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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary Of Accumulated Other Comprehensive Loss Related To Derivatives | 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 months ended March 31, 2018 and 2017 (in millions):
|  |  | Recognized in Net Income |  |
Three Months Ended March 31, | Gain (Loss) Recognized in Accumulated Other Comprehensive Loss |  | Classification of Gain (Loss) |  | Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income |  | Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2018 |  |  |  |  |  |  |
Foreign currency contracts(1) | $ | (1.4 | ) |  | Cost of goods sold |  | $ | (0.6 | ) |  | $ | 1,579.5 |
Interest rate swap contract | (0.7 | ) |  | Interest expense, net |  | (0.6 | ) |  | 10.3 |
Total | $ | (2.1 | ) |  |  |  | $ | (1.2 | ) |  |
2017 |  |  |  |  |  |  |
Foreign currency contracts | $ | 1.4 |  |  | Cost of goods sold |  | $ | (0.7 | ) |  | $ | 1,297.3 |
Interest rate swap contract | 0.6 |  |  | Interest expense, net |  | (0.6 | ) |  | 10.7 |
Total | $ | 2.0 |  |  |  |  | $ | (1.3 | ) |  |
____________________________________ (1) The outstanding contracts as of March 31, 2018 range in maturity through December 2018.
The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2018 (in millions):
|  | Before-Tax Amount |  | Income Tax |  | After-Tax Amount
Accumulated derivative net losses as of December 31, 2017 |  | $ | (6.0 | ) |  | $ | (1.3 | ) |  | $ | (4.7 | )
Net changes in fair value of derivatives |  | (2.2 | ) |  | (0.1 | ) |  | (2.1 | )
Net losses reclassified from accumulated other comprehensive loss into income |  | 1.2 |  |  | — |  |  | 1.2 |
Accumulated derivative net losses as of March 31, 2018 |  | $ | (7.0 | ) |  | $ | (1.4 | ) |  | $ | (5.6 | )
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
| March 31, 2018 |  | December 31, 2017
Foreign currency denominated debt | $ | 384.5 |  |  | $ | 374.2 |
Cross currency swap contract | 300.0 |  |  | — |
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 months ended March 31, 2018 and 2017 (in millions):
| Loss Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended
| March 31, 2018 |  | March 31, 2017
Foreign currency denominated debt | $ | (10.4 | ) |  | $ | (4.2 | )
Cross currency swap contract | (4.6 | ) |  | — |
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
| Classification of Gain |  | March 31, 2018 |  | March 31, 2017
Foreign currency contracts | Other expense, net |  | $ | 6.1 |  |  | $ | 3.8 |
Fair Value Of Derivative Instruments | The table below sets forth the fair value of derivative instruments as of March 31, 2018 (in millions):
| Asset Derivatives as of March 31, 2018 |  | Liability Derivatives as of March 31, 2018
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | 0.1 |  |  | Other current liabilities |  | $ | 2.2 |
Interest rate swap contract | Other noncurrent assets |  | — |  |  | Other noncurrent liabilities |  | 4.9 |
Cross currency swap contract | Other noncurrent assets |  | — |  |  | Other noncurrent liabilities |  | 4.6 |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | 2.8 |  |  | Other current liabilities |  | 5.0 |
Total derivative instruments |  |  | $ | 2.9 |  |  |  |  | $ | 16.7 |
The table below sets forth the fair value of derivative instruments as of December 31, 2017 (in millions):
| Asset Derivatives as of December 31, 2017 |  | Liability Derivatives as of December 31, 2017
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | — |  |  | Other current liabilities |  | $ | 1.2 |
Interest rate swap contract | Other noncurrent assets |  | — |  |  | Other noncurrent liabilities |  | 4.8 |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | 7.8 |  |  | Other current liabilities |  | 11.0 |
Total derivative instruments |  |  | $ | 7.8 |  |  |  |  | $ | 17.0 |
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 are summarized below (in millions):
| As of March 31, 2018
| Level 1 | Level 2 | Level 3 | Total
Derivative assets | $ | — |  | $ | 2.9 |  | $ | — |  | $ | 2.9 |
Derivative liabilities | $ | — |  | $ | 16.7 |  | $ | — |  | $ | 16.7 |
| As of December 31, 2017
| Level 1 | Level 2 | Level 3 | Total
Derivative assets | $ | — |  | $ | 7.8 |  | $ | — |  | $ | 7.8 |
Derivative liabilities | $ | — |  | $ | 17.0 |  | $ | — |  | $ | 17.0 |

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 Reference 7: 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 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
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