FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2020

Derivative [Line Items]

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

The aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at March 31, 2020 and the notional amounts expected to mature during the next 12 months were as follows:

(in millions)	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months
Foreign exchange forward contracts	$	221.1	$	221.1
Total for instruments not designated as hedges	$	221.1	$	221.1

Fair Value, by Balance Sheet Grouping

The fair value and the location of the Company's derivatives in the Consolidated Balance Sheets were as follows:

	March 31, 2020
(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	$	51.9	$	7.3	$	3.9	$	0.8
Interest rate swaps	—		—		—		28.4
Cross currency basis swaps	—		15.6		—		—
Total	$	51.9	$	22.9	$	3.9	$	29.2

	March 31, 2020
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Not Designated as Hedges:
Foreign exchange forward contracts	$	4.8	$	—	$	1.6	$	—
Total	$	4.8	$	—	$	1.6	$	—

	December 31, 2019
(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	$	26.9	$	11.3	$	1.3	$	1.8
Interest rate swaps	—		—		—		10.8
Cross currency basis swaps	—		6.9		—		—
Total	$	26.9	$	18.2	$	1.3	$	12.6

	December 31, 2019
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Not Designated as Hedges:
Foreign exchange forward contracts	$	2.0	$	—	$	1.5	$	—
Total	$	2.0	$	—	$	1.5	$	—

Offsetting Derivative Assets and Liabilities

Offsetting of financial assets and liabilities under netting arrangements at March 31, 2020 were as follows:

							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	$	63.3	$	—	$	63.3	$	(12.2)	$	—	$	51.1
Cross currency basis swaps	15.6		—		15.6		(3.3)		—		12.3
Total Assets	$	78.9	$	—	$	78.9	$	(15.5)	$	—	$	63.4
Liabilities
Foreign exchange forward contracts	$	5.6	$	—	$	5.6	$	(5.6)	$	—	$	—
Interest rate swaps	28.4		—		28.4		(9.9)		—		18.5
Total Assets	$	34.0	$	—	$	34.0	$	(15.5)	$	—	$	18.5

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2019 were as follows:

							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	$	38.8	$	—	$	38.8	$	(7.8)	$	—	$	31.0
Cross currency basis swaps	6.9		—		6.9		(0.9)		—		6.0
Total Assets	$	45.7	$	—	$	45.7	$	(8.7)	$	—	$	37.0
Liabilities
Foreign exchange forward contracts	$	3.2	$	—	$	3.2	$	(3.0)	$	—	$	0.2
Interest rate swaps	10.8		—		10.8		(5.7)		—		5.1
Total Assets	$	14.0	$	—	$	14.0	$	(8.7)	$	—	$	5.3

Cash Flow Hedging [Member]

Derivative [Line Items]

Schedule of Derivative Instruments

The following summarizes the notional amounts of cash flow hedges by derivative instrument type at March 31, 2020 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:

(in millions)	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months
Foreign exchange forward contracts	$	331.2	$	250.4
Interest rate swaps	150.0		—
Total derivative instruments designated as cash flow hedges	$	481.2	$	250.4

Derivative Instruments, Gain (Loss)

The amount of gains and losses recorded in AOCI in the Consolidated Balance Sheets, Interest expense and Cost of products sold in the Company's Consolidated Statements of Operations related to the cash flow hedges were as follows:

	March 31, 2020
	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	$	(17.9)	Interest expense	$	(0.5)	$	—
Foreign exchange forward contracts	2.2		Cost of products sold	0.8		—
Ineffective Portion:
Foreign exchange forward contracts	—		Cost of products sold	—		0.7
Total in cash flow hedging	$	(15.7)		$	0.3	$	0.7

Net Investment Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The notional amount of hedges of net investments by derivative instrument type at March 31, 2020 and the notional amounts expected to mature during the next 12 months were as follows:

(in millions)	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months
Foreign exchange forward contracts - Euro	$	363.2	$	363.2
Foreign exchange forward contracts - Swiss franc	342.4		342.4
Cross currency basis swaps	289.9		—
Total for instruments designated as hedges of net investment	$	995.5	$	705.6

Derivative Instruments, Gain (Loss)

The gains and losses recorded in AOCI in the Consolidated Balance Sheets and Other expense (income), net in the Company's Consolidated Statements of Operations related to the hedges of net investments were as follows:

	March 31, 2020
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps	$	8.8	Interest expense	$	2.2
Foreign exchange forward contracts	15.9		Other expense (income), net	5.8
Total for net investment hedging	$	24.7		$	8.0

	March 31, 2019
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps	$	3.1	Interest expense	$	2.0
Foreign exchange forward contracts	15.5		Other expense (income), net	3.5
Total for net investment hedging	$	18.6		$	5.5

Fair Value Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The notional amounts of fair value hedges by derivative instrument type at March 31, 2020 and the notional amounts expected to mature during the next 12 months were as follows:

(in millions)	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months
Foreign exchange forward contracts	$	79.6	$	36.2
Total derivative instruments as fair value hedges	$	79.6	$	36.2