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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2017
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
(In millions) | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(2) | $ | 0.2 |  |  | $ | 4.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.4 |  |  | $ | 11.4 |  |  | $ | 3.6 |  |  | $ | 16.3 |
Interest rate currency swaps(2) | — |  |  | 23.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23.9 |
Total Derivative Assets | $ | 0.2 |  |  | $ | 28.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.4 |  |  | $ | 11.4 |  |  | $ | 3.6 |  |  | $ | 40.2 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(2) | $ | (3.0 | ) |  | $ | (0.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | (11.3 | ) |  | $ | (11.5 | ) |  | $ | (14.3 | ) |  | $ | (11.6 | )
Cross-currency swaps | — |  |  | — |  |  | — |  |  | (5.3 | ) |  | — |  |  | — |  |  | — |  |  | (5.3 | )
Total Derivative Liabilities(1) | $ | (3.0 | ) |  | $ | (0.1 | ) |  | $ | — |  |  | $ | (5.3 | ) |  | $ | (11.3 | ) |  | $ | (11.5 | ) |  | $ | (14.3 | ) |  | $ | (16.9 | )
Net Derivatives(3) | $ | (2.8 | ) |  | $ | 28.7 |  |  | $ | — |  |  | $ | (5.3 | ) |  | $ | (7.9 | ) |  | $ | (0.1 | ) |  | $ | (10.7 | ) |  | $ | 23.3 |
(1) | Excludes €400.0 million of euro-denominated debt ($467.9 million equivalent at September 30, 2017 and $416.7 million equivalent at December 31, 2016), designated as a net investment hedge.
(2) | Amounts related to Diversey have been classified as held for sale on the Condensed Consolidated Balance Sheet as of December 31, 2016, $(1.4) million related to foreign currency forward contracts were reclassified to liabilities held for sale and $23.9 million related to interest rate and currency swaps were reclassified to assets held for sale. These financial instruments have been classified as Level 2 Inputs. Refer to Note 12 “Fair Value Measurements and Other Financial Instruments” for discussion of the inputs and valuation techniques used.
(3) | 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
(In millions) | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016
Gross position | $ | 3.5 |  |  | $ | 22.6 |  |  | $ | (14.2 | ) |  | $ | (11.6 | ) |  | $ | — |  |  | $ | 17.6 |  |  | $ | — |  |  | $ | (5.3 | )
Reclassified to held for sale(1) | — |  |  | (7.3 | ) |  | — |  |  | 2.3 |  |  | — |  |  | (17.6 | ) |  | — |  |  | — |
Impact of master netting agreements | (0.1 | ) |  | (0.2 | ) |  | 0.1 |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet | $ | 3.4 |  |  | $ | 15.1 |  |  | $ | (14.1 | ) |  | $ | (9.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5.3 | )
(1) | Amounts related to Diversey have been classified as held for sale on the Condensed Consolidated Balance Sheet as of December 31, 2016.
Offsetting Assets | 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
(In millions) | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016
Gross position | $ | 3.5 |  |  | $ | 22.6 |  |  | $ | (14.2 | ) |  | $ | (11.6 | ) |  | $ | — |  |  | $ | 17.6 |  |  | $ | — |  |  | $ | (5.3 | )
Reclassified to held for sale(1) | — |  |  | (7.3 | ) |  | — |  |  | 2.3 |  |  | — |  |  | (17.6 | ) |  | — |  |  | — |
Impact of master netting agreements | (0.1 | ) |  | (0.2 | ) |  | 0.1 |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet | $ | 3.4 |  |  | $ | 15.1 |  |  | $ | (14.1 | ) |  | $ | (9.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5.3 | )
(1) | Amounts related to Diversey have been classified as held for sale on the Condensed Consolidated Balance Sheet as of December 31, 2016.
Offsetting Liabilities | 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
(In millions) | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016
Gross position | $ | 3.5 |  |  | $ | 22.6 |  |  | $ | (14.2 | ) |  | $ | (11.6 | ) |  | $ | — |  |  | $ | 17.6 |  |  | $ | — |  |  | $ | (5.3 | )
Reclassified to held for sale(1) | — |  |  | (7.3 | ) |  | — |  |  | 2.3 |  |  | — |  |  | (17.6 | ) |  | — |  |  | — |
Impact of master netting agreements | (0.1 | ) |  | (0.2 | ) |  | 0.1 |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet | $ | 3.4 |  |  | $ | 15.1 |  |  | $ | (14.1 | ) |  | $ | (9.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5.3 | )
(1) | Amounts related to Diversey have been classified as held for sale on the Condensed Consolidated Balance Sheet as of December 31, 2016.
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 September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(1)(4) |  | $ | (0.1 | ) |  | $ | (1.1 | ) |  | $ | 1.8 |  |  | $ | (0.9 | )
Interest rate and currency swaps(2)(4) |  | (2.3 | ) |  | (0.4 | ) |  | (3.4 | ) |  | (24.6 | )
Treasury locks(3) |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Sub-total cash flow hedges |  | (2.4 | ) |  | (1.5 | ) |  | (1.5 | ) |  | (25.4 | )
Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 0.2 |  |  | 0.2 |  |  | 0.4 |  |  | 0.4 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(4) |  | (13.9 | ) |  | (6.0 | ) |  | (8.3 | ) |  | (24.7 | )
Total |  | $ | (16.1 | ) |  | $ | (7.3 | ) |  | $ | (9.4 | ) |  | $ | (49.7 | )
(1) | Amounts recognized on the foreign currency forward contracts were included in cost of sales during the three and nine months ended September 30, 2017 and 2016.
(2) | Amounts recognized on the interest rate and currency swaps for the three months ended September 30, 2017 and 2016, included a $2.0 million loss and a $1.2 million gain, respectively, which is included in other (expense) income, net and interest (expense) income of $(0.4) million and $(1.5) million, respectively, related to the hedge of the interest payments. Amounts recognized on the interest rate and currency swaps for the nine months ended September 30, 2017 and 2016, included a $1.0 million loss and a $20.5 million loss, respectively, which is included in other (expense) income, net and interest (expense) income of $(2.5) million and $(4.0) 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.
(4) | Amounts related to Diversey have been reclassified to earnings from discontinued operations before income tax provision on the Condensed Consolidated Statement of Operations. For the three months ended September 30, 2017 and 2016 there was $0.1 million and $3.5 million reclassified, respectively. For the nine months ended September 30, 2017 and September 30, 2016 there was $3.7 million and $(17.8) million reclassified, respectively.

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