DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2019

Derivative [Line Items]

Schedule of Interest Rate Swap

		Notional Amount				Floating Interest Rate
		As of		As of
Hedged Item	Nature of Swap	June 30, 2019		December 31, 2018
2010 Senior Notes due 2020	Pay Floating/Receive Fixed	$	500.0	$	500.0	3-month USD LIBOR
2012 Senior Notes due 2022	Pay Floating/Receive Fixed		330.0		330.0	3-month USD LIBOR
2017 Senior Notes due 2021	Pay Floating/Receive Fixed		500.0		500.0	3-month USD LIBOR
2017 Senior Notes due 2023	Pay Floating/Receive Fixed		250.0		-	3-month USD LIBOR
Total		$	1,580.0	$	1,330.0

Gains and Losses on Derivatives Designated as Hedging Instruments

			Amount of income/(loss) recognized in the consolidated statements of operations
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recorded			Three Months Ended June 30,				Six Months Ended June 30,
			2019		2018		2019		2018
	Interest expense, net		$	(50.6)	$	(53.4)	$	(103.1)	$	(104.1)
Descriptions		Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps		Interest expense, net	$	0.1	$	(0.4)	$	(0.1)	$	(0.5)
Fair value changes on interest rate swaps		Interest expense, net	$	19.8	$	(2.3)	$	30.6	$	(11.5)
Fair value changes on hedged debt		Interest expense, net	$	(19.8)	$	2.3	$	(30.6)	$	11.5

Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)

Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships		Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax					Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax				Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
		Three Months Ended					Three Months Ended				Three Months Ended
		June 30,					June 30,				June 30,
		2019			2018		2019		2018		2019 (2)		2018
	Cross currency swaps	$	(19.7)		$	4.0	$	-	$	-	$	13.5	$	2.1
	Long-term debt		(9.5)	(1)		23.4		-		-		-		-
	Total net investment hedges	$	(29.2)		$	27.4	$	-	$	-	$	13.5	$	2.1
Derivatives in Cash Flow Hedging Relationships
	Cross currency swap	$	-		$	-	$	-	$	0.1	$	-	$	-
	Interest rate contracts		-			-		(0.1)		-		-		-
	Total cash flow hedges	$	-		$	-	$	(0.1)	$	0.1	$	-	$	-
Total		$	(29.2)		$	27.4	$	(0.1)	$	0.1	$	13.5	$	2.1

Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships		Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax					Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax				Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
		Six Months Ended					Six Months Ended				Six Months Ended
		June 30,					June 30,				June 30,
		2019			2018		2019		2018		2019 (2)		2018
	Cross currency swaps	$	(4.5)		$	4.0	$	-	$	-	$	21.8	$	2.1
	Long-term debt		(1.2)	(1)		12.5		-		-		-		-
	Total net investment hedges	$	(5.7)		$	16.5	$	-	$	-	$	21.8	$	2.1
Derivatives in Cash Flow Hedging Relationships
	Cross currency swap	$	-		$	1.5	$	(0.1)	$	0.2	$	-	$	-
	Total cash flow hedges	$	-		$	1.5	$	(0.1)	$	0.2	$	-	$	-
Total		$	(5.7)		$	18.0	$	(0.1)	$	0.2	$	21.8	$	2.1
(1)	Due to the Company's adoption of ASU 2018-02 during the first half of 2019, $ 2.5 million related to the tax effect of this net investment hedge was reclassified to retained earnings. Refer to Note 1 for further details.
(2)	Effective with the adoption of ASU 2017-12, the Company has elected to assess the effectiveness of its net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to cross-currency swaps recognized directly into Net Income during the first half of 2019 represent net periodic interest settlements and accruals, which are recognized in interest expense, net.

Components of Accumulated Other Comprehensive Income

		Three Months Ended
		June 30, 2019												June 30, 2018
Gains/(Losses)		Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Total		Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Gains on Available for Sale Securities		Total
Balance March 31,		$	(69.0)	$	0.1	$	(440.3)	$	53.7	$	(455.5)	$	(60.5)	$	2.3	$	18.5	$	(12.2)	$	-	$	(51.9)
	Other comprehensive income/(loss) before reclassifications		(2.1)		-		40.0		(29.2)		8.7		1.2		-		(282.1)		27.4		-		(253.5)
	Amounts reclassified from AOCI		0.6		0.1		-		-		0.7		0.7		(0.1)		-		-		-		0.6
Other comprehensive income/(loss)			(1.5)		0.1		40.0		(29.2)		9.4		1.9		(0.1)		(282.1)		27.4		-		(252.9)
Balance June 30,		$	(70.5)	$	0.2	$	(400.3)	$	24.5	$	(446.1)	$	(58.6)	$	2.2	$	(263.6)	$	15.2	$	-	$	(304.8)
		Six Months Ended
		June 30, 2019												June 30, 2018
Gains/(Losses)		Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Total		Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Gains on Available for Sale Securities		Total
Balance December 31,		$	(53.1)	$	0.1	$	(406.0)	$	32.7	$	(426.3)	$	(61.5)	$	0.9	$	(112.6)	$	(1.3)	$	2.3	$	(172.2)
	Adoption of ASU 2016-01 relating to financial instruments		-		-		-		-		-		-		-		-		-		(2.3)		(2.3)
	Other comprehensive income/(loss) before reclassifications		(1.3)		-		5.7		(5.7)		(1.3)		1.2		1.5		(151.0)		16.5		-		(131.8)
	Amounts reclassified from AOCI		1.2		0.1		-		-		1.3		1.7		(0.2)		-		-		-		1.5
	Adoption of ASU 2018-02 (See Note 1)		(17.3)		-		-		(2.5)		(19.8)		-		-		-		-		-		-
Other comprehensive income/(loss)			(17.4)		0.1		5.7		(8.2)		(19.8)		2.9		1.3		(151.0)		16.5		(2.3)		(132.6)
Balance June 30,		$	(70.5)	$	0.2	$	(400.3)	$	24.5	$	(446.1)	$	(58.6)	$	2.2	$	(263.6)	$	15.2	$	-	$	(304.8)

Summary of Notional Amounts of Outstanding Foreign Exchange Forwards

	June 30, 2019				December 31, 2018
Notional amount of currency pair:		Sell		Buy		Sell		Buy
Contracts to sell USD for GBP	$	382.7	£	299.5	$	310.3	£	241.2
Contracts to sell USD for Japanese Yen	$	15.0	¥	1,600.0	$	14.3	¥	1,600.0
Contracts to sell USD for Canadian dollars	$	96.8	C$	130.0	$	99.0	C$	130.0
Contracts to sell USD for Singapore dollars	$	35.0	S$	48.0	$	-	S$	-
Contracts to sell USD for Euros	$	135.8	€	120.0	$	212.8	€	184.6
NOTE: € = Euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese Yen, C$ = Canadian dollar, S$= Singapore dollars

Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments

		Three Months Ended				Six Months Ended
Derivatives not designated as accounting hedges		June 30,				June 30,
	Location on Statement of Operations	2019		2018		2019		2018
Foreign exchange forwards	Other non-operating expense, net	$	(9.9)	$	(44.9)	$	(8.5)	$	(17.3)

Fair Value of Derivative Instruments

			Derivative and Non-Derivative Instruments
			Balance Sheet Location	June 30, 2019		December 31, 2018
Assets:
Derivatives designated as accounting hedges:
		Cross-currency swaps designated as net investment hedges	Other assets	$	21.3	$	19.4
		Interest rate swaps designated as fair value hedges	Other assets		32.8		7.5
	Total derivatives designated as accounting hedges				54.1		26.9
Derivatives not designated as accounting hedges:
		FX forwards on certain assets and liabilities	Other current assets		5.0		1.4
Total assets				$	59.1	$	28.3
Liabilities:
Derivatives designated as accounting hedges:
		Cross-currency swaps designated as net investment hedges	Other liabilities	$	10.9	$	2.9
		Interest rate swaps designated as fair value hedges	Other liabilities		-		5.3
	Total derivatives designated as accounting hedges				10.9		8.2
Non-derivatives designated as accounting hedges:
		Long-term debt designated as net investment hedge	Long-term debt		569.4		571.6
Derivatives not designated as accounting hedges:
		FX forwards on certain assets and liabilities	Accounts payable and accrued liabilities		1.6		8.2
Total liabilities				$	581.9	$	588.0

Designated As Hedging Instrument [Member]

Derivative [Line Items]

Schedule of Interest Rate Swap

June 30, 2019
		Pay			Receive
Nature of Swap	Notional Amount		Weighted Average Interest Rate	Notional Amount		Weighted Average Interest Rate
Pay Fixed/Receive Fixed	€	1,079.1	1.43%	$	1,220.0	3.96%
Pay Floating/Receive Floating		931.3	Based on 3-month EURIBOR		1,080.0	Based on 3-month USD LIBOR
Total	€	2,010.4		$	2,300.0

December 31, 2018
		Pay			Receive
Nature of Swap	Notional Amount		Weighted Average Interest Rate	Notional Amount		Weighted Average Interest Rate
Pay Floating/Receive Floating	€	710.2	Based on 3-month EURIBOR	$	830.0	Based on 3-month USD LIBOR
Total	€	710.2		$	830.0