The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions): | | | | | | | | | | | | | | | | | | | | | | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | | | | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | | | Three Months Ended June 30, | | | | Three Months Ended June 30, | | | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | | | | 2017 | | 2016 | | 2017 | | 2016 | Cash flow hedges | | | | | | | | | | | Foreign currency contracts | | $ | (17.6 | ) | | $ | 0.5 |
| | Cost of sales | | $ | 2.2 |
| | $ | 3.2 |
| | | | | | | Selling, general, and administrative expenses | | $ | 0.1 |
| | $ | (0.3 | ) | | | | | | | | | | | | Net investment hedges | | | | | | | | | | | Foreign currency contracts | | $ | — |
| | $ | 8.5 |
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| Foreign currency denominated debt | | $ | (15.6 | ) | | $ | — |
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| | | | | | | | | | | | | | | | | | | | | | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | | | | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | | | Six Months Ended June 30, | | | | Six Months Ended June 30, | | | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | | | | 2017 | | 2016 | | 2017 | | 2016 | Cash flow hedges | | | | | | | | | | | Foreign currency contracts | | $ | (26.1 | ) | | $ | (20.5 | ) | | Cost of sales | | $ | 4.7 |
| | $ | 14.6 |
| | | | | | | Selling, general, and administrative expenses | | $ | 0.2 |
| | $ | (0.3 | ) | | | | | | | | | | | | Net investment hedges | | | | | | | | | | | Foreign currency contracts | | $ | — |
| | $ | (3.8 | ) | | | |
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| Foreign currency denominated debt | | $ | (15.6 | ) | | $ | — |
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As of June 30, 2017, the Company had €370.0 million of outstanding long-term debt designated as a net investment hedge. | | | | | | | | | | | | | | | | Amount of Gain or (Loss) Recognized in Income on Derivative | | | | | Three Months Ended June 30, | | | Location of Gain or (Loss) Recognized in Income on Derivative | | Fair value hedges | | 2017 | | 2016 | Interest rate swap agreements | | Interest expense, net | | $ | 0.1 |
| | $ | (0.1 | ) |
| | | | | | | | | | | | | | | | Amount of Gain or (Loss) Recognized in Income on Derivative | | | | | Six Months Ended June 30, | | | Location of Gain or (Loss) Recognized in Income on Derivative | | Fair value hedges | | 2017 | | 2016 | Interest rate swap agreements | | Interest expense, net | | $ | 0.2 |
| | $ | 4.8 |
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The gains 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 | | | | | Three Months Ended June 30, | | | Location of Gain or (Loss) Recognized in Income on Derivative | | Derivatives not designated as hedging instruments | | 2017 | | 2016 | Foreign currency contracts | | Other expenses, net | | $ | (1.1 | ) | | $ | (9.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | Amount of Gain or (Loss) Recognized in Income on Derivative | | | | | Six Months Ended June 30, | | | Location of Gain or (Loss) Recognized in Income on Derivative | | Derivatives not designated as hedging instruments | | 2017 | | 2016 | Foreign currency contracts | | Other expenses, net | | $ | (6.6 | ) | | $ | (15.8 | ) |
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