Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

The following table details the fair value of our derivative instruments included on our condensed consolidated balance sheets.

	Fair Value of Asset				Fair Value of (Liability)
	Derivatives				Derivatives
	March 31,		December 31,		March 31,			December 31,
(In millions)	2015		2014		2015			2014
Derivatives designated as hedging instruments:
Foreign currency forward contracts (cash flow hedges)	$	5.5	$	4.3	$	(1.9	)	$	(0.4	)
Interest rate and currency swaps (cash flow hedges)		31.9		17.8		—			—
Cross-currency swaps (net investment hedges)		—		—		(13.0	)		—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts		64.6		41.3		(77.1	)		(67.6	)
Total	$	102.0	$	63.4	$	(92.0	)	$	(68.0	)

The following table details the effect of our derivative instruments on our condensed consolidated statements of operations.

	Amount of Gain (Loss)
	Recognized on Derivatives
	in Earnings
	Three Months Ended
	March 31,
(In millions)	2015		2014
Derivatives designated as hedging instruments:
Foreign currency forward contracts (cash flow hedges)⁽¹⁾	$	0.8	$	2.3
Interest rate and currency swaps (cash flow hedges)⁽²⁾		15.1		—
Treasury locks (cash flow hedges)⁽³⁾		0.1		0.1
Sub-total cash flow hedges		16.0		2.4
Interest rate swaps (fair value hedges)		0.1		0.5
Derivatives not designated as hedging instruments:
Foreign currency forward contracts		32.0		(3.1	)
Total	$	48.1	$	(0.2	)

⁽¹⁾	Amounts recognized on the foreign currency forward contracts were included in other income, net.

⁽²⁾	Amounts recognized on the interest rate and currency swaps included a $17.0 million gain which offset a loss on the remeasurement of the hedged debt, which is included in other income, net and interest expense of $2 million related to the hedge of the interest payments.

⁽³⁾	Amounts recognized on the treasury locks were included in interest expense.