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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary Of Accumulated Other Comprehensive Loss Related To Derivatives
The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2017 (in millions):
 
 
Before-Tax
Amount
 
Income
Tax
 
After-Tax
Amount
Accumulated derivative net losses as of December 31, 2016
 
$
(10.1
)
 
$
(1.4
)
 
$
(8.7
)
Net changes in fair value of derivatives
 
3.9

 
0.3

 
3.6

Net losses reclassified from accumulated other comprehensive loss into income
 
2.6

 
0.1

 
2.5

Accumulated derivative net losses as of June 30, 2017
 
$
(3.6
)
 
$
(1.0
)
 
$
(2.6
)
The following table summarizes the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during the three and six months ended June 30, 2017 and 2016 (in millions):
 
 
 
Recognized in Net Income
Three Months Ended June 30,
Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss
 
Classification
of Loss
 
Loss Reclassified from Accumulated
Other Comprehensive Loss into Income
2017
 
 
 
 
 
Foreign currency contracts(1)
$
1.8

 
Cost of goods sold
 
$
(0.7
)
Interest rate contract
(0.2
)
 
Interest expense, net
 
(0.5
)
         Total
$
1.6

 
 
 
$
(1.2
)
2016
 
 
 
 
 
Foreign currency contracts
$
(0.3
)
 
Cost of goods sold
 
$
—

Interest rate contract
(4.4
)
 
Interest expense, net
 
(0.6
)
         Total
$
(4.7
)
 
 
 
$
(0.6
)
 
 
 
Recognized in Net Income
Six Months Ended June 30,
Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss
 
Classification
of Loss
 
Loss Reclassified from Accumulated
Other Comprehensive Loss into Income
2017
 
 
 
 
 
Foreign currency contracts(1)
$
3.2

 
Cost of goods sold
 
$
(1.4
)
Interest rate contract
0.4

 
Interest expense, net
 
(1.1
)
         Total
$
3.6

 
 
 
$
(2.5
)
2016
 
 
 
 
 
Foreign currency contracts
$
(0.3
)
 
Cost of goods sold
 
$
—

Interest rate contract
(7.4
)
 
Interest expense, net
 
(0.9
)
         Total
$
(7.7
)
 
 
 
$
(0.9
)
____________________________________
(1) The outstanding contracts as of June 30, 2017 range in maturity through December 2017.

Schedule of Derivative Instruments
The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):
 
Notional Amount as of
 
June 30, 2017
 
December 31, 2016
Foreign currency denominated debt
$
356.3

 
$
329.2



The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge during the three and six months ended June 30, 2017 and 2016 (in millions):
 
(Loss) Gain Recognized in Accumulated
Other Comprehensive Loss for the Three Months Ended
 
(Loss) Gain Recognized in Accumulated
Other Comprehensive Loss for the Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
Foreign currency denominated debt
$
(22.9
)
 
$
5.9

 
$
(27.1
)
 
$
(4.1
)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on earnings (in millions):
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
Classification of Gain
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
Foreign currency contracts
Other expense, net
 
$
18.1

 
$
6.0

 
$
21.9

 
$
14.3
Fair Value Of Derivative Instruments
The table below sets forth the fair value of derivative instruments as of June 30, 2017 (in millions):
 
Asset Derivatives as of
June 30, 2017
 
Liability Derivatives as of
June 30, 2017
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivative instruments designated as hedging instruments:
 
 
 

 
 
 
 

Foreign currency contracts
Other current assets
 
$
2.6

 
Other current liabilities
 
$
1.3

Interest rate contract
Other noncurrent assets
 
—

 
Other noncurrent liabilities
 
4.9

Derivative instruments not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency contracts
Other current assets
 
6.7

 
Other current liabilities
 
7.1

Total derivative instruments
 
 
$
9.3

 
 
 
$
13.3

        
The table below sets forth the fair value of derivative instruments as of December 31, 2016 (in millions):
 
Asset Derivatives as of
December 31, 2016
 
Liability Derivatives as of
December 31, 2016
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivative instruments designated as hedging instruments:
 
 
 

 
 
 
 

Foreign currency contracts
Other current assets
 
$
0.2

 
Other current liabilities
 
$
3.8

Interest rate contract
Other noncurrent assets
 
—

 
Other noncurrent liabilities
 
6.4

Derivative instruments not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency contracts
Other current assets
 
6.3

 
Other current liabilities
 
3.2

Total derivative instruments
 
 
$
6.5

 
 
 
$
13.4

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 are summarized below (in millions):
 
As of June 30, 2017
 
Level 1
Level 2
Level 3
Total
Derivative assets
$
—

$
9.3

$
—

$
9.3

Derivative liabilities
$
—

$
13.3

$
—

$
13.3


 
As of December 31, 2016
 
Level 1
Level 2
Level 3
Total
Derivative assets
$
—

$
6.5

$
—

$
6.5

Derivative liabilities
$
—

$
13.4

$
—

$
13.4