FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2015

The following table summarizes the notional amounts of hedges of net investments by derivative instrument type at December 31, 2015 and the notional amounts expected to mature during the next 12 months:



	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months

(in millions)

Foreign exchange forward contracts	$	733.9	$	610.0

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables summarize the fair value and consolidated balance sheet location of the Company’s derivatives at December 31, 2015 and December 31, 2014:



	December 31, 2015
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities

Foreign exchange forward contracts	$	23.0	$	7.9	$	6.9	$	0.4
Commodity contracts	—		—		0.1		—
Interest rate swaps	0.1		—		1.0		0.2
Total	$	23.1	$	7.9	$	8.0	$	0.6

Not Designated as Hedges

Foreign exchange forward contracts	$	5.0	$	—	$	3.0	$	—
Total	$	5.0	$	—	$	3.0	$	—



	December 31, 2014
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities

Foreign exchange forward contracts	$	28.1	$	12.6	$	2.7	$	1.7
Commodity contracts	—		—		0.2		—
Interest rate swaps	0.6		0.1		0.6		0.4
Total	$	28.7	$	12.7	$	3.5	$	2.1

Not Designated as Hedges

Foreign exchange forward contracts	$	4.8	$	—	$	4.8	$	—
DIO equity option contracts	—		—		—		0.1
Interest rate swaps	—		—		—		0.1
Cross currency basis swaps	2.7		—		—		—
Total	$	7.5	$	—	$	4.8	$	0.2

Offsetting Derivative Assets and Liabilities

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2015:



							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount

Assets
Foreign exchange forward contracts	$	35.9	$	—	$	35.9	$	(7.4	)	$	—	$	28.5
Interest rate swaps	0.1		—		0.1		—			—		0.1
Total Assets	$	36.0	$	—	$	36.0	$	(7.4	)	$	—	$	28.6



							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount

Liabilities
Foreign exchange forward contracts	$	10.3	$	—	$	10.3	$	(6.3	)	$	—	$	4.0
Commodity contracts	0.1		—		0.1		—			—		0.1
Interest rate swaps	1.2		—		1.2		(1.1		)	—		0.1
Total Liabilities	$	11.6	$	—	$	11.6	$	(7.4	)	$	—	$	4.2

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2014:



							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount

Assets
Foreign exchange forward contracts	$	45.3	$	—	$	45.3	$	(7.7	)	$	—	$	37.6
Interest rate swaps	0.8		—		0.8		(0.3		)	—		0.5
Cross currency basis swaps	2.7		—		2.7		(1.1		)	—		1.6
Total Assets	$	48.8	$	—	$	48.8	$	(9.1	)	$	—	$	39.7



							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount

Liabilities
Foreign exchange forward contracts	$	9.3	$	—	$	9.3	$	(8.1	)	$	—	$	1.2
Commodity contracts	0.2		—		0.2		—			—		0.2
DIO equity option contracts	0.1		—		0.1		—			—		0.1
Interest rate swaps	1.1		—		1.1		(1.0		)	—		0.1
Total Liabilities	$	10.7	$	—	$	10.7	$	(9.1	)	$	—	$	1.6

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table summarizes the amounts of gains (losses) recorded on the Company’s Consolidated Statements of Operations related to the economic hedges not designated as hedging for the years ended December 31, 2015, 2014 and 2013:



	Consolidated Statements of Operations Location	Gain (Loss) Recognized
		Twelve Months Ended December 31,
(in millions)		2015			2014			2013

Foreign exchange forward contracts (a)	Other expense (income), net	$	6.3		$	33.2		$	6.7
DIO equity option contracts	Other expense (income), net	0.1			—			—
Cross currency basis swaps (a)	Other expense (income), net	(1.8		)	(50.2		)	15.5
Total for instruments not designated as hedges		$	4.6		$	(17.0	)	$	22.2

(a) The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances which are recorded in “Other expense (income), net” on the Consolidated Statements of Operations.

Designated as Hedging Instrument

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the notional amounts of cash flow hedges by derivative instrument type at December 31, 2015 and the notional amounts expected to mature during the next 12 months, with a discussion of the various cash flow hedges by derivative instrument type following the table:



	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months

(in millions)

Foreign exchange forward contracts	$	325.3	$	246.8
Interest rate swaps	169.3		64.9
Commodity contracts	0.7		0.7
Total derivative instruments designated as cash flow hedges	$	495.3	$	312.4

Not Designated as Hedging Instrument

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables summarize the aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at December 31, 2015 and the notional amounts expected to mature during the next 12 months:



	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months

(in millions)

Foreign exchange forward contracts	$	498.9	$	498.9
Interest rate swaps	1.8		0.8
Total for instruments not designated as hedges	$	500.7	$	499.7

Cash Flow Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and income (expense) in the Company’s Consolidated Statements of Operations related to all cash flow hedges for the years ended December 31, 2015, 2014 and 2013:



	December 31, 2015
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)

(in millions)

Effective Portion:
Interest rate swaps	$	(1.4	)	Interest expense (a)	$	(10.1	)
Foreign exchange forward contracts	23.3			Cost of products sold	18.0
Foreign exchange forward contracts	0.5			SG&A expenses	0.6
Commodity contracts	(0.3		)	Cost of products sold	(0.5		)

Ineffective Portion:
Foreign exchange forward contracts				Other expense (income), net				$	(0.7	)
Total in cash flow hedging	$	22.1			$	8.0		$	(0.7	)

(a) The Company reclassified $6.0 million of losses into earnings due to the discontinuance of a cash flow hedge because a portion of the forecasted transaction will no longer occur.



	December 31, 2014
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)

(in millions)

Effective Portion:
Interest rate swaps	$	(0.7	)	Interest expense	$	(3.7	)
Foreign exchange forward contracts	4.3			Cost of products sold	(6.4		)
Foreign exchange forward contracts	0.5			SG&A expenses	(0.1		)
Commodity contracts	(0.2		)	Cost of products sold	(0.5		)
Total for cash flow hedging	$	3.9			$	(10.7	)	$	—



	December 31, 2013
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)

(in millions)

Effective Portion:
Interest rate swaps	$	(0.2	)	Interest expense	$	(3.7	)
Foreign exchange forward contracts	(6.5		)	Cost of products sold	1.2
Foreign exchange forward contracts	(0.3		)	SG&A expenses	(0.1		)
Commodity contracts	(1.0		)	Cost of products sold	(0.3		)

Ineffective Portion:
Foreign exchange forward contracts				Other expense (income), net				$	0.7
Commodity contracts				Interest expense				(0.1		)
Total for cash flow hedging	$	(8.0	)		$	(2.9	)	$	0.6

Net Investment Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The following tables summarize the amount of gains (losses) recorded in AOCI on the Consolidated Balance Sheets and income (expense) on the Company’s Consolidated Statements of Operations related to the hedges of net investments for the year ended December 31, 2015, 2014 and 2013:



	December 31, 2015
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)

(in millions)

Effective Portion:
Foreign exchange forward contracts	$	4.5	Other expense (income), net	$	4.1
Total for net investment hedging	$	4.5		$	4.1



	December 31, 2014
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)

(in millions)

Effective Portion:
Cross currency basis swaps	$	19.3	Interest income	$	1.9
Foreign exchange forward contracts	43.1		Interest expense	(1.6		)
			Other expense (income), net	1.3
Total for net investment hedging	$	62.4		$	1.6



	December 31, 2013
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Recognized in Income (Expense)

(in millions)

Effective Portion:
Cross currency basis swaps	$	(36.1	)	Interest income	$	4.8
Foreign exchange forward contracts	(5.4		)	Interest expense	1.4
				Other expense (income), net	0.3
Total for net investment hedging	$	(41.5	)		$	6.5

Fair Value Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The following table summarizes the notional amounts of fair value hedges by derivative instrument type at December 31, 2015 and the notional amounts expected to mature during the next 12 months:



	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months

(in millions)

Interest rate swaps	$	45.0	$	45.0

The following tables summarize the amount of income (expense) recorded on the Company’s Consolidated Statements of Operations related to the hedges of fair value for the years ended December 31, 2015, 2014 and 2013:



	Consolidated Statements of Operations Location	Income (Expense) Recognized
		Twelve Months Ended December 31,
(in millions)		2015		2014		2013

Interest rate swaps	Interest expense	$	0.3	$	0.2	$	0.3