DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2019

DERIVATIVES AND HEDGING TRANSACTIONS

Gross fair value of the company's outstanding derivative assets and liabilities

(millions)
	Derivatives Assets				Derivatives Liabilities
	March 31		December 31		March 31		December 31
(millions)	2019		2018		2019		2018
Derivatives designated as hedging instruments
Foreign currency forward contracts		$34.3		$40.4		$12.0		$10.2
Interest rate swap agreements		-		-		-		0.2
Derivatives not designated as hedging instruments
Foreign currency forward contracts		17.4		31.9		17.2		30.9
Gross value of derivatives		51.7		72.3		29.2		41.3
Gross amounts offset in the Consolidated Balance Sheet		(10.0)		(17.7)		(10.0)		(17.7)
Net value of derivatives		$41.7		$54.6		$19.2		$23.6

Summary of notional values of outstanding derivatives

	Notional Values
	March 31		December 31
(millions)	2019		2018
Foreign currency forward contracts		$ 5,552		$ 6,226
Interest rate agreements		-		400

Schedule of amounts on the Balance Sheet related to cumulative basis adjustments for fair value hedges

Line item in which the hedged item is included	Carrying amount of the hedged liabilities				Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities
	First Quarter Ended				First Quarter Ended
	March 31				March 31
(millions)	2019		2018		2019		2018
Long-term debt		$-		$643.8		$-		$5.8

Revaluation gains and losses on euronotes and forward contracts

	First Quarter Ended
	March 31
(millions)	2019		2018
Revaluation gains (losses), net of tax		$(6.6)		$(26.2)

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

	First Quarter Ended
	March 31
	2019						2018
(millions)	COS		SG&A		Interest		COS		SG&A		Interest
Gain (loss) on derivatives in cash flow hedging relationship:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$4.4		$(7.1)		$-		$(1.9)		$(47.6)		$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-		-		7.0		-		-		8.3
Interest rate swap agreements
Amount of gain (loss) reclassified from AOCI to income		-		-		(0.2)		-		-		(1.8)
Gain (loss) on derivatives in fair value hedging relationship:
Interest rate swaps
Hedged items		-		-		0.2		-		-		1.1
Derivatives designated as hedging instruments		-		-		(0.2)		-		-		(1.1)
Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-		6.1		-		-		(18.4)		1.6
Total gain (loss)		$4.4		$(1.0)		$6.8		$(1.9)		$(66.0)		$8.1