Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments Designated as Fair Value Hedges

Derivative instruments designated as fair value hedges had the following effects on our condensed consolidated statements of earnings (in millions):

			Gain (Loss) on Instrument				Gain (Loss) on Hedged Item
			Three Months Ended				Three Months Ended
	Location on Statement of Earnings		March 31,				March 31,
Derivative Instrument			2016		2015		2016			2015
Interest rate swaps		Interest expense	$	10.8	$	7.2	$	(10.8	)	$	(7.2	)

Gross Unrealized Losses from Derivative Instruments

Derivative instruments designated as cash flow hedges had the following effects, before taxes, on OCI and net earnings on our condensed consolidated statements of earnings, condensed consolidated statements of comprehensive income and condensed consolidated balance sheets (in millions):

Derivative Instrument	Amount of Gain (Loss) Recognized in OCI						Location on Statement of Earnings		Amount of Gain (Loss) Reclassified from OCI
	Three Months Ended March 31,								Three Months Ended March 31,
	2016			2015					2016			2015
Foreign exchange forward contracts	$	(56.5	)	$	90.0			Cost of products sold	$	32.1		$	28.1
Forward starting interest rate swaps		—			(38.3	)		Interest expense		(0.4	)		(0.1	)
	$	(56.5	)	$	51.7				$	31.7		$	28.0

Derivative Instruments Not Designated as Hedging Instruments

The following (losses) gains from these derivative instruments were recognized on our condensed consolidated statements of earnings (in millions):

Derivative Instrument	Location on Statement of Earnings		Three Months Ended March 31,
			2016			2015
Foreign exchange forward contracts		Other expense, net	$	(21.3	)	$	15.2

Fair Value of Derivative Instruments on Gross Basis

The fair value of derivative instruments on a gross basis is as follows (in millions):

	March 31, 2016			December 31, 2015
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Asset Derivatives
Foreign exchange forward contracts	Other current assets	$	56.1	Other current assets	$	100.5
Foreign exchange forward contracts	Other assets		5.6	Other assets		19.8
Interest rate swaps	Other assets		37.6	Other assets		26.8
Total asset derivatives		$	99.3		$	147.1
Liability Derivatives
Foreign exchange forward contracts	Other current liabilities	$	29.6	Other current liabilities	$	16.7
Foreign exchange forward contracts	Other long-term liabilities		20.7	Other long-term liabilities		8.3
Total liability derivatives		$	50.3		$	25.0

Schedule of Effects of Master Netting Agreements on Condensed Consolidated Balance Sheets

The table below presents the effects of our master netting agreements on our condensed consolidated balance sheets (in millions):

		As of March 31, 2016						As of December 31, 2015
Description	Location	Gross Amount		Offset		Net Amount in Balance Sheet		Gross Amount		Offset		Net Amount in Balance Sheet
Asset Derivatives
Cash flow hedges	Other current assets	$	56.1		23.6	$	32.5	$	100.5	$	16.3	$	84.2
Cash flow hedges	Other assets		5.6		5.2		0.4		19.8		7.1		12.7
Liability Derivatives
Cash flow hedges	Other current liabilities		29.6		23.6		6.0		16.7		16.3		0.4
Cash flow hedges	Other long-term liabilities		20.7		5.2		15.5		8.3		7.1		1.2