Derivative Instruments and Risk Management

6 Months Ended

Jun. 30, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Risk Management

9. Derivative Instruments and Risk Management

Changes in interest rates, foreign exchange rates, the price of Common Stock and commodity prices expose the Company to market risk.  The Company manages these risks through the use of derivative instruments, such as cash flow and fair value hedges, diesel hedge contracts, equity derivatives and foreign exchange forward contracts.  The Company does not use derivatives for trading or speculative purposes.  Refer to Note 3 in the Form 10-K for a discussion of each of the Company’s derivative instruments.  

The notional amount of a derivative instrument is the nominal or face amount used to calculate payments made on that instrument.  Notional amounts are presented in the following table:

	Notional		Notional
	Amount		Amount
	June 30, 2016		December 31, 2015
Derivatives designated as hedging instruments
Foreign exchange contracts	$	118.8	$	118.0
Interest rate swap	$	300.0	$	300.0
Diesel fuel contracts	1.0 gallons		2.0 gallons
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	17.7	$	33.2
Equity derivatives	$	36.1	$	32.4

The fair values and amount of gain (loss) recognized in income and other comprehensive income associated with the derivative instruments disclosed above did not have a material impact on the Company’s condensed consolidated financial statements.