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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair Values of Derivative Instruments

The fair values of derivative instruments on the consolidated balance sheets as of March 31, 2019 and December 31, 2018 were as follows:

												Fair Value
(In millions) Type of hedge		Type of contract			Location							March 31, 2019				December 31, 2018
Cash flow		Foreign exchange contracts			Other current assets							$	2.6			$	3.9
Fair value		Foreign exchange contracts			Other current assets								2.3				1.4
Net investment hedges		Net investment hedges			Other current assets								0.2				0.7
					Total assets							$	5.1			$	6.0
Cash flow		Foreign exchange contracts			Other current liabilities							$	0.1			$	0.3
Fair value		Foreign exchange contracts			Other current liabilities								0.5				1.6
					Total liabilities							$	0.6			$	1.9

Effects of Derivative Financial Instruments on Consolidated Statements of Income

The effects of derivative financial instruments on the statements of comprehensive income for the three months ended March 31, 2019 and 2018 were as follows:

(In millions)		Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash  Flow Hedging Relationships
		Three-Month Period Ended March 31,
		2019
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Earnings		$	869.1			$	23.7			($	1.2	)
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items											0.2
Derivative designated as hedging instruments											(0.2	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			1.2
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.1
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income							0.1

(In millions)		Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash  Flow Hedging Relationships
		Three-Month Period Ended March 31,
		2018
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Earnings		$	815.0			$	14.7			($	2.8	)
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items											0.1
Derivative designated as hedging instruments											(0.2	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			(0.6	)
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.1
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income							0.0

The cash flow hedges recognized in other comprehensive income were net gains of $0.5 million and $4.3 million at March 31, 2019 and 2018, respectively.

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- Definition

Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

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X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

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