XML 48 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2017
List of Interest Rate Swap
Hedged ItemNature of SwapNotional AmountFloating Interest Rate
As of June 30, 2017As of December 31, 2016
2010 Senior Notes due 2020Pay Floating/Receive Fixed$500.0$500.03-month LIBOR
2014 Senior Notes due 2019Pay Floating/Receive Fixed$450.0$450.03-month LIBOR
2012 Senior Notes due 2022Pay Floating/Receive Fixed$80.0$80.03-month LIBOR
Gains and Losses on Derivatives Designated as Hedging Instruments
Amount of income recognized in the consolidated statements of operations
Three Months EndedSix Months Ended
June 30,June 30,
Derivatives designated as fair value accounting hedgesLocation on Statement of Operations2017201620172016
Interest rate swaps Interest expense, net$1.8$3.1$4.2$6.1
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging and Cash Flow Hedging Relationships (Effectiveness Portion)
Amount of Gain/(Loss) Recognized in AOCI on Derivative (Effective Portion)Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)Amount of Gain/(Loss) Recognized Directly into Income (Ineffective Portion), net of Tax
Derivatives and non-derivative instruments in Net Investment Hedging RelationshipsThree Months EndedThree Months EndedThree Months Ended
June 30,June 30,June 30,
201720162017201620172016
FX forwards$0.8$(8.6)$-$-$-$-
Long-term debt(17.5)7.1----
Total net investment hedges$(16.7)$(1.5)$-$-$-$-
Derivatives in cash flow hedging relationships
Cross currency swap$3.6$(2.9)$4.3*$(1.7)*$0.4**$-
Interest rate contracts(0.4)-(1.0)---
Total cash flow hedges$3.2$(2.9)$3.3$(1.7)$0.4$-
Total $(13.5)$(4.4)$3.3$(1.7)$0.4$-
Amount of Gain/(Loss) Recognized in AOCI on Derivative (Effective Portion)Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)Amount of Gain/(Loss) Recognized Directly into Income (Ineffective Portion), net of Tax
Derivatives and non-derivative instruments in Net Investment Hedging RelationshipsSix Months EndedSix Months EndedSix Months Ended
June 30,June 30,June 30,
201720162017201620172016
FX forwards$0.8$(13.2)$-$-$-$-
Long-term debt(21.1)(6.0)----
Total net investment hedges$(20.3)$(19.2)$-$-$-$-
Derivatives in cash flow hedging relationships
Cross currency swap$3.4$(1.7)$5.3*$(0.3)*$0.4**$-*
Interest rate contracts(0.4)-(1.1)---
Total cash flow hedges$3.0$(1.7)$4.2$(0.3)$0.4$-
Total $(17.3)$(20.9)$4.2$(0.3)$0.4$-
*For the three and six months ended June 30, 2017, reflects $7.1 million and $8.6 million in gains, respectively, recorded in other non-operating income (expense), net and $2.8 million and $3.3 million relating to the tax effect of the aforementioned item. For the three and six months ended June 30, 2016, reflects $2.6 million and $0.4 million in losses, respectively, recorded in other non-operating income (expense), net and $0.9 million and $0.1 million relating to the tax effect of the aforementioned item.
**For the three and six months ended June 30, 2017, reflects $0.6 million in gains recorded in other non-operating income (expense), net and $0.2 million relating to the tax effect of the aforementioned item.
Cumulative Amount of Unrecognized Hedge Losses Recorded in Accumulated Other Comprehensive Income
Cumulative
Gains/(Losses), net of tax
June 30,December 31,
Net investment hedges20172016
FX forwards $23.1$22.3
Long-term debt (8.6)12.5
Total net gains on net investment hedges$14.5$34.8
Cash flow hedges
Interest rate contracts$(0.4)$(1.1)
Cross currency swap0.92.8
Total net gains on cash flow hedges0.51.7
Total net gains in AOCI$15.0$36.5
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
Three Months EndedSix Months Ended
June 30,June 30,
Derivatives not designated as accounting hedgesLocation on Statement of Operations2017201620172016
Foreign exchange forwardsOther non-operating income (expense), net$7.1$(5.7)$4.8$(5.2)
FX collar relating to Bureau van Dijk acquisitionPurchase Price Hedge Gain41.2-41.2-
$48.3$(5.7)$46.0$(5.2)
Fair Value of Derivative Instruments
Derivative and Non-derivative Instruments
Balance Sheet LocationJune 30, 2017December 31, 2016
Assets:
Derivatives designated as accounting hedges:
FX forwards on net investment in certain foreign subsidiariesOther current assets$-$0.6
Cross-currency swapOther assets2.2-
Interest rate swapsOther assets7.17.0
Total derivatives designated as accounting hedges$9.3$7.6
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets8.8-
FX options on Bureau van Dijk purchase priceOther current assets41.2-
Total assets$59.3$7.6
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swapOther liabilities$-$3.8
FX forwards on net investment in certain foreign subsidiariesAccounts payable and accrued liabilities0.1-
Interest rate swapsOther liabilities0.80.8
Total derivatives designated as accounting hedges0.94.6
Non-derivative instrument designated as accounting hedge:
Long-term debt designated as net investment hedgeLong-term debt456.2421.9
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities1.90.8
Total liabilities$459.0$427.3
Net Investment Hedging [Member]  
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards
June 30,December 31,
20172016
Notional amount of net investment hedges:SellBuySellBuy
Contracts to sell GBP for euros£22.8€25.8£22.1€26.4
Foreign Exchange Forward [Member]  
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards
June 30,December 31,
20172016
Notional amount of currency pair:SellBuySellBuy
Contracts to sell USD for GBP$232.2£184.1$-£-
Contracts to sell USD for JPY$20.5¥2,284.9$-$-
Contracts to sell USD for CAD$38.6C$51.1$-C$-
Contracts to purchase euros with Singapore dollarsS$-€-S$55.5€36.0
Contracts to sell euros for GBP€181.0£157.9€31.0£25.9
Note: € = Euro, £ = British pound, S$ = Singapore dollar, C$ = Canadian dollar, $ = U.S. dollar ¥ = Japanese Yen