Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instrument Detail [Abstract]

Summary of Derivative Instruments

The table below presents the notional amount, maturity and fair value for the designated interest rate derivatives:

(In millions, except maturity)	September 30, 2017		December 31, 2016
Notional amount	$	1,000.0	$	1,000.0
Maturity	June 2020 and June 2025		June 2020 and June 2025
Fair value - net asset/(liability)	$	0.6	$	(1.2	)

The table below presents the notional amount, maximum duration and fair value for the undesignated foreign currency derivatives:

(In millions, except duration)	September 30, 2017		December 31, 2016
Notional amount	$	1,514.6	$	1,309.1
Maximum duration (in months)	3 months		3 months
Fair value - net asset	$	7.6	$	6.7

Schedule of Foreign Exchange Contracts and Other Derivative Instruments, Statement of Financial Position

(In millions)	Income Statement location	Gain/(loss) recognized in income
Three months ended September 30,		2017			2016
Fair value hedges
Interest rate contracts, net	Interest expense	$	(1.1	)	$	—
Undesignated derivative instruments
Foreign exchange contracts	Other income/(expense), net	36.7			(21.2		)
Interest rate swap contracts	Interest income	—			3.5

(In millions)	Income Statement location	Gain/(loss) recognized in income
Nine months ended September 30,		2017			2016
Fair value hedges
Interest rate contracts, net	Interest (expense)/income	$	(2.5	)	$	2.1
Undesignated derivative instruments
Foreign exchange contracts	Other income/(expense), net	57.4			(50.0		)
Interest rate swap contracts	Interest expense	—			(1.1		)

(In millions)	Loss recognized in OCI						Income Statement location	Gain reclassified from AOCI into income
Nine months ended September 30,	2017			2016				2017		2016
Designated derivative instruments
Cash flow hedges
Foreign exchange contracts	$	(0.9	)	$	(0.1	)	Cost of sales	$	8.6	$	—

(In millions)	Gain/(loss) recognized in OCI					Income Statement location	Gain reclassified from AOCI into income
Three months ended September 30,	2017			2016			2017		2016
Designated derivative instruments
Cash flow hedges
Foreign exchange contracts	$	(0.2	)	$	3.3	Cost of sales	$	0.3	$	—

Classification and Estimated Fair Value Amounts of Derivative Instruments

The following table presents the classification and estimated fair value of derivative instruments:

	Asset position							Liability position
		Fair value							Fair value
(In millions)	Balance Sheet location	September 30, 2017			December 31, 2016			Balance Sheet location	September 30, 2017			December 31, 2016
Designated derivative Instruments
Foreign exchange contracts	Prepaid expenses and other current assets	$	—		$	4.3		Accounts payable and accrued expenses	$	—		$	0.1
Interest rate contracts	Long term borrowings	2.4			0.1			Long term borrowings	1.8			1.3
		$	2.4		$	4.4			$	1.8		$	1.4
Undesignated derivative instruments
Foreign exchange contracts	Prepaid expenses and other current assets	$	14.6		$	13.6		Accounts payable and accrued expenses	$	7.0		$	6.9
Total derivative fair value		$	17.0		$	18.0			$	8.8		$	8.3
Potential effect of rights to offset		(3.7		)	(1.7		)		(3.7		)	(1.7		)
Net derivative		$	13.3		$	16.3			$	5.1		$	6.6