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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Investments, All Other Investments [Abstract]

Estimated Aggregate Fair Value of Debt Instruments

The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):

December 31	2015				2014
Estimated aggregate fair value	$	1,992.3			$	1,749.3
Aggregate carrying value	1,965.6				1,718.7

Schedule of Notional Amounts of Outstanding Foreign Currency Derivative Positions

The notional values and estimated fair values of the Company's foreign currency derivative contracts are shown below (in millions, except for maturities):

December 31	2015				2014
Foreign currency contracts designated as cash flow hedges:
Notional amount	$	1,394.6			$	1,160.9
Fair value	$	(46.4	)		$	(37.7	)
Outstanding maturities in months, not to exceed	24				24
Contracts not designated as hedging instruments:
Notional amount	$	423.4			$	170.1
Fair value	$	(4.5	)		$	1.1
Outstanding maturities in months, not to exceed	12				12
Combined notional amount	$	1,818.0			$	1,331.0

Fair Value of Outstanding Foreign Currency Derivative Contracts and Related Classification

The fair value of outstanding foreign currency derivative contracts and the related classification in the accompanying consolidated balance sheets as of December 31, 2015 and 2014, are shown below (in millions):

December 31,	2015				2014
Contracts qualifying for hedge accounting:
Other current assets	$	8.2			$	6.8
Other long-term assets	0.3				0.1
Other current liabilities	(51.5		)		(38.5		)
Other long-term liabilities	(3.4		)		(6.1		)
	(46.4		)		(37.7		)
Contracts not qualifying for hedge accounting:
Other current assets	3.6				2.1
Other current liabilities	(8.1		)		(1.0		)
	(4.5		)		1.1
	$	(50.9	)		$	(36.6	)

Pretax Amounts Related to Foreign Currency Derivative Contracts

Pretax amounts related to foreign currency derivative contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):

For the year ended December 31,	2015				2014				2013
Contracts qualifying for hedge accounting:
Gains (losses) recognized in accumulated other comprehensive loss	$	(47.3	)		$	(36.0	)		$	18.8
(Gains) losses reclassified from accumulated other comprehensive loss	38.6				(8.2		)		(32.2		)
Other comprehensive loss	$	(8.7	)		$	(44.2	)		$	(13.4	)

Pretax Gains (Losses) Reclassified From AOCI Into Income

Pretax gains (losses) reclassified from accumulated other comprehensive loss to net sales and cost of sales are shown below (in millions):

For the year ended December 31,	2015				2014				2013
Net sales	$	3.7			$	1.2			$	3.9
Cost of sales	(42.3		)		7.0				28.3
	$	(38.6	)		$	8.2			$	32.2

Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level

Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2015 and 2014, are shown below (in millions):

	December 31, 2015
	Frequency		Asset (Liability)				Valuation Technique		Level 1				Level 2				Level 3
Foreign currency derivative contracts	Recurring		$	(50.9	)		Market / Income		$	—			$	(50.9	)		$	—
Marketable equity securities	Recurring		23.0				Market		23.0				—				—

	December 31, 2014
	Frequency		Asset (Liability)				Valuation Technique		Level 1				Level 2				Level 3
Foreign currency derivative contracts	Recurring		$	(36.6	)		Market / Income		$	—			$	(36.6	)		$	—
Marketable equity securities	Recurring		18.0				Market		18.0				—				—

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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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)
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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=56946850&loc=SL5624171-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4A
-Subparagraph (b)
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Subparagraph (c)(1)
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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