DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss) [Table Text Block]

The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging relationships:

	Amount of pre-tax gain/(loss) included in other comprehensive income				Amounts reclassified to the Statement of Operations
	Three Months Ended March 31,				Three Months Ended March 31,
	2020		2019		2020		2019
Interest rate swap contracts	$	1.8	$	2.5	$	—	$	—
Cross currency swaps	$	19.9	$	11.5	$	—	$	—

Derivative Instruments And Hedging Activities

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates and foreign currency exchange rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial instruments. The Company does not hold or issue derivative financial instruments for trading purposes. The Company does not believe that its exposure to market risk is material to the Company’s financial position or results of operations.

Interest Rate Swap

The Company is party to a fixed-to-variable interest rate swap agreement for its 4.625% senior notes due 2020 with a notional amount of $300.0 and variable interest rates based on one-month LIBOR plus 2.298% to hedge against changes in the fair value of a portion of the Company's long term debt. This derivative financial instrument is accounted for as fair value hedge of the Senior Notes due 2020. These interest rate swaps are included in other long-term assets or liabilities, as applicable, and added to the value of the Senior Notes. As the specific terms and notional amount of the derivative financial instrument matches those of the fixed-rate debt being hedged, the derivative instrument is assumed to be a perfectly effective hedge and accordingly, there is no impact to the Company's Condensed Consolidated Statements of Operations. Cash flows from the interest rate swap are included in operating activities.

	Carrying amount of hedged liabilities as of				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities as of
	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Balance Sheet Line Item in which Hedged Items are Included
Current portion, long term debt	$	303.3	$	301.5	$	3.3	$	1.5

Cross Currency Swap

During the fourth quarter of 2018, the Company entered into six U.S. Dollar to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0 and which are accounted for as a hedge against the impact of foreign exchange movements on its net investment in a Swiss subsidiary. Of the notional value, $300.0 matures in 2022 and $300.0 matures in 2025. These cross currency swaps maturing in 2022 and 2025 are included in other long-term assets as of March 31, 2020. Changes in the fair value of the cross-currency swaps are recorded as a component of the foreign currency translation adjustment in accumulated other comprehensive income in the Condensed Consolidated Balance Sheet until the hedged item is recognized in earnings. The cumulative amount of the fair value hedging adjustment included in the current value of the cross currency swaps is $19.9 for the three months ended March 31, 2020, and was recognized as currency translation within the Condensed Consolidated Statement of Comprehensive Earnings. There were no amounts reclassified from the Condensed Consolidated Statement of Comprehensive Earnings to the Condensed Consolidated Statement of Operations during the three months ended March 31, 2020.

The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments:

		March 31, 2020						December 31, 2019
		Fair Value of Derivative						Fair Value of Derivative
	Balance Sheet Caption	Asset		Liability		U.S. Dollar Notional		Asset		Liability		U.S. Dollar Notional
Derivatives Designated as Hedging Instruments
Interest rate swap	Prepaid expenses and other/Other liabilities	$	3.3	$	—	$	300.0	$	1.5	$	—	$	300.0
Cross currency swaps	Other assets, net or Other liabilities	$	23.1	$	—	$	600.0	$	3.2	$	—	$	600.0

The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging relationships:

	Amount of pre-tax gain/(loss) included in other comprehensive income				Amounts reclassified to the Statement of Operations
	Three Months Ended March 31,				Three Months Ended March 31,
	2020		2019		2020		2019
Interest rate swap contracts	$	1.8	$	2.5	$	—	$	—
Cross currency swaps	$	19.9	$	11.5	$	—	$	—

No gains or losses from derivative instruments classified as hedging instruments have been recognized into income for the three and three months ended March 31, 2020 and 2019.

Schedule of Derivative Instruments [Table Text Block]

The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments:

		March 31, 2020						December 31, 2019
		Fair Value of Derivative						Fair Value of Derivative
	Balance Sheet Caption	Asset		Liability		U.S. Dollar Notional		Asset		Liability		U.S. Dollar Notional
Derivatives Designated as Hedging Instruments
Interest rate swap	Prepaid expenses and other/Other liabilities	$	3.3	$	—	$	300.0	$	1.5	$	—	$	300.0
Cross currency swaps	Other assets, net or Other liabilities	$	23.1	$	—	$	600.0	$	3.2	$	—	$	600.0