions):

	Location and Amount of Gain/(Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships for the Period Ended:
	Three Months Ended						Three Months Ended
	March 31, 2018						March 31, 2017
	Cost of						Cost of
	Goods			Interest			Goods		Interest
	Sold			Expense			Sold		Expense
Total amounts of income and expense line items presented in the income    statement in which the effects of fair value or cash flow    hedges are recorded	$	575.8		$	(78.9	)	$	512.9	$	(82.9	)
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Discontinued interest rate swaps		-			2.1			-		2.0
Gain (loss) on cash flow hedging relationships
Forward starting interest rate swaps		-			(0.1	)		-		(0.1	)
Foreign exchange forward contracts		(11.1	)		-			11.1		-

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
	Location on	March 31,
Derivative Instrument	Statement of Earnings	2018			2017
Foreign exchange forward contracts	Other expense, net	$	(9.7	)	$	(27.8	)

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 March 31, 2018			As of December 31, 2017
	Balance			Balance
	Sheet	Fair		Sheet	Fair
	Location	Value		Location	Value
Asset Derivatives
Foreign exchange forward contracts	Other current assets	$	7.3	Other current assets	$	14.5
Foreign exchange forward contracts	Other assets		4.0	Other assets		4.8
Interest rate swaps	Other assets		5.7	Other assets		4.5
Cross-currency interest rate swaps	Other assets		2.6	Other assets		-
Total asset derivatives		$	19.6		$	23.8
Liability Derivatives
Foreign exchange forward contracts	Other current liabilities	$	56.0	Other current liabilities	$	45.8
Foreign exchange forward contracts	Other long-term liabilities		27.8	Other long-term liabilities		22.8
Total liability derivatives		$	83.8		$	68.6

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, 2018						As of December 31, 2017
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	$	7.3	$	7.0	$	0.3	$	14.5	$	13.4	$	1.1
Cash flow hedges	Other assets		4.0		3.7		0.3		4.8		4.3		0.5
Liability Derivatives
Cash flow hedges	Other current liabilities		56.0		7.0		49.0		45.8		13.4		32.4
Cash flow hedges	Other long-term liabilities		27.8		3.7		24.1		22.8		4.3		18.5

Net Investment Hedge Gains (Losses) Recognized on Condensed Consolidated Statements of Comprehensive Income

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

	Amount of Gain (Loss)
	Recognized in AOCI
	Three Months Ended
	March 31,
Derivative Instrument	2018			2017
Euro Notes	$	(29.1	)	$	(14.8	)
Cross-currency interest rate swaps		2.6			-
	$	(26.5	)	$	(14.8	)