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Derivatives and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2016
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 Condensed Consolidated Balance Sheets.
|  | Cash Flow |  |  | Net Investment Hedge |  |  | Non-Designated |  |  | Total |
|  | June 30, |  |  | December 31, |  |  | June 30, |  |  | December 31, |  |  | June 30, |  |  | December 31, |  |  | June 30, |  |  | December 31, |
(In millions) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 3.2 |  |  | $ | 3.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.4 |  |  | $ | 25.0 |  |  | $ | 8.6 |  |  | $ | 28.2 |
Interest rate and currency swaps |  |  | 27.1 |  |  |  | 44.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27.1 |  |  |  | 44.0 |
Total Derivative Assets (2) |  | $ | 30.3 |  |  | $ | 47.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.4 |  |  | $ | 25.0 |  |  | $ | 35.7 |  |  | $ | 72.2 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | (3.2 | ) |  | $ | (1.3 | ) |  | $ | — |  |  | $ | — |  |  | $ | (9.6 | ) |  | $ | (43.5 | ) |  | $ | (12.8 | ) |  | $ | (44.8 | )
Cross-currency swaps |  |  | — |  |  |  | — |  |  |  | (19.6 | ) |  |  | (12.0 | ) |  |  | — |  |  |  | — |  |  |  | (19.6 | ) |  |  | (12.0 | )
Total Derivative Liabilities(2) |  | $ | (3.2 | ) |  | $ | (1.3 | ) |  | $ | (19.6 | ) |  | $ | (12.0 | ) |  | $ | (9.6 | ) |  | $ | (43.5 | ) |  | $ | (32.4 | ) |  | $ | (56.8 | )
Net Derivatives (1) |  | $ | 27.1 |  |  | $ | 45.9 |  |  | $ | (19.6 | ) |  | $ | (12.0 | ) |  | $ | (4.2 | ) |  | $ | (18.5 | ) |  | $ | 3.3 |  |  | $ | 15.4 |
(1) | Excludes €400 million of euro-denominated debt ($441 million equivalent at June 30, 2016) and €400 million of euro-denominated debt ($433 million equivalent at December 31, 2015), designated as a net investment hedge.
(2) | 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 |
|  | June 30, |  |  | December 31, |  |  | June 30, |  |  | December 31, |  |  | June 30, |  |  | December 31, |  |  | June 30, |  |  | December 31, |
(In millions) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Gross position |  | $ | 14.5 |  |  | $ | 36.2 |  |  | $ | (12.8 | ) |  | $ | (44.8 | ) |  | $ | 21.2 |  |  | $ | 36.0 |  |  | $ | (19.6 | ) |  | $ | (12.0 | )
Impact of master netting agreements |  |  | (0.4 | ) |  |  | (24.1 | ) |  |  | 0.4 |  |  |  | 24.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet |  | $ | 14.1 |  |  | $ | 12.1 |  |  | $ | (12.4 | ) |  | $ | (20.7 | ) |  | $ | 21.2 |  |  | $ | 36.0 |  |  | $ | (19.6 | ) |  | $ | (12.0 | )
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following table details the effect of our derivative instruments on our Condensed Consolidated Statements of Operations.
|  | Amount of Gain (Loss) Recognized in |
|  | Earnings on Derivatives |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In millions) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(1) |  | $ | (1.5 | ) |  | $ | 2.9 |  |  | $ | 0.2 |  |  | $ | 3.7 |
Interest rate and currency swaps(2) |  |  | (13.3 | ) |  |  | (5.2 | ) |  |  | (24.2 | ) |  |  | 9.8 |
Treasury locks(3) |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
Sub-total cash flow hedges |  |  | (14.8 | ) |  |  | (2.3 | ) |  |  | (23.9 | ) |  |  | 13.6 |
Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.2 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  | (8.1 | ) |  |  | (3.3 | ) |  |  | (18.7 | ) |  |  | 34.6 |
Total |  | $ | (22.8 | ) |  | $ | (5.5 | ) |  | $ | (42.4 | ) |  | $ | 48.4 |
(1) | Amounts recognized on the foreign currency forward contracts were included in cost of sales during the three and six months ended June 30, 2016 and other income, net in the three and six months ended June 30, 2015.
(2) | Amounts recognized on the interest rate and currency swaps for the three months ended June 30, 2016 and 2015, included a $12 million loss and $4 million loss, respectively, which is included in other income, net and interest expense of $1 million and $2 million, respectively, related to the hedge of the interest payments. Amounts recognized on the interest rate and currency swaps for the six months ended June 30, 2016 and 2015, included a $22 million loss and $13 million gain, respectively, which is included in other income, net and interest expense of $2 million and $3 million, respectively, related to the hedge of the interest payments.
(3) | Amounts recognized on the treasury locks were included in interest expense which is related to amortization of terminated interest rate swaps.

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