XML 59 R43.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Derivatives and Hedging Activities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Instruments | The following table details the fair value of our derivative instruments included on our Consolidated Balance Sheets.
|  | Cash Flow Hedge |  |  | Net Investment Hedge |  |  | Non-Designated as Hedging Instruments |  |  | Total |
|  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 3.2 |  |  | $ | 4.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 25.0 |  |  | $ | 41.3 |  |  | $ | 28.2 |  |  | $ | 45.6 |
Interest rate and currency swaps |  |  | 44.0 |  |  |  | 17.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 44.0 |  |  |  | 17.8 |
Total Derivative Assets (2) |  | $ | 47.2 |  |  | $ | 22.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 25.0 |  |  | $ | 41.3 |  |  | $ | 72.2 |  |  | $ | 63.4 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | (1.3 | ) |  | $ | (0.4 | ) |  | $ | — |  |  | $ | — |  |  | $ | (43.5 | ) |  | $ | (67.6 | ) |  | $ | (44.8 | ) |  | $ | (68.0 | )
Cross-currency swaps |  |  | — |  |  |  | — |  |  |  | (12.0 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12.0 | ) |  |  | — |
Total Derivative Liabilities(2) |  | $ | (1.3 | ) |  | $ | (0.4 | ) |  | $ | (12.0 | ) |  | $ | — |  |  | $ | (43.5 | ) |  | $ | (67.6 | ) |  | $ | (56.8 | ) |  | $ | (68.0 | )
Net Derivatives (1) |  | $ | 45.9 |  |  | $ | 21.7 |  |  | $ | (12.0 | ) |  | $ | — |  |  | $ | (18.5 | ) |  | $ | (26.3 | ) |  | $ | 15.4 |  |  | $ | (4.6 | )
(1) | Excludes $437.3 million of euro-denominated debt designated as a net investment hedge at December 31, 2015.
(2) | The Company’s derivative transactions are typically governed by master agreements that contain netting and set-off clauses. The netting clauses often stipulate that matching counterparties may offset asset and liability positions of the same nature and maturing at the same time, with only the net payment due required to be delivered. The set-off provisions, in the event of certain default or termination events, can allow the non-defaulting party rights of set-off for net obligations owed by the defaulting party. The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
|  | Other Current Assets |  |  | Other Current Liabilities |  |  | Other Non-current Assets |  |  | Other Non-current Liabilities |
|  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Gross position |  | $ | 36.2 |  |  | $ | 34.3 |  |  | $ | (44.8 | ) |  | $ | (48.8 | ) |  | $ | 36.0 |  |  | $ | 27.1 |  |  | $ | (12.0 | ) |  | $ | (17.2 | )
Impact of master netting agreements |  |  | (24.1 | ) |  |  | (25.2 | ) |  |  | 24.1 |  |  |  | 25.2 |  |  |  | — |  |  |  | (9.3 | ) |  |  | — |  |  |  | 9.3 |
Net amounts recognized on the Consolidated Balance Sheet |  | $ | 12.1 |  |  | $ | 9.1 |  |  | $ | (20.7 | ) |  | $ | (23.6 | ) |  | $ | 36.0 |  |  | $ | 17.8 |  |  | $ | (12.0 | ) |  | $ | (7.9 | )
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following table details the effect of our derivative instruments on our Consolidated Statements of Operations.
|  | Amount of Gain (Loss) Recognized in |
|  | Earnings on Derivatives |
|  | Year Ended December 31, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2013 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(1) |  | $ | 9.6 |  |  | $ | 1.9 |  |  | $ | 2.7 |
Interest rate and currency swaps(2) |  |  | 36.9 |  |  |  | 13.5 |  |  |  | — |
Treasury locks(3) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Sub-total cash flow hedges |  |  | 46.6 |  |  |  | 15.5 |  |  |  | 2.8 |
Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 0.4 |  |  |  | 1.8 |  |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  | 32.0 |  |  |  | 0.4 |  |  |  | (8.5 | )
Total |  | $ | 79.0 |  |  | $ | 17.7 |  |  | $ | (5.7 | )
| (1) | Amounts recognized on the foreign currency forward contracts were included in other income (expense), net.
(2) | As of December 31, 2015, amounts recognized on the interest rate and currency swaps included a $42.9 million gain which offset a loss on the remeasurement of the hedged debt, which is included in other income (expense), net and interest expense of $6.0 million related to the hedge of the interest payments. As of December 31, 2014, amounts recognized on the interest rate and currency swaps included a $16.5 million gain which offset a loss on remeasurement of the hedged debt, which is included in other income (expense), net and interest expense of $3.0 million related to the hedge of interest payments.
(3) | Amounts recognized on the treasury locks were included in interest expense.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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://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=56946850&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration