Financial Instruments (Tables)

9 Months Ended

Sep. 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)	September 30, 2018			December 31, 2017
Notional amount	$	431.0		$	1,000.0
Maturity	June 2020 and June 2025			June 2020 and June 2025
Fair value - net liability	$	(15.6	)	$	(7.7	)

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

(In millions, except duration)	September 30, 2018			December 31, 2017
Notional amount	$	2,192.4		$	1,672.3
Maximum duration	11 months			3 months
Fair value - net (liability)/asset	$	(1.3	)	$	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 nine months ended September 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 September 30,
Foreign exchange contracts	$	—	$	(0.2	)	Cost of sales	$	—	$	0.3
Nine months ended September 30,
Foreign exchange contracts	$	—	$	(0.9	)	Cost of sales	$	—	$	8.6

Undesignated foreign exchange contracts

(In millions)		Gain/(loss) recognized in income
	Location	2018			2017
Three months ended September 30,
Foreign exchange contracts	Other (expense)/income, net	$	4.7		$	36.7
Nine months ended September 30,
Foreign exchange contracts	Other (expense)/income, net	$	(28.6	)	$	57.4

Designated Interest Rate Derivatives

(In millions)		Loss recognized in income
Fair value hedges	Location	2018			2017
Three months ended September 30,
Interest rate contracts, net	Interest expense	$	(1.0	)	$	(1.1	)
Nine months ended September 30,
Interest rate contracts, net	Interest expense	$	(4.9	)	$	(2.5	)

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	September 30, 2018			December 31, 2017			Location	September 30, 2018			December 31, 2017
Undesignated derivative instruments
Foreign exchange contracts	Other current assets	$	13.9		$	17.9		Other current liabilities	$	15.2		$	6.5
		$	13.9		$	17.9			$	15.2		$	6.5
Designated derivative Instruments
Interest rate contracts	Long term borrowings	$	—		$	—		Long term borrowings	$	15.6		$	7.7
		$	—		$	—			$	15.6		$	7.7
Total derivative fair value		$	13.9		$	17.9			$	30.8		$	14.2
Potential effect of rights to offset		(8.3		)	(2.7		)		(8.3		)	(2.7		)
Net derivative		$	5.6		$	15.2			$	22.5		$	11.5