XML 59 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
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
2017
 
2016
Estimated aggregate fair value (1)
$
2,033.5

 
$
2,004.8

Aggregate carrying value (1) (2)
1,973.4

 
1,943.7


(1)
Credit agreement and senior notes (excludes "other" debt)
(2)
Carrying value excludes the impact of unamortized original issue discount and debt issuance costs
Notional Amount and Estimated Fair Value of Foreign Currency Derivative Contracts and Related Classification
The notional amount, estimated fair value and related classification in the accompanying consolidated balance sheets of the Company's foreign currency derivative contracts are shown below (in millions, except for maturities):
December 31,
2017
 
2016
Fair value of foreign currency contracts designated as cash flow hedges:
 
 
 
Other current assets
$
16.9

 
$
11.2

Other long-term assets
1.3

 
0.5

Other current liabilities
(28.4
)
 
(58.3
)
Other long-term liabilities
(8.0
)
 
(9.9
)
 
(18.2
)
 
(56.5
)
 
 
 
 
Notional amount
$
1,538.5

 
$
1,275.0

Outstanding maturities in months, not to exceed
24

 
24

Fair value of foreign currency contracts not designated as hedging instruments:
 
 
 
Other current assets
1.8

 
5.9

Other current liabilities
(6.4
)
 
(3.8
)
 
(4.6
)
 
2.1

 
 
 
 
Notional amount
$
681.1

 
$
681.2

Outstanding maturities in months, not to exceed
12

 
12

 
 
 
 
Total fair value
$
(22.8
)
 
$
(54.4
)
Total notional amount
$
2,219.6

 
$
1,956.2
Pretax Amounts Related to Foreign Currency Derivative Contracts
Pretax amounts related to foreign currency derivative contracts designated as cash flow hedges that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):
For the year ended December 31,
2017
 
2016
 
2015
Gains (losses) recognized in accumulated other comprehensive loss:
$
28.8

 
$
(96.8
)
 
$
(47.3
)
 
 
 
 
 
 
(Gains) losses reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
Net sales
2.1

 
4.8

 
(3.7
)
Cost of sales
7.4

 
81.9

 
42.3

 
9.5

 
86.7

 
38.6

Comprehensive income (loss)
$
38.3

 
$
(10.1
)
 
$
(8.7
)
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 at fair value on a recurring basis as of December 31, 2017 and 2016, are shown below (in millions):
 
December 31, 2017
 
Frequency
 
Asset
(Liability)
 
Valuation
Technique
 
Level 1
 
Level 2
 
Level 3
Foreign currency derivative contracts, net
Recurring
 
$
(22.8
)
 
Market / Income
 
$
—

 
$
(22.8
)
 
$
—

Marketable equity securities
Recurring
 
43.8

 
Market
 
43.8

 
—

 
—

 
December 31, 2016
 
Frequency
 
Asset
(Liability)
 
Valuation
Technique
 
Level 1
 
Level 2
 
Level 3
Foreign currency derivative contracts, net
Recurring
 
$
(54.4
)
 
Market / Income
 
$
—

 
$
(54.4
)
 
$
—

Marketable equity securities
Recurring
 
30.2

 
Market
 
30.2

 
—

 
—