Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

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)	March 31, 2018			December 31, 2017
Notional amount	$	1,000.0		$	1,000.0
Maturity	June 2020 and June 2025			June 2020 and June 2025
Fair value - net liability	$	(25.3	)	$	(7.7	)

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

(In millions, except duration)	March 31, 2018			December 31, 2017
Notional amount	$	2,452.9		$	1,672.3
Maximum duration (in months)	3 months			3 months
Fair value - net (liability)/asset	$	(1.7	)	$	11.4

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

The following tables summarize the effect of the derivative instruments on the Company's Unaudited Consolidated Statements of Operations:

(In millions)	Gain/(loss) recognized in OCI					Location	Gain reclassified from AOCI into income
Three months ended March 31,	2018		2017				2018		2017
Designated derivative instruments
Designated cash flow hedges
Foreign exchange contracts	$	—	$	(0.6	)	Cost of sales	$	—	$	6.6

(In millions)	Location	Gain/(loss) recognized in income
Three months ended March 31,		2018			2017
Fair value hedges
Interest rate contracts, net	Interest expense	$	(2.6	)	$	(1.2	)
Undesignated derivative instruments
Foreign exchange contracts	Other income/(expense), net	8.6			(15.3		)

Classification and Estimated Fair Value Amounts of Derivative Instruments

The following table presents the classification and estimated fair value of derivative instruments on the Company's Unaudited Consolidated Balance Sheets:

	Asset position							Liability position
		Fair value							Fair value
(In millions)	Location	March 31, 2018			December 31, 2017			Location	March 31, 2018			December 31, 2017
Designated derivative Instruments
Interest rate contracts	Long term borrowings	$	—		$	—		Long term borrowings	$	25.3		$	7.7
		$	—		$	—			$	25.3		$	7.7
Undesignated derivative instruments
Foreign exchange contracts	Prepaid expenses and other current assets	$	17.3		$	17.9		Other current liabilities	$	19.0		$	6.5
Total derivative fair value		$	17.3		$	17.9			$	44.3		$	14.2
Potential effect of rights to offset		(6.1		)	(2.7		)		(6.1		)	(2.7		)
Net derivative		$	11.2		$	15.2			$	38.2		$	11.5