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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk | The Company uses derivative financial instruments to manage interest rate and foreign currency risks, as summarized below. It is the Company's policy not to enter into derivative financial instruments for speculative purposes. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates.
| Notional Amount
| September 30, 2018 |  | December 31, 2017
| (in millions)
Foreign currency forward exchange contracts | $ | 1,268.1 |  |  | $ | 979.8 |
Cross currency swap contracts | 300.0 |  |  | — |
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets | The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions):
|  |  |  | Fair Value
Derivatives designated as hedging instruments |  | Balance Sheet Location |  | September 30, 2018 |  | December 31, 2017
Assets |  |  |  |  |  |  |  |
Foreign currency contracts |  | Other current assets |  | $ | 28.2 |  |  | $ | 4.9 |
Liabilities |  |  |  |  |  |  |  |
Cross currency swap contracts |  | Other long-term liabilities |  | $ | 10.5 |  |  | $ | — |
Foreign currency contracts |  | Accrued and other liabilities |  | $ | 3.3 |  |  | $ | 24.8 |
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets | The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions):
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |  |
|  |  | Gross Amounts Offset in the Consolidated Balance Sheet |  |  |  |
|  |  | Net Amounts Presented in the Consolidated Balance Sheet |  |
September 30, 2018 | Gross Amounts |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 28.2 |  |  | $ | — |  |  | $ | 28.2 |  |  | $ | (3.3 | ) |  | $ | — |  |  | $ | 24.9 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 3.3 |  |  | $ | — |  |  | $ | 3.3 |  |  | $ | (3.3 | ) |  | $ | — |  |  | $ | — |
Cross currency swap contracts | $ | 10.5 |  |  | $ | — |  |  | $ | 10.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.5 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 4.9 |  |  | $ | — |  |  | $ | 4.9 |  |  | $ | (3.7 | ) |  | $ | — |  |  | $ | 1.2 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 24.8 |  |  | $ | — |  |  | $ | 24.8 |  |  | $ | (3.7 | ) |  | $ | — |  |  | $ | 21.1 |
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Liabilities | The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions):
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |  |
|  |  | Gross Amounts Offset in the Consolidated Balance Sheet |  |  |  |
|  |  | Net Amounts Presented in the Consolidated Balance Sheet |  |
September 30, 2018 | Gross Amounts |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 28.2 |  |  | $ | — |  |  | $ | 28.2 |  |  | $ | (3.3 | ) |  | $ | — |  |  | $ | 24.9 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 3.3 |  |  | $ | — |  |  | $ | 3.3 |  |  | $ | (3.3 | ) |  | $ | — |  |  | $ | — |
Cross currency swap contracts | $ | 10.5 |  |  | $ | — |  |  | $ | 10.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.5 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 4.9 |  |  | $ | — |  |  | $ | 4.9 |  |  | $ | (3.7 | ) |  | $ | — |  |  | $ | 1.2 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 24.8 |  |  | $ | — |  |  | $ | 24.8 |  |  | $ | (3.7 | ) |  | $ | — |  |  | $ | 21.1 |
Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income |
|  |  |  | Amount of Gain or (Loss) Recognized in Income on Derivative
|  |  |  | Three Months Ended September 30,
|  | Location of Gain or (Loss) Recognized in Income on Derivative |
Fair value hedges |  | 2018 |  | 2017
Interest rate swap agreements |  | Interest expense (income), net |  | $ | — |  |  | $ | (0.1 | )
|  |  |  | Amount of Gain or (Loss) Recognized in Income on Derivative
|  |  |  | Nine Months Ended September 30,
|  | Location of Gain or (Loss) Recognized in Income on Derivative |
Fair value hedges |  | 2018 |  | 2017
Interest rate swap agreements |  | Interest expense (income), net |  | $ | — |  |  | $ | 0.1 |
In December 2017, the interest rate swap agreements were settled at a loss of $0.7 million, which is being amortized to interest expense over the remaining life of the debt.
|  |  |  | Amount of Gain or (Loss) Recognized in Income on Derivative
|  |  |  | Three Months Ended September 30,
|  | Location of Gain or (Loss) Recognized in Income on Derivative |
Derivatives not designated as hedging instruments |  | 2018 |  | 2017
Foreign currency contracts |  | Other (income) expense, net |  | $ | 5.9 |  |  | $ | (6.2 | )
|  |  |  | Amount of Gain or (Loss) Recognized in Income on Derivative
|  |  |  | Nine Months Ended September 30,
|  | Location of Gain or (Loss) Recognized in Income on Derivative |
Derivatives not designated as hedging instruments |  | 2018 |  | 2017
Foreign currency contracts |  | Other (income) expense, net |  | $ | 7.3 |  |  | $ | (12.8 | )
The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions):
|  | Amount of Gain or (Loss) Recognized in OCI on Derivative |  |  |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
|  | Three Months Ended September 30, |  | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income |  | Three Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 12.1 |  |  | $ | (13.6 | ) |  | Cost of sales |  | $ | (4.6 | ) |  | $ | 3.1 |
|  |  |  |  |  | Selling, general, and administrative expenses |  | $ | (0.4 | ) |  | $ | (0.4 | )
|  | Amount of Gain or (Loss) Recognized in OCI on Derivative |  |  |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
|  | Nine Months Ended September 30, |  | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income |  | Nine Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 28.2 |  |  | $ | (39.7 | ) |  | Cost of sales |  | $ | (18.8 | ) |  | $ | 7.8 |
|  |  |  |  |  | Selling, general, and administrative expenses |  | $ | (2.5 | ) |  | $ | (0.2 | )
|  | Amount of Gain or (Loss) Recognized in OCI on Derivative |  |  |  | Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
|  | Three Months Ended September 30, |  | Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) |  | Three Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Net investment hedges |  |  |  |  |  |  |  |  |  |
Cross currency swap contracts |  | $ | (0.5 | ) |  | $ | — |  |  | Interest expense (income), net |  | $ | 1.6 |  |  | $ | — |
Foreign currency denominated debt |  | $ | — |  |  | $ | (16.9 | ) |  |  |  |  |  |
|  | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) |  |  |  | Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
|  | Nine Months Ended September 30, |  | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income |  | Nine Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Net investment hedges |  |  |  |  |  |  |  |  |  |
Cross currency swap contracts |  | $ | (10.5 | ) |  | $ | — |  |  | Interest expense (income), net |  | $ | 1.8 |  |  | $ | — |
Foreign currency denominated debt |  | $ | 6.8 |  |  | $ | (32.5 | ) |  |  |  |  |  |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the effect of cash flow hedge accounting on the consolidated condensed statements of operations:
| Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships
| Three Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2018
| Cost of sales |  | Selling, general, and administrative expenses |  | Interest expense (income), net |  | Cost of sales |  | Selling, general, and administrative expenses |  | Interest expense (income), net
Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of cash flow hedges are recorded | $ | (224.9 | ) |  | $ | (269.5 | ) |  | $ | (0.5 | ) |  | $ | (704.7 | ) |  | $ | (800.4 | ) |  | $ | 0.3 |
The effects of cash flow hedging: |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated OCI into income | $ | (4.6 | ) |  | $ | (0.4 | ) |  | $ | — |  |  | $ | (18.8 | ) |  | $ | (2.5 | ) |  | $ | — |

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