XML 48 R37.htm IDEA: XBRL DOCUMENT

Derivatives and Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional and Fair Values of Derivative Instruments

The notional and fair values of derivatives designated as hedging instruments are as follows at June 30, 2019 and December 31, 2018 (in millions):


			Derivative Assets			Derivative Liabilities
Instrument	Notional Amount		Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
At June 30, 2019
Interest rate contracts	$	600.0	Other current assets	$	—	Accrued compensation and other current liabilities	$	20.3
						Other noncurrent liabilities		28.9
Foreign exchange contracts (1)		33.5	Other current assets		0.9	Accrued compensation and other current liabilities		3.3
			Other noncurrent assets		2.5	Other noncurrent liabilities		4.0

Total	$	633.5		$	3.4		$	56.5

At December 31, 2018
Interest rate contracts	$	850.0	Other current assets	$	3.0	Accrued compensation and other current liabilities	$	13.0
Foreign exchange contracts (1)		51.4	Other current assets		0.9	Accrued compensation and other current liabilities		4.9
			Other noncurrent assets		5.7	Other noncurrent liabilities		7.9

Total	$	901.4		$	9.6		$	25.8

(1)

Included within foreign exchange contracts at June 30, 2019 were $215.0 million of call options offset with $215.0 million of put options, and $27.2 million of buy forwards offset with $63.2 million of sell forwards. Included within foreign exchange contracts at December 31, 2018 were $276.4 million of call options offset with $276.4 million of put options, and $23.1 million of buy forwards offset with $72.9 million of sell forwards.

Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss

The effect of cash flow hedge accounting on accumulated other comprehensive earnings (loss) for the three-month and

six-month

periods ended June 30, 2019 and 2018 were as follows (in millions):


Instrument	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Earnings (1)			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Earnings into Earnings			Amount of Gain (Loss) Recognized in Earnings Related to Amount Excluded from Effectiveness Testing			Statement of Earnings Classification
Three-month period ended June 30, 2019
Interest rate contracts	$	(25.8	)	$	(0.3	)	$	—		Interest expense
Foreign exchange contracts		(3.6	)		(0.1	)		(0.2	)	Commission revenue
					(0.4	)		0.3		Compensation expense
					(0.4	)		0.3		Operating expense
Total	$	(29.4	)	$	(1.2	)	$	0.4

Three-month period ended June 30, 2018
Interest rate contracts	$	1.7		$	0.3					Interest expense
Foreign exchange contracts		(10.4	)		0.4					Commission revenue
					0.4					Compensation expense
					0.2					Operating expense
Total	$	(8.7	)	$	1.3

Six-month period ended June 30, 2019
Interest rate contracts	$	(46.7	)	$	(0.6	)	$	—		Interest expense
Foreign exchange contracts		0.1			(0.2	)		(0.4	)	Commission revenue
					(0.6	)		0.7		Compensation expense
					(0.5	)		0.5		Operating expense

Total	$	(46.6	)	$	(1.9	)	$	0.8

Six-month period ended June 30, 2018
Interest rate contracts	$	5.9		$	0.5					Interest expense
Foreign exchange contracts		(6.1	)		1.1					Commission revenue
					0.9					Compensation expense
					0.6					Operating expense

Total	$	(0.2	)	$	3.1

(1)	For the three-month and six-month periods ended June 30, 2019, the amounts excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive earnings were losses of $0.2 million and $0.3 million, respectively.