XML 46 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
Derivatives and Hedging (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following tables provide information regarding the Company’s outstanding derivatives contracts as of and for the years ended December 31 (in thousands, except for number of outstanding contracts):
 
2016
Derivative Contract Type
 
Number of
Outstanding
Contracts
 
Contract
Notional
Amount
 
Fair Value
Asset
(Liability) (3)
 
Balance Sheet
Line Item
 
AOCI
Unrealized
(Loss), Net
Of Tax
Interest rate swaps (1)
 
3

 
$
700,000

 
$
(2,349
)
 
Other liabilities
 
$
(1,409
)
Foreign currency forwards (2)
 
84

 
86,946

 
(320
)
 
Other current assets
 
—

Total
 
87

 
$
786,946

 
$
(2,669
)
 
 
 
$
(1,409
)
 
2015
Derivative Contract Type
 
Number of
Outstanding
Contracts
 
Contract
Notional
Amount
 
Fair Value
Asset
(Liability) (3)
 
Balance Sheet
Line Item
 
AOCI
Unrealized
(Loss), Net
Of Tax
Interest rate swap (1)
 
3

 
$
700,000

 
$
(5,132
)
 
Other liabilities
 
$
(3,079
)
Foreign currency forwards (2)
 
102

 
193,610

 
235

 
Other current assets
 
—

Total
 
105

 
$
893,610

 
$
(4,897
)
 
 
 
$
(3,079
)
 
(1)
The swaps have been designated and are accounted for as cash flow hedges of the forecasted interest payments on borrowings. As a result, changes in the fair value of the swaps are deferred and are recorded in AOCL/I, net of tax effect (see Note 5 — Debt for additional information).

(2)
The Company has foreign exchange transaction risk since it typically enters into transactions in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. The Company enters into short-term foreign currency forward exchange contracts to mitigate the cash flow risk associated with changes in foreign currency rates on forecasted foreign currency transactions. These contracts are accounted for at fair value with realized and unrealized gains and losses recognized in Other expense, net since the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding contracts at December 31, 2016 matured by the end of January 2017.

(3)
See Note 12 — Fair Value Disclosures for the determination of the fair value of these instruments.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table provides information regarding amounts recognized in the Consolidated Statements of Operations for derivative contracts for the years ended December 31 (in millions):  
Amount recorded in:
 
2016
 
2015
 
2014
Interest expense (1)
 
$
7.6

 
$
8.5

 
$
4.1

Other expense (income), net (2)
 
0.3

 
0.1

 
(0.5
)
Total expense
 
$
7.9

 
$
8.6

 
$
3.6

 
 
(1)
Consists of interest expense from interest rate swap contracts.

(2)
Consists of realized and unrealized gains and losses on foreign currency forward contracts.