FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2016

Derivative [Line Items]

Schedule of Derivative Instruments

The following table summarizes the notional amounts of cash flow hedges by derivative instrument type at June 30, 2016 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	$	316.5	$	240.7
Interest rate swaps	188.1		66.5
Commodity contracts	0.2		0.2
Total derivative instruments designated as cash flow hedges	$	504.8	$	307.4

Derivative Instruments, Gain (Loss)

The following table summarizes the amounts of gains (losses) recorded in the Company’s Consolidated Statements of Operations related to the economic hedges not designated as hedging for the three and six months ended June 30, 2016 and 2015:

	Consolidated Statements of Operations Location	Gain (Loss) Recognized
		Three Months Ended June 30,
(in millions)		2016		2015
Foreign exchange forward contracts (a)	Other expense (income), net	$	9.0	$	(0.8	)
DIO equity option contracts	Other expense (income), net	—		0.1
Cross currency basis swaps (a)	Other expense (income), net	—		(0.6		)
Total for instruments not designated as hedges		$	9.0	$	(1.3	)

(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 in the Consolidated Statements of Operations.

	Consolidated Statements of Operations Location	Gain (Loss) Recognized
		Six Months Ended June 30,
(in millions)		2016			2015
Foreign exchange forward contracts (a)	Other expense (income), net	$	(7.4	)	$	7.8
DIO equity option contracts	Other expense (income), net	—			0.1
Cross currency basis swaps (a)	Other expense (income), net	—			(1.8		)
Total for instruments not designated as hedges		$	(7.4	)	$	6.1

(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 in the Consolidated Statements of Operations.

Schedule of Aggregate Notional Amounts of Economic Hedges Not Designated as Hedges

The following tables summarize the aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at June 30, 2016 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	$	780.2	$	614.5
Interest rate swaps	1.4		0.8
Total for instruments not designated as hedges	$	781.6	$	615.3

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

The following tables summarize the fair value and the location of the Company’s derivatives in the Consolidated Balance Sheets at June 30, 2016 and December 31, 2015:

	June 30, 2016
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges
Foreign exchange forward contracts	$	9.4	$	1.2	$	11.8	$	0.4
Interest rate swaps	—		—		0.5		1.2
Total	$	9.4	$	1.2	$	12.3	$	1.6
Not Designated as Hedges
Foreign exchange forward contracts	$	8.0	$	3.7	$	2.6	$	—
Total	$	8.0	$	3.7	$	2.6	$	—

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

Offsetting Derivative Assets and Liabilities

Offsetting of financial assets and liabilities under netting arrangements at June 30, 2016:

							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	$	22.3	$	—	$	22.3	$	(6.8	)	$	—	$	15.5
Total Assets	$	22.3	$	—	$	22.3	$	(6.8	)	$	—	$	15.5

							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	$	14.8	$	—	$	14.8	$	(6.0	)	$	—	$	8.8
Interest rate swaps	1.7		—		1.7		(0.8		)	—		0.9
Total Liabilities	$	16.5	$	—	$	16.5	$	(6.8	)	$	—	$	9.7

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

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 three months ended June 30, 2016 and 2015:

June 30, 2016
	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	$	(0.3	)	Interest expense	$	(0.9	)	$	—
Foreign exchange forward contracts	1.8			Cost of products sold	2.1			—
Foreign exchange forward contracts	0.1			SG&A expenses	—			—
Commodity contracts	0.3			Cost of products sold	0.2			—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.1		)
Total in cash flow hedging	$	1.9			$	1.4		$	(0.1	)

June 30, 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	$	(0.1	)	Interest expense	$	(1.1	)	$	—
Foreign exchange forward contracts	(2.1		)	Cost of products sold	6.8			—
Foreign exchange forward contracts	(0.1		)	SG&A expenses	0.2			—
Commodity contracts	(0.1		)	Cost of products sold	(0.1		)	—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.2		)
Total for cash flow hedging	$	(2.4	)		$	5.8		$	(0.2	)

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 six months ended June 30, 2016 and 2015:

June 30, 2016
	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	$	(1.5	)	Interest expense	$	(2.0	)	$	—
Foreign exchange forward contracts	(3.1		)	Cost of products sold	5.2			—
Foreign exchange forward contracts	(0.2		)	SG&A expenses	0.1			—
Commodity contracts	0.2			Cost of products sold	(0.1		)	—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.1		)
Total in cash flow hedging	$	(4.6	)		$	3.2		$	(0.1	)

June 30, 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	$	(1.2	)	Interest expense	$	(2.0	)	$	—
Foreign exchange forward contracts	22.0			Cost of products sold	10.7			—
Foreign exchange forward contracts	0.3			SG&A expenses	0.4			—
Commodity contracts	(0.1		)	Cost of products sold	(0.3		)	—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			0.2
Total for cash flow hedging	$	21.0			$	8.8		$	0.2

Net Investment 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 other income (expense) in the Company’s Consolidated Statements of Operations related to the hedges of net investments for the three months ended June 30, 2016 and 2015:

June 30, 2016
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	13.2	Other expense (income), net	$	2.2
Total for net investment hedging	$	13.2		$	2.2

June 30, 2015
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	(15.8	)	Other expense (income), net	$	1.2
Total for net investment hedging	$	(15.8	)		$	1.2

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and other income (expense) in the Company’s Consolidated Statements of Operations related to the hedges of net investments for the six months ended June 30, 2016 and 2015:

June 30, 2016
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	(17.2	)	Other expense (income), net	$	4.7
Total for net investment hedging	$	(17.2	)		$	4.7

June 30, 2015
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	(3.3	)	Other expense (income), net	$	0.9
Total for net investment hedging	$	(3.3	)		$	0.9

The following table summarizes the notional amounts of hedges of net investments by derivative instrument type at June 30, 2016 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	$	559.3	$	526.3

Fair Value Hedging

Derivative [Line Items]

Derivative Instruments, Gain (Loss)

The following tables summarize the amount of income (expense) recorded in the Company’s Consolidated Statements of Operations related to the hedges of fair value for the three and six months ended June 30, 2016 and 2015:

	Consolidated Statements of Operations Location
		Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2016		2015		2016		2015
Interest rate swaps	Interest expense	$	—	$	—	$	—	$	0.2