DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2014

DERIVATIVES AND HEDGING TRANSACTIONS

Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges

MILLIONS	LOCATION	2014		2013		2012
Unrealized gain (loss) recognized into AOCI (effective portion)
Foreign currency forward contracts	AOCI (equity)	$	26.7	$	4.7	$	(1.9	)
Interest rate swap contracts	AOCI (equity)	(22.1)		––		—
	Total	4.6		4.7		(1.9		)
Gain (loss) recognized in income (effective portion)
Foreign currency forward contracts	Sales	––		—		(0.1		)
	Cost of sales	6.1		(0.8)		2.0
	SG&A	1.5		—		0.2
	Total	7.6		(0.8)		2.1
Interest rate swap contracts	Interest expense, net	(4.1)		(4.1)		(4.1		)
	Total	$	3.5	$	(4.9)	$	(2.0	)

Impact on earnings from derivative contracts that qualified as fair value hedges

MILLIONS	LOCATION	2014		2013		2012
Gain (loss) on derivative recognized income
Interest rate swap	Interest expense, net	$	(2.1)	$	—	$	—
Gain (loss) on hedged item recognized income
Interest rate swap	Interest expense, net	$	2.1	$	—	$	—

Revaluation gains and losses on net investment hedges

MILLIONS	2014		2013		2012
Revaluation gains (losses), net of tax	$	34.7	$	(11.4)	$	9.8

Impact on earnings from derivative contracts not designated as hedging instruments

MILLIONS	LOCATION	2014		2013		2012
Gain (loss) recognized in income
Foreign currency forward contracts	SG&A	$	8.6	$	(1.4)	$	(0.9	)
	Interest expense, net	(9.0)		(6.6)		(7.0		)
	Total	$	(0.4)	$	(8.0)	$	(7.9	)

Fair value of the company's outstanding derivative assets and liabilities

	ASSET DERIVATIVES				LIABILITY DERIVATIVES
MILLIONS	2014		2013		2014		2013
Derivatives designated as hedging instruments:
Foreign currency forward contracts	$	17.9	$	4.4	$	0.6	$	1.1
Interest rate swap contracts	—		—		24.2		—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	57.6		15.8		27.3		13.1
Total	$	75.5	$	20.2	$	52.1	$	14.2