Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Amounts Recorded On Balance Sheet Related To Cumulative Basis Adjustments For Fair Value Hedges

As of June 30, 2020 and December 31, 2019, the following amounts were recorded on our condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in millions):

	Carrying Amount of the Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Balance Sheet Line Item	June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
Long-term debt	$	304.6	$	306.2	$	4.7	$	6.4

Gross Unrealized Losses from Derivative Instruments

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

	Amount of Gain (Loss)											Amount of Gain (Loss)
	Recognized in AOCI											Reclassified from AOCI
	Three Months Ended						Six Months Ended					Three Months Ended						Six Months Ended
	June 30,						June 30,				Location on	June 30,						June 30,
Derivative Instrument	2020			2019			2020		2019		Statements of Earnings	2020			2019			2020			2019
Foreign exchange    forward contracts	$	(27.6	)	$	(3.9	)	$	38.1	$	12.8	Cost of products sold	$	15.1		$	7.4		$	30.7		$	14.5
Interest rate swaps		-			-			-		-	Interest expense, net		-			-			-			2.8
Forward starting    interest rate swaps		-			-			-		-	Interest expense, net		(0.1	)		(0.2	)		(0.3	)		(0.3	)
	$	(27.6	)	$	(3.9	)	$	38.1	$	12.8		$	15.0		$	7.2		$	30.4		$	17.0

Effects of Fair Value, Cash Flow and Net Investment Hedge Accounting on Consolidated Statements of Earnings

The following table presents the effect of fair value, cash flow and net investment hedge accounting on our condensed consolidated statements of earnings (in millions):

	Location and Amount of Gain/(Loss) Recognized in Income on Fair Value, Cash Flow and Net Investment Hedging Relationships for the Period Ended:
	Three Months Ended					Three Months Ended					Six Months Ended					Six Months Ended
	June 30, 2020					June 30, 2019					June 30, 2020					June 30, 2019
	Cost of		Interest			Cost of		Interest			Cost of		Interest			Cost of		Interest
	Products		Expense,			Products		Expense,			Products		Expense,			Products		Expense,
	Sold		Net			Sold		Net			Sold		Net			Sold		Net
Total amounts of income and expense line items presented in the statements of earnings in which the effects of fair value, cash flow and net investment hedges are recorded	$	424.5	$	(54.0	)	$	581.3	$	(59.7	)	$	911.6	$	(104.9	)	$	1,134.7	$	(117.7	)
The effects of fair value, cash flow and net investment hedging:
Gain on fair value hedging                   relationships
Discontinued interest rate swaps		-		0.8			-		2.1			-		1.7			-		4.2
Gain (loss) on cash flow hedging                   relationships
Foreign exchange forward contracts		15.1		-			7.4		-			30.7		-			14.5		-
Interest rate swaps		-		-			-		-			-		-			-		2.8
Forward starting interest rate swaps		-		(0.1	)		-		(0.2	)		-		(0.3	)		-		(0.3	)
Gain on net investment hedging                   relationships
Cross-currency interest rate swaps		-		13.4			-		13.4			-		26.8			-		25.4

Derivative Instruments Not Designated as Hedging Instruments

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

		Three Months Ended						Six Months Ended
	Location on	June 30,						June 30,
Derivative Instrument	Statements of Earnings	2020			2019			2020		2019
Foreign exchange forward contracts	Other expense, net	$	(7.7	)	$	(6.3	)	$	15.4	$	(8.9	)

Fair Value of Derivative Instruments on Gross Basis

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

	As of June 30, 2020			As of December 31, 2019
	Balance			Balance
	Sheet	Fair		Sheet	Fair
	Location	Value		Location	Value
Asset Derivatives
Foreign exchange forward contracts	Other current assets	$	38.5	Other current assets	$	41.8
Cross-currency interest rate swaps	Other current assets		29.1	Other current assets		-
Foreign exchange forward contracts	Other assets		11.1	Other assets		9.8
Cross-currency interest rate swaps	Other assets		59.5	Other assets		60.5
Total asset derivatives		$	138.2		$	112.1
Liability Derivatives
Foreign exchange forward contracts	Other current liabilities	$	2.9	Other current liabilities	$	7.9
Foreign exchange forward contracts	Other long-term liabilities		3.7	Other long-term liabilities		5.2
Total liability derivatives		$	6.6		$	13.1

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 June 30, 2020						As of December 31, 2019
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	$	38.5	$	2.9	$	35.6	$	41.8	$	7.9	$	33.9
Cash flow hedges	Other assets		11.1		3.5		7.6		9.8		4.6		5.2
Liability Derivatives
Cash flow hedges	Other current liabilities		2.9		2.9		-		7.9		7.9		-
Cash flow hedges	Other long-term liabilities		3.7		3.5		0.2		5.2		4.6		0.6

Net Investment Hedge Gains Recognized on Condensed Consolidated Statements of Comprehensive Income (Loss)

The following net investment hedge gains (losses) were recognized on our condensed consolidated statements of comprehensive income (loss) (in millions):

	Amount of Gain (Loss)
	Recognized in AOCI
	Three Months Ended						Six Months Ended
	June 30,						June 30,
Derivative Instrument	2020			2019			2020			2019
Euro Notes	$	(39.0	)	$	(16.0	)	$	(0.9	)	$	4.4
Cross-currency interest rate swaps		(41.6	)		(15.0	)		28.1			19.2
	$	(80.6	)	$	(31.0	)	$	27.2		$	23.6