Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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)	June 30, 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	$	(30.3	)	$	(7.7	)

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

(In millions, except duration)	June 30, 2018			December 31, 2017
Notional amount	$	2,104.0		$	1,672.3
Maximum duration	6 months			3 months
Fair value - net (liability)/asset	$	(13.8	)	$	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 in the Company's Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017.

Designated Foreign exchange contracts

(In millions)	Loss recognized in OCI						Gain reclassified from AOCI into income
Cash flow hedges	2018		2017			Location	2018		2017
Three months ended June 30,
Foreign exchange contracts	$	—	$	(0.1	)	Cost of sales	$	—	$	1.7
Six months ended June 30,
Foreign exchange contracts	$	—	$	(0.7	)	Cost of sales	$	—	$	8.3

Undesignated foreign exchange contracts

(In millions)		(Loss)/gain recognized in income
	Location	2018			2017
Three months ended June 30,
Foreign exchange contracts	Other income, net	$	(41.9	)	$	35.9
Six months ended June 30,
Foreign exchange contracts	Other income, net	$	(33.3	)	$	20.7

Designated Interest Rate Derivatives

(In millions)		Loss recognized in income
Fair value hedges	Location	2018			2017
Three months ended June 30,
Interest rate contracts, net	Interest expense	$	(1.3	)	$	(0.2	)
Six months ended June 30,
Interest rate contracts, net	Interest expense	$	(3.9	)	$	(1.4	)

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	June 30, 2018			December 31, 2017			Location	June 30, 2018			December 31, 2017
Undesignated derivative instruments
Foreign exchange contracts	Held for sale and other current assets	$	17.7		$	17.9		Other current liabilities	$	31.5		$	6.5
		$	17.7		$	17.9			$	31.5		$	6.5
Designated derivative Instruments
Interest rate contracts	Long term borrowings	$	—		$	—		Long term borrowings	$	30.3		$	7.7
		$	—		$	—			$	30.3		$	7.7
Total derivative fair value		$	17.7		$	17.9			$	61.8		$	14.2
Potential effect of rights to offset		(5.4		)	(2.7		)		(5.4		)	(2.7		)
Net derivative		$	12.3		$	15.2			$	56.4		$	11.5