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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities at Fair Value
The table below summarizes our derivative assets and liabilities that were measured at fair value as of June 30, 2017, and December 31, 2016.
 
 
 
Fair value measurements as of June 30, 2017
 
Total at June 30, 2017
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Interest rate swaps
$
0.1

 
$
—

 
$
0.1

 
$
—

Foreign currency forwards
(2.5
)
 
—

 
(2.5
)
 
—

Commodity swaps
30.1

 
—

 
30.1

 
—

Total
$
27.7

 
$
—

 
$
27.7

 
$
—

 
 
 
Fair value measurements as of December 31, 2016
 
Total at December 31, 2016
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Foreign currency forwards
$
14.4

 
$
—

 
$
14.4

 
$
—

Commodity swaps
(18.1
)
 
—

 
(18.1
)
 
—

Total
$
(3.7
)
 
$
—

 
$
(3.7
)
 
$
—
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets
Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions):
 
June 30, 2017
 
 
 
Asset derivatives
 
Liability derivatives
 
Notional amount
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Interest rate swaps
$
1,000.0

 
Other current assets
 
$
—

 
Accounts payable and other current liabilities
 
$
—

 
 
 
Other non-current assets
 
0.4

 
Other liabilities
 
(0.3
)
Foreign currency forwards
$
317.2

 
Other current assets
 
2.9

 
Accounts payable and other current liabilities
 
(2.2
)
 
 
 
Other non-current assets
 
—

 
Other liabilities
 
(3.2
)
Total derivatives designated as hedging instruments
 
$
3.3

 
 
 
$
(5.7
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps(1)
$
687.8

 
Other current assets
 
$
21.9

 
Accounts payable and other current liabilities
 
$
(12.4
)

 
 
Other non-current assets
 
27.8

 
Other liabilities
 
(7.2
)
Commodity Options(1)
$
13.6

 
Other current assets
 
0.1

 
Accounts payable and other current liabilities
 
(0.1
)
 
 
 
Other non-current assets
 
0.1

 
Other liabilities
 
(0.1
)
Total derivatives not designated as hedging instruments
 
$
49.9

 
 
 
$
(19.8
)
 
December 31, 2016
 
 
 
Asset derivatives
 
Liability derivatives
 
Notional amount
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign currency forwards
$
329.4

 
Other current assets
 
$
12.0

 
Accounts payable and other current liabilities
 
$
(0.3
)
 
 
 
Other non-current assets
 
3.3

 
Other liabilities
 
(0.6
)
Total derivatives designated as hedging instruments
 
 
 
$
15.3

 
 
 
$
(0.9
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps(1)
$
791.4

 
Other current assets
 
$
11.8

 
Accounts payable and other current liabilities
 
$
(23.3
)
 
 
 
Other non-current assets
 
12.6

 
Other liabilities
 
(19.2
)
Commodity options(1)
$
13.6

 
Other current and non-current assets
 
—

 
Accounts payable and other current liabilities and other liabilities
 
—

Total derivatives not designated as hedging instruments
 
$
24.4

 
 
 
$
(42.5
)
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations
The Pretax Effect of Derivative Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):
For the Three Months Ended June 30, 2017
Derivatives in cash flow hedge relationships

Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)

Location of gain (loss)
reclassified from AOCI into
income (effective portion)

Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)

Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)

Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps

$
—


Interest expense, net

$
(0.9
)

Interest expense, net

$
—

Foreign currency forwards

(8.4
)

Other income (expense), net

(1.2
)

Other income (expense), net

—



 


Cost of goods sold

2.8


Cost of goods sold

—

Total

$
(8.4
)

 

$
0.7


 

$
—


For the Three Months Ended June 30, 2017
Non-derivative financial instruments in net investment hedge relationships

Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)

Location of gain (loss)
reclassified from AOCI into
income (effective portion)

Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)

Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)

Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
EUR 800 million notes due 2024

$
(61.9
)

Other income (expense), net

$
—


Other income (expense), net

$
—

EUR 500 million notes due 2019
 
(38.7
)
 
Other income (expense), net
 
—

 
Other income (expense), net
 
—

Total

$
(100.6
)

 

$
—


 

$
—

For the Three Months Ended June 30, 2017
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss)recognized in income
Interest rate swaps
 
$
0.4

 
Interest expense, net
Total
 
$
0.4

 
 
For the Three Months Ended June 30, 2016
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
—

 
Interest expense, net
 
$
(1.0
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
(7.6
)
 
Other income (expense), net
 
(2.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
3.9

 
Cost of goods sold
 
—

Total
 
$
(7.6
)
 
 
 
$
0.8

 
 
 
$
—


For the Six Months Ended June 30, 2017
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
—

 
Interest expense, net
 
$
(1.9
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
(13.9
)
 
Other income (expense), net
 
(2.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
4.7

 
Cost of goods sold
 
—

Total
 
$
(13.9
)
 
 
 
$
0.7

 
 
 
$
—

For the Six Months Ended June 30, 2017
Non-derivative financial instruments in net investment hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
EUR 800.0 million notes due 2024
 
$
(72.7
)
 
Other income (expense), net
 
$
—

 
Other income (expense), net
 
$
—

EUR 500 million notes due 2019
 
(34.6
)
 
Other income (expense), net
 
—

 
Other income (expense), net
 
—

Total
 
$
(107.3
)
 
 
 
$
—

 
 
 
$
—


For the Six Months Ended June 30, 2017
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss)recognized in income
Interest rate swaps
 
$
0.1

 
Interest expense, net
Total
 
$
0.1

 
 
For the Six Months Ended June 30, 2016
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
—

 
Interest expense, net
 
$
(1.9
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
(29.2
)
 
Other income (expense), net
 
(4.0
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
9.3

 
Cost of goods sold
 
—

Total
 
$
(29.2
)
 
 
 
$
3.4

 
 
 
$
—
Other Derivatives
Other Derivatives (in millions):
For the Three Months Ended June 30, 2017
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
(17.7
)
Total
 
 
 
$
(17.7
)
For the Three Months Ended June 30, 2016
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
9.7

Foreign currency forwards
 
Other income (expense), net
 
(12.1
)
Swaptions
 
Interest expense, net
 
(15.3
)
Total
 
 
 
$
(17.7
)
For the Six Months Ended June 30, 2017
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
48.0

Foreign currency forwards
 
Other income (expense), net
 
(8.3
)
Total
 
 
 
$
39.7

For the Six Months Ended June 30, 2016
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
8.1

Foreign currency forwards
 
Other income (expense), net
 
(12.2
)
Swaptions
 
Interest expense, net
 
(36.4
)
Total
 
 
 
$
(40.5
)