FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2018

Derivative [Line Items]

Schedule of Derivative Instruments

The following table summarizes the notional amounts of cash flow hedges by derivative instrument type at March 31, 2018 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	$	349.1	$	279.5
Interest rate swaps	118.2		—
Total derivative instruments designated as cash flow hedges	$	467.3	$	279.5

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

The following table summarizes the notional amount of hedges of net investments by derivative instrument at March 31, 2018 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	$	632.0	$	315.1
Cross currency basis swaps	302.6		—
Total for instruments not designated as hedges	$	934.6	$	315.1

The following tables summarize the aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at March 31, 2018 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	$	364.4	$	364.4
Total for instruments not designated as hedges	$	364.4	$	364.4

Derivative Instruments, Gain (Loss)

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 three months ended March 31, 2018 and 2017:

	Consolidated Statements of Operations Location	Gain (Loss) Recognized
		Three Months Ended
(in millions)		2018		2017
Foreign exchange forward contracts (a)	Other expense (income), net	$	0.7	$	(2.8	)
Total for instruments not designated as hedges		$	0.7	$	(2.8	)

(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.

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 on the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017:

	March 31, 2018
(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	$	0.9	$	0.2	$	19.6	$	7.8
Interest rate swaps	—		—		0.3		0.1
Cross currency basis swaps	—		—		—		12.9
Total	$	0.9	$	0.2	$	19.9	$	20.8
Not Designated as Hedges
Foreign exchange forward contracts	$	1.6	$	—	$	5.2	$	—
Total	$	1.6	$	—	$	5.2	$	—

	December 31, 2017
(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	$	1.4	$	—	$	13.4	$	4.5
Interest rate swaps	—		—		0.3		0.1
Total	$	1.4	$	—	$	13.7	$	4.6
Not Designated as Hedges
Foreign exchange forward contracts	$	3.4	$	—	$	3.7	$	—
Total	$	3.4	$	—	$	3.7	$	—

Offsetting Derivative Assets and Liabilities

Offsetting of financial assets and liabilities under netting arrangements at March 31, 2018:

							Gross Amounts Not Offset on the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset on the Consolidated Balance Sheets		Net Amounts Presented on the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	2.7	$	—	$	2.7	$	(2.6	)	$	—	$	0.1
Total Assets	$	2.7	$	—	$	2.7	$	(2.6	)	$	—	$	0.1

							Gross Amounts Not Offset on the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset on the Consolidated Balance Sheets		Net Amounts Presented on the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Liabilities
Foreign exchange forward contracts	$	32.6	$	—	$	32.6	$	(1.5	)	$	—	$	31.1
Interest rate swaps	0.4		—		0.4		(0.1		)	—		0.3
Cross currency basis swaps	12.9		—		12.9		(1.0		)	—		11.9
Total Liabilities	$	45.9	$	—	$	45.9	$	(2.6	)	$	—	$	43.3

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2017:

							Gross Amounts Not Offset on the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset on the Consolidated Balance Sheets		Net Amounts Presented on the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	4.8	$	—	$	4.8	$	(3.9	)	$	—	$	0.9
Total Assets	$	4.8	$	—	$	4.8	$	(3.9	)	$	—	$	0.9

							Gross Amounts Not Offset on the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset on the Consolidated Balance Sheets		Net Amounts Presented on the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Liabilities
Foreign exchange forward contracts	$	21.6	$	—	$	21.6	$	(3.8	)	$	—	$	17.8
Interest rate swaps	0.4		—		0.4		(0.1		)	—		0.3
Total Liabilities	$	22.0	$	—	$	22.0	$	(3.9	)	$	—	$	18.1

Cash Flow 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 all cash flow hedges for the three months ended March 31, 2018 and 2017:

	March 31, 2018
	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	$	—		Interest expense	$	(0.6	)	$	—
Foreign exchange forward contracts	(7.0		)	Cost of products sold	(1.8		)	—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.1		)
Total in cash flow hedging	$	(7.0	)		$	(2.4	)	$	(0.1	)

	March 31, 2017
	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	$	(0.8	)	$	—
Foreign exchange forward contracts	(1.5		)	Cost of products sold	0.5			—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.3		)
Total for cash flow hedging	$	(1.7	)		$	(0.3	)	$	(0.3	)

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 Other expense (income), net on the Company’s Consolidated Statements of Operations related to the hedges of net investments for the three months ended March 31, 2018 and 2017:

	March 31, 2018
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps	$	(6.4	)	Interest expense	$	1.7
				Other expense (income), net	(6.6		)
Foreign exchange forward contracts	(11.5		)	Other expense (income), net	1.5
Total for net investment hedging	$	(17.9	)		$	(3.4	)

	March 31, 2017
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	(1.9	)	Other expense (income), net	$	0.5
Total for net investment hedging	$	(1.9	)		$	0.5