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DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value of outstanding derivatives
The following table summarizes the fair value of the Company's outstanding derivatives:
(Dollars in millions)
Hedge Designation
Balance Sheet Location
 
March 31, 2017
 
December 31, 2016
Foreign exchange contracts
Cash Flow
Prepaid expenses and other assets
 
$
3.6

 
$
10.9

Interest rate swaps
Fair Value
Other assets
 
—

 
1.1

Foreign exchange contracts
Cash Flow
Accrued expenses
 
(1.8
)
 
(0.2
)
Interest rate swaps
Fair Value
Other liabilities
 
(8.4
)
 
(6.3
)
Commodity contracts
Cash Flow
Accrued expenses
 
(0.2
)
 
—

     Net asset/(liability) of derivatives designated as hedging items
 
$
(6.8
)
 
$
5.5
Schedule of outstanding foreign exchange contracts
(Dollars in millions)
 
Weighted-average
Forward Rate
 
Notional
Amount
 
Fair Value
Asset
Foreign exchange contracts:
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
Canadian dollar
 
1.32
 
$
72.5

 
$
0.6

Mexican peso
 
19.84
 
43.4

 
(1.4
)
Malaysian ringgit
 
4.30
 
37.6

 
1.4

Philippine peso
 
49.34
 
43.0

 
1.2

Total foreign exchange contracts
 
 
 
$
196.5

 
$
1.8
Schedule of change in accumulated other comprehensive income (loss) and the impact on earnings from foreign exchange contracts
 
(Dollars in millions)
 
2017
 
2016
Balance—January 1
 
$
10.1

 
$
10.1

Derivatives qualifying as cash flow hedges deferred in other comprehensive income
 
(4.2
)
 
(11.9
)
Derivatives qualifying as cash flow hedges reclassified to cost of products sold (effective portion)
 
(3.0
)
 
(6.3
)
Change in deferred taxes
 
2.2

 
4.2

Balance—March 31
 
$
5.1

 
$
(3.9
)
Schedule of derivative liabilities at fair value
The following table summarizes the interest rate swaps outstanding as of March 31, 2017. The interest rate swaps for the 2019 Notes have a hedge inception date of May 2014, and the interest rate swaps for the 2020 Notes have an inception date of November 2015. The expiration dates of the interest rate swaps are equal to the stated maturity dates of the underlying debt. Interest rate swaps are valued using third party valuation models.
 
 
 
 
 
 
 
 
Fair Value Asset/(Liability)
(Dollars in millions)
 
Notional Amount of Underlying
 
Fixed Rate Received
 
Variable Rate Paid
(U.S. 3 Month LIBOR +)
 
March 31, 2017
 
December 31, 2016
Swaps associated with the 2019 Notes
 
$
700.0

 
4.9
%
 
3.14
%
 
$
(0.5
)
 
$
1.1

Swaps associated with the 2020 Notes
 
$
750.0

 
3.0
%
 
1.38
%
 
$
(7.9
)
 
$
(6.3
)