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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Investments, All Other Investments [Abstract]

Fair Values of Derivative Instruments Included within Condensed Consolidated Balance Sheets

The fair value of derivative instruments included within the Condensed Consolidated Balance Sheets as of September 30, 2017, and December 31, 2016, are as follows:

				September 30, 2017								December 31, 2016
(Amounts in millions)		Balance Sheet Presentation		Asset Derivatives Fair Value				Liability Derivatives Fair Value				Asset Derivatives Fair Value				Liability Derivatives Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps		Other assets		$	8.1			$	–			$	9.8			$	–
Treasury locks		Other assets			–				–				14.3				–
					8.1				–				24.1				–
Derivatives not designated as hedging instruments:
Foreign currency forwards		Prepaid expenses and other assets		$	8.5			$	–			$	4.4			$	–
Foreign currency forwards		Other accrued liabilities			–				3.0				–				13.5
Equity forwards		Prepaid expenses and other assets			18.0				–				17.9				–
Total					26.5				3.0				22.3				13.5
Total derivative instruments				$	34.6			$	3.0			$	46.4			$	13.5

Derivative Instruments Designated as Fair Value Hedges Included in Condensed Consolidated Statements of Earnings

The effect of derivative instruments designated as fair value hedges as included in the Condensed Consolidated Statements of Earnings is as follows:

Effective Portion of Gain Recognized in Income

Three months ended

Nine months ended

(Amounts in millions)

Statement of Earnings Presentation

September 30, 2017

October 1, 2016

September 30, 2017

October 1, 2016

Derivatives designated as fair value hedges:

Interest rate swaps

Interest expense

$

0.7

$    0.4

$

2.1

$

1.9

Effect of Derivative Instruments Designated as Cash Flow Hedges Included in Accumulated OCI on Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Earnings

The effect of derivative instruments designated as cash flow hedges as included in Accumulated OCI on the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Earnings is as follows:

Effective Portion of Gain Recognized in Accumulated OCI Three months ended

Statement of Earnings Presentation

Effective Portion of Gain Reclassified from Accumulated OCI into Income Three months ended

(Amounts in millions)

September 30, 2017

October 1, 2016

September 30, 2017

October 1, 2016

Derivatives designated as cash flow hedges:

Treasury locks

$

–

$

–

Interest expense

$

0.5

$

0.1

Effective Portion of Gain Recognized in Accumulated OCI Nine months ended

Statement of Earnings Presentation

Effective Portion of Gain Reclassified from Accumulated OCI into Income Nine months ended

(Amounts in millions)

September 30, 2017

October 1, 2016

September 30, 2017

October 1, 2016

Derivatives designated as cash flow hedges:

Treasury locks

$

6.1

$

–

Interest expense

$

1.2

$

0.3

Derivative Instruments Not Designated as Hedges Included in Condensed Consolidated Statements of Earnings

The effects of derivative instruments not designated as hedging instruments as included in the Condensed Consolidated Statements of Earnings are as follows:

						Gain (Loss) Recognized in Income
						Three months ended								Nine months ended
(Amounts in millions)		Statement of Earnings Presentation				September 30, 2017				October 1, 2016				September 30, 2017				October 1, 2016
Derivatives not designated as hedging instruments:
Foreign currency forwards		Other income (expense) – net				$	1.6			$	(0.7)			$	(2.3)			$	(4.9)
Equity forwards		Operating expenses					(0.9)				(0.7)				(2.2)				(1.4)

Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements

Fair Value of Financial Instruments: The fair values of financial instruments that do not approximate the carrying values in the financial statements are as follows:

		September 30, 2017								December 31, 2016
(Amounts in millions)		Carrying Value				Fair Value				Carrying Value				Fair Value
Finance receivables – net		$	1,524.4			$	1,767.1			$	1,407.0			$	1,631.2
Contract receivables – net			410.2				448.4				374.8				409.7
Long-term debt, notes payable and current maturities of long-term debt			1,208.4				1,264.7				1,010.2				1,076.7

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13476-108611

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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