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FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2019

Derivative [Line Items]

Schedule of Aggregate Notional Amounts of Economic Hedges Not Designated as Hedges

The following summarizes the aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at September 30, 2019 and the notional amounts expected to mature during the next 12 months:

(in millions)						Aggregate Notional Amount						Aggregate Notional Amount Maturing within 12 Months
Foreign exchange forward contracts						$	210.8					$	210.8
Total for instruments not designated as hedges						$	210.8					$	210.8

Offsetting Derivative Assets and Liabilities

Offsetting of financial liabilities under netting arrangements at September 30, 2019 were insignificant. Offsetting of financial assets under netting arrangements at September 30, 2019 were as follows:

																								Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)						Gross Amounts Recognized						Gross Amount Offset in the Consolidated Balance Sheets						Net Amounts Presented in the Consolidated Balance Sheets						Financial Instruments						Cash Collateral Received/Pledged						Net Amount
Assets
Foreign exchange forward contracts						$	70.5					$	—					$	70.5					$	(11.7)					$	—					$	58.8
Cross currency basis swaps						10.9						—						10.9						(2.1)						—						8.8
Total Assets						$	81.4					$	—					$	81.4					$	(13.8)					$	—					$	67.6

Offsetting of financial liabilities under netting arrangements at December 31, 2018 were insignificant. Offsetting of financial assets under netting arrangements at December 31, 2018 were as follows:

																								Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)						Gross Amounts Recognized						Gross Amount Offset in the Consolidated Balance Sheets						Net Amounts Presented in the Consolidated Balance Sheets						Financial Instruments						Cash Collateral Received/Pledged						Net Amount
Assets
Foreign exchange forward contracts						$	33.7					$	—					$	33.7					$	(1.8)					$	—					$	31.9
Cross currency basis swaps						11.6						—						11.6						(1.6)						—						10.0
Total Assets						$	45.3					$	—					$	45.3					$	(3.4)					$	—					$	41.9

Cash Flow Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The following summarizes the notional amounts of cash flow hedges by derivative instrument type at September 30, 2019 and the notional amounts expected to mature during the next 12 months, with a discussion of the various cash flow hedges by derivative instrument type following the table:

(in millions)						Aggregate Notional Amount						Aggregate Notional Amount Maturing within 12 Months
Foreign exchange forward contracts						$	323.3					$	240.5
Interest rate swaps						150.0						—
Total derivative instruments designated as cash flow hedges						$	473.3					$	240.5

Derivative Instruments, Gain (Loss)

The following summarizes the amount of gains and losses recorded in AOCI in the Consolidated Balance Sheets, interest expense and cost of products sold in the Company's Consolidated Statements of Operations related to the cash flow hedges for the nine months ended September 30, 2019:

						September 30, 2019
						Gain (Loss) in AOCI						Consolidated Statements of Operations Location						Effective Portion Reclassified from AOCI into Income (Expense)						Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps						$	(14.6)					Interest expense						$	(1.8)					$	—
Foreign exchange forward contracts						(4.0)						Cost of products sold						0.4						—
Ineffective Portion:
Foreign exchange forward contracts						—						Cost of products sold						—						1.5
Total in cash flow hedging						$	(18.6)											$	(1.4)					$	1.5

Net Investment Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The following summarizes the notional amount of hedges of net investments by derivative instrument at September 30, 2019 and the notional amounts expected to mature during the next 12 months:

(in millions)						Aggregate Notional Amount						Aggregate Notional Amount Maturing within 12 Months
Foreign exchange forward contracts						$	753.0					$	251.0
Cross currency basis swaps						287.1						—
Total for instruments designated as hedges of net investment						$	1,040.1					$	251.0

Derivative Instruments, Gain (Loss)

The following summarizes the amount of gains and losses recorded in AOCI in the Consolidated Balance Sheets and Other expense (income), net in the Company's Consolidated Statements of Operations related to the hedges of net investments for the three months ended September 30, 2019:

						September 30, 2019
						Gain (Loss) in AOCI						Consolidated Statements of Operations Location						Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps						$	12.4					Interest Expense						$	2.2
Foreign exchange forward contracts						25.5						Other expense (income), net						6.1
Total for net investment hedging						$	37.9											$	8.3

Gains (losses) recorded in AOCI on the Consolidated Balance Sheets and Other expense (income), net on the Company's Consolidated Statements of Operations related to the hedges of net investments for the three months ended September 30, 2018 were insignificant.

The following summarizes the amount of gains and losses recorded in AOCI in the Consolidated Balance Sheets and Other expense (income), net in the Company's Consolidated Statements of Operations related to the hedges of net investments for the nine months ended September 30, 2019 and 2018:

						September 30, 2019
						Gain (Loss) in AOCI						Consolidated Statements of Operations Location						Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps						$	13.1					Interest expense						$	6.3
Foreign exchange forward contracts						31.7						Other expense (income), net						15.7
Total for net investment hedging						$	44.8											$	22.0

						September 30, 2018
						Gain (Loss) in AOCI						Consolidated Statements of Operations Location						Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps						$	11.0					Interest expense						$	5.5
												Other expense (income), net						(7.1)
Foreign exchange forward contracts						17.9						Other expense (income), net						9.9
Total for net investment hedging						$	28.9											$	8.3

Fair Value Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The following summarizes the notional amounts of fair value hedges by derivative instrument type at September 30, 2019 and the notional amounts expected to mature during the next 12 months:

(in millions)						Aggregate Notional Amount						Aggregate Notional Amount Maturing within 12 Months
Foreign exchange forward contracts						$	104.7					$	36.6
Total derivative instruments as fair value hedges						$	104.7					$	36.6

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