Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020 and 2019, the following amounts were recorded on our 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	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Long-term debt	$	303.0	$	306.2	$	3.1	$	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 consolidated statements of earnings, consolidated statements of comprehensive income (loss) and consolidated balance sheets (in millions):

	Amount of Gain / (Loss)									Amount of Gain / (Loss)
	Recognized in AOCI								Location on	Reclassified from AOCI
	Years Ended December 31,								Statement of	Years Ended December 31,
Derivative Instrument	2020			2019		2018			Earnings	2020			2019			2018
Foreign exchange forward    contracts	$	(42.7	)	$	34.6	$	82.8		Cost of products sold	$	45.4		$	38.4		$	(26.2	)
Interest rate swaps		-			-		(1.7	)	Interest expense, net		-			2.8			-
Forward starting interest rate    swaps		-			-		-		Interest expense, net		(0.6	)		(0.6	)		(0.6	)
	$	(42.7	)	$	34.6	$	81.1			$	44.8		$	40.6		$	(26.8	)

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

The following table presents the effects of fair value, cash flow and net investment hedge accounting on our 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
				Years Ended December 31,
				2020					2019					2018
				Cost of		Interest			Cost of		Interest			Cost of			Interest
				Products		Expense,			Products		Expense,			Products			Expense,
				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				$	2,128.3	$	(212.0	)	$	2,252.6	$	(226.9	)	$	2,271.9		$	(289.3	)
	The effects of fair value, cash flow and net investment hedging:
		Gain on fair value hedging relationships
			Discontinued interest rate swaps		-		3.3			-		8.2			-			8.5
		Gain (loss) on cash flow hedging relationships
			Foreign exchange forward contracts		45.4		-			38.4		-			(26.2	)		-
			Interest rate swaps		-		-			-		2.8			-			-
			Forward starting interest rate swaps		-		(0.6	)		-		(0.6	)		-			(0.6	)
		Gain on net investment hedging relationships
			Cross-currency interest rate swaps		-		53.5			-		52.2			-			25.5

Derivative Instruments Not Designated as Hedging Instruments

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

	Location on	Years Ended December 31,
Derivative Instrument	Statements of Earnings	2020		2019			2018
Foreign exchange forward contracts	Other income (expense), net	$	10.6	$	(11.0	)	$	24.7

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 December 31, 2020			As of December 31, 2019
	Balance Sheet	Fair		Balance Sheet	Fair
	Location	Value		Location	Value
Asset Derivatives Designated as Hedges
Foreign exchange forward    contracts	Other current assets	$	12.2	Other current assets	$	41.8
Foreign exchange forward    contracts	Other assets		3.7	Other assets		9.8
Cross-currency interest    rate swaps	Other assets		-	Other assets		60.5
Total asset derivatives designated as hedges		$	15.9		$	112.1
Asset Derivatives Not Designated as Hedges
Foreign exchange forward    contracts	Other current assets	$	1.5	Other current assets	$	-
Total asset derivatives not designated as hedges		$	1.5		$	-
Liability Derivatives Designated as Hedges
Foreign exchange forward    contracts	Other current liabilities	$	37.4	Other current liabilities	$	7.9
Cross-currency interest    rate swaps	Other current liabilities		55.0	Other current liabilities		-
Foreign exchange forward    contracts	Other long-term liabilities		26.5	Other long-term liabilities		5.2
Cross-currency interest    rate swaps	Other long-term liabilities		28.3	Other long-term liabilities		-
Total liability derivatives designated as hedges		$	147.2		$	13.1
Liability Derivatives Not Designated as Hedges
Foreign exchange forward    contracts	Other current liabilities	$	3.8	Other current liabilities	$	-
Total liability derivatives not designated as hedges		$	3.8		$	-

Schedule of Effects of Master Netting Agreements on Consolidated Balance Sheets

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

		As of December 31, 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	$	12.2	$	11.7	$	0.5	$	41.8	$	7.9	$	33.9
Cash flow hedges	Other assets		3.7		3.7		-		9.8		4.6		5.2
Derivatives not designated as hedges	Other current assets		1.5		0.6		0.9		-		-		-
Liability Derivatives
Cash flow hedges	Other current liabilities		37.4		11.7		25.7		7.9		7.9		-
Cash flow hedges	Other long-term liabilities		26.5		3.7		22.8		5.2		4.6		0.6
Derivatives not designated as hedges	Other current liabilities		3.8		0.6		3.2		-		-		-

Net Investment Hedge Gains Recognized on Consolidated Statements of Comprehensive Income

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

	Amount of Gain / (Loss)
	Recognized in AOCI
	Years Ended December 31,
Derivative Instrument	2020			2019		2018
Euro Notes	$	(151.5	)	$	10.7	$	57.6
Cross-currency interest rate swaps		(143.8	)		47.9		62.8
	$	(295.3	)	$	58.6	$	120.4