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Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the fair value of our derivative financial instruments as of June 30, 2017 and December 31, 2016:
 
Fair Value of Derivative Instruments
 
Derivative Assets
 
Derivative Liabilities
(in millions of dollars)
Balance Sheet
Location
 
June 30, 2017
 
December 31,
2016
 
Balance Sheet
Location
 
June 30, 2017
 
December 31,
2016
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Other current assets
 
$
0.3

 
$
4.0

 
Other current liabilities
 
$
2.0

 
$

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Other current assets
 
0.1

 
0.4

 
Other current liabilities
 
0.4

 
0.3

Foreign exchange contracts
Other non-current assets
 
12.7

 

 
Other non-current liabilities
 
12.7

 

Total derivatives
 
 
$
13.1

 
$
4.4

 
 
 
$
15.1

 
$
0.3

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables summarize the pre-tax effect of our derivative financial instruments on the condensed consolidated financial statements for the three and six months ended June 30, 2017 and 2016:
 
 
The Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Condensed Consolidated Financial Statements
 
 
Amount of Gain (Loss) Recognized in OCI (Effective Portion)
 
Location of (Gain) Loss Reclassified from OCI to Income
 
Amount of (Gain) Loss
Reclassified from AOCI to Income (Effective Portion)
 
 
Three Months Ended June 30,
 
 
 
Three Months Ended June 30,
(in millions of dollars)
 
2017
 
2016
 
 
 
2017
 
2016
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
(1.7
)
 
$
(0.8
)
 
Cost of products sold
 
$
(0.5
)
 
$
1.5

 
 
 
 
 
 
 
 
 
 
 
 
 
The Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Condensed Consolidated Financial Statements
 
 
Amount of Gain (Loss) Recognized in OCI (Effective Portion)
 
Location of (Gain) Loss Reclassified from OCI to Income
 
Amount of (Gain) Loss
Reclassified from AOCI to Income (Effective Portion)
 
 
Six Months Ended June 30,
 
 
 
Six Months Ended June 30,
(in millions of dollars)
 
2017
 
2016
 
 
 
2017
 
2016
Cash flow hedges:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
(3.2
)
 
$
(3.8
)
 
Cost of products sold
 
$
(1.6
)
 
$
0.8

 
The Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Operations
 
Location of (Gain) Loss Recognized in
Income on Derivatives
 
Amount of (Gain) Loss
Recognized in Income
 
Amount of (Gain) Loss
Recognized in Income
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions of dollars)
 
 
2017
 
2016
 
2017
 
2016
Foreign exchange contracts
Other income, net
 
$
(0.6
)
 
$
(2.2
)
 
$
(1.4
)
 
$
(1.6
)