DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of derivative financial instruments used to manage currency exchange rate risk and interest rate risk

The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.

	Notional Amount
	December 31, 2015		December 31, 2014
	(in millions)
Foreign currency forward exchange contracts	$	1,061.6	$	761.2
Interest rate swap agreements	300.0		300.0
Foreign currency option contracts	—		9.2

Schedule of location and fair value amounts of derivative instruments reported in consolidated balance sheets

The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets (in millions):

		Fair Value
	Balance Sheet Location	December 31, 2015		December 31, 2014
Derivatives designated as hedging instruments
Assets
Foreign currency contracts	Other current assets	$	15.0	$	45.2
Interest rate swap agreements	Other assets	$	1.6	$	0.4
Liabilities
Foreign currency contracts	Accrued and other liabilities	$	4.2	$	2.6
Derivatives not designated as hedging instruments
Assets
Foreign currency contracts	Other assets	$	6.7	$	5.1

Schedule of effect of master-netting agreements and rights of offset on consolidated balance sheets

The following table presents the effect of master-netting agreements and rights of offset on the consolidated balance sheets (in millions):

							Gross Amounts Not Offset in the Consolidated Balance Sheet
			Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet
December 31, 2015	Gross Amounts						Financial Instruments			Cash Collateral Received		Net Amount
Derivative Assets
Foreign currency contracts	$	21.7	$	—	$	21.7	$	(4.0	)	$	—	$	17.7
Interest rate swap agreements	$	1.6	$	—	$	1.6	$	—		$	—	$	1.6
Derivative Liabilities
Foreign currency contracts	$	4.2	$	—	$	4.2	$	(4.0	)	$	—	$	0.2
December 31, 2014
Derivative Assets
Foreign currency contracts	$	50.3	$	—	$	50.3	$	(2.6	)	$	—	$	47.7
Interest rate swap agreements	$	0.4	$	—	$	0.4	$	—		$	—	$	0.4
Derivative Liabilities
Foreign currency contracts	$	2.6	$	—	$	2.6	$	(2.6	)	$	—	$	—

Schedule of effect of derivative instruments on consolidated statements of operations and consolidated statements of comprehensive income

The following tables present the effect of derivative instruments on the consolidated statements of operations and consolidated statements of comprehensive income:

	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
	2015		2014			2015		2014
	(in millions)					(in millions)
Cash flow hedges
Foreign currency contracts	$	35.3	$	54.3	Cost of sales	$	67.1	$	7.6
					Selling, general and administrative expenses	$	0.9	$	—
Net investment hedges
Foreign currency contracts	$	2.9	$	—	Other expense, net	$	—	$	—

		Amount of Gain or (Loss) Recognized in Income on Derivative (a)
	Location of Gain or (Loss) Recognized in Income on Derivative
		2015		2014		2013
		(in millions)
Fair value hedges
Interest rate swap agreements	Interest expense	$	1.2	$	4.4	$	(4.0	)

_______________________________________________________________________________

(a) The gains and losses on the interest rate swap agreements are fully offset by the changes in the fair value of the fixed-rate debt being hedged.

		Amount of Gain or (Loss) Recognized in Income on Derivative
	Location of Gain or (Loss) Recognized in Income on Derivative
		2015		2014		2013
		(in millions)
Derivatives not designated as hedging instruments
Foreign currency contracts	Other expense, net	$	6.6	$	13.7	$	18.4