DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2020

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)	2020		2019		2020		2019
Derivatives designated as hedging instruments
Foreign currency forward contracts		$75.8		$67.4		$1.4		$2.1
Derivatives not designated as hedging instruments
Foreign currency forward contracts		41.4		16.5		20.7		7.9
Gross value of derivatives		117.2		83.9		22.1		10.0
Gross amounts offset in the Consolidated Balance Sheet		(17.0)		(4.2)		(17.0)		(4.2)
Net value of derivatives		$100.2		$79.7		$5.1		$5.8

Summary of notional values of outstanding derivatives

	Notional Values
		March 31	December 31
(millions)		2020	2019
Foreign currency forward contracts		$ 5,697		$ 4,004

Revaluation gains and losses on euronotes and forward contracts

	First Quarter Ended
	March 31
(millions)	2020		2019
Revaluation gains (losses), net of tax		$(1.1)		$(6.6)

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

	First Quarter Ended
	March 31
	2020				2019
(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		$2.2	$(1.1)	$-		$4.4	$(7.1)	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	5.4		-	-	7.0
Interest rate swap agreements
Amount of gain (loss) reclassified from AOCI to income		-	-	(0.2)		-	-	(0.2)
Gain (loss) on derivatives in fair value hedging relationship:
Interest rate swaps
Hedged items		-	-	-		-	-	0.2
Derivatives designated as hedging instruments		-	-	-		-	-	(0.2)
Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-	17.2	1.2		-	6.1	-
Total gain (loss) of all derivative instruments		$2.2	$16.1	$6.4		$4.4	$(1.0)	$6.8