XML 42 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Comprehensive Earnings
 6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Comprehensive Earnings
Comprehensive Earnings
Accumulated other comprehensive loss, as reflected on the Condensed Consolidated Balance Sheets, is comprised of the following:
(In millions)
June 30,
2016
 
December 31,
2015
Accumulated other comprehensive loss:
 
 
 
Net unrealized gain (loss) on marketable securities, net of tax
$
6.0

 
$
(1.0
)
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax
(15.2
)
 
(14.9
)
Net unrecognized losses on derivatives, net of tax
(46.7
)
 
(18.1
)
Foreign currency translation adjustment
(1,375.4
)
 
(1,730.3
)
 
$
(1,431.3
)
 
$
(1,764.3
)

Components of accumulated other comprehensive loss, before tax, consist of the following, for the three and six months ended June 30, 2016 and 2015:
 
Three Months Ended June 30, 2016
Gains and Losses on Derivatives in Cash Flow Hedging Relationships
 
Gains and Losses on Marketable Securities
 
Defined Pension Plan Items
 
Foreign Currency Translation Adjustment
 
Totals
(In millions)
Foreign Currency Forward Contracts
 
Interest Rate Swaps
 
Total
 
 
 
 
 
 
 
 
Balance at March 31, 2016 net of tax
 
 
 
 
$
(48.9
)
 
$
1.8

 
$
(15.1
)
 
$
(1,228.3
)
 
$
(1,290.5
)
Other comprehensive (loss) earnings before reclassifications, before tax
 
 
 
 
(14.7
)
 
6.6

 
(0.4
)
 
(147.1
)
 
(155.6
)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales
12.9

 
 
 
12.9

 
 
 
 
 
 
 
12.9

Loss on interest rate swaps classified as cash flow hedges, included in interest expense
 
 
5.2

 
5.2

 
 
 
 
 
 
 
5.2

Amortization of prior service costs included in SG&A
 
 
 
 
 
 
 
 
0.1

 
 
 
0.1

Amortization of actuarial loss included in SG&A
 
 
 
 
 
 
 
 
0.2

 
 
 
0.2

Net other comprehensive earnings (loss), before tax
 
 
 
 
3.4

 
6.6

 
(0.1
)
 
(147.1
)
 
(137.2
)
Income tax provision
 
 
 
 
1.2

 
2.4

 
—

 
—

 
3.6

Balance at June 30, 2016, net of tax
 
 
 
 
$
(46.7
)
 
$
6.0

 
$
(15.2
)
 
$
(1,375.4
)
 
$
(1,431.3
)

 
Six Months Ended June 30, 2016
 
Gains and Losses on Derivatives in Cash Flow Hedging Relationships
 
Gains and Losses on Marketable Securities
 
Defined Pension Plan Items
 
Foreign Currency Translation Adjustment
 
Totals
 
Foreign Currency Forward Contracts
 
Interest Rate Swaps
 
Total
 
 
 
 
 
 
 
 
Balance at December 31, 2015, net of tax
 
 
 
 
$
(18.1
)
 
$
(1.0
)
 
$
(14.9
)
 
$
(1,730.3
)
 
$
(1,764.3
)
Other comprehensive (loss) earnings before reclassifications, before tax
 
 
 
 
(73.5
)
 
11.0

 
(1.0
)
 
354.9

 
291.4

Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales
23.5

 
 
 
23.5

 
 
 
 
 
 
 
23.5

Loss on interest rate swaps classified as cash flow hedges, included in interest expense
 
 
4.3

 
4.3

 
 
 
 
 
 
 
4.3

Amortization of prior service costs included in SG&A
 
 
 
 
 
 
 
 
0.2

 
 
 
0.2

Amortization of actuarial loss included in SG&A
 
 
 
 
 
 
 
 
0.4

 
 
 
0.4

Net other comprehensive (loss) earnings, before tax
 
 
 
 
(45.7
)
 
11.0

 
(0.4
)
 
354.9

 
319.8

Income tax (benefit) provision
 
 
 
 
(17.1
)
 
4.0

 
(0.1
)
 
—

 
(13.2
)
Balance at June 30, 2016, net of tax
 
 
 
 
$
(46.7
)
 
$
6.0

 
$
(15.2
)
 
$
(1,375.4
)
 
$
(1,431.3
)

 
Three Months Ended June 30, 2015
Gains and Losses on Derivatives in Cash Flow Hedging Relationships
 
Gains and Losses on Marketable Securities
 
Defined Pension Plan Items
 
Foreign Currency Translation Adjustment
 
Totals
(In millions)
Foreign Currency Forward Contracts
 
Interest Rate Swaps
 
Total
 
 
 
 
 
 
 
 
Balance at March 31, 2015, net of tax
 
 
 
 
$
(49.8
)
 
$
0.4

 
$
(19.5
)
 
$
(1,542.0
)
 
$
(1,610.9
)
Other comprehensive earnings (loss) before reclassifications, before tax
 
 
 
 
40.6

 
(0.3
)
 
4.1

 
224.3

 
268.7

Amounts reclassified from accumulated other comprehensive loss, before tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales
(10.6
)
 
 
 
(10.6
)
 
 
 
 
 
 
 
(10.6
)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense
 
 
(0.1
)
 
(0.1
)
 
 
 
 
 
 
 
(0.1
)
Amortization of prior service costs included in SG&A
 
 
 
 
 
 
 
 
0.2

 
 
 
0.2

Amortization of actuarial loss included in SG&A
 
 
 
 
 
 
 
 
0.1

 
 
 
0.1

Amounts reclassified from accumulated other comprehensive loss, before tax
 
 
 
 
(10.7
)
 
—

 
0.3

 
—

 
(10.4
)
Net other comprehensive earnings (loss), before tax
 
 
 
 
51.3

 
(0.3
)
 
3.8

 
224.3

 
279.1

Income tax provision
 
 
 
 
19.1

 
—

 
0.7

 
—

 
19.8

Balance at June 30, 2015, net of tax
 
 
 
 
$
(17.6
)
 
$
0.1

 
$
(16.4
)
 
$
(1,317.7
)
 
$
(1,351.6
)

 
Six Months Ended June 30, 2015
 
Gains and Losses on Derivatives in Cash Flow Hedging Relationships
 
Gains and Losses on Marketable Securities
 
Defined Pension Plan Items
 
Foreign Currency Translation Adjustment
 
Totals
 
Foreign Currency Forward Contracts
 
Interest Rate Swaps
 
Total
 
 
 
 
 
 
 
 
Balance at December 31, 2014, net of tax
 
 
 
 
$
(28.4
)
 
$
0.3

 
$
(19.5
)
 
$
(939.4
)
 
$
(987.0
)
Other comprehensive (loss) earnings before reclassifications, before tax
 
 
 
 
(5.8
)
 
(0.2
)
 
4.4

 
(378.3
)
 
(379.9
)
Amounts reclassified from accumulated other comprehensive loss, before tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales
(22.3
)
 
 
 
(22.3
)
 
 
 
 
 
 
 
(22.3
)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense
 
 
(0.3
)
 
(0.3
)
 
 
 
 
 
 
 
(0.3
)
Amortization of prior service costs included in SG&A
 
 
 
 
 
 
 
 
0.2

 
 
 
0.2

Amortization of actuarial loss included in SG&A
 
 
 
 
 
 
 
 
0.3

 
 
 
0.3

Amounts reclassified from accumulated other comprehensive loss, before tax
 
 
 
 
(22.6
)
 
—

 
0.5

 
—

 
(22.1
)
Net other comprehensive earnings (loss), before tax
 
 
 
 
16.8

 
(0.2
)
 
3.9

 
(378.3
)
 
(357.8
)
Income tax provision
 
 
 
 
6.0

 
—

 
0.8

 
—

 
6.8

Balance at June 30, 2015, net of tax
 
 
 
 
$
(17.6
)
 
$
0.1

 
$
(16.4
)
 
$
(1,317.7
)
 
$
(1,351.6
)