Derivative Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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, 2017		December 31, 2016
Derivatives designated as hedging instruments
Foreign exchange contracts	$	111.3	$	94.1
Interest rate swap	$	300.0	$	300.0
Interest rate lock agreements⁽¹⁾	$	400.0	$	0.0
Diesel fuel contracts	5.5 gallons		2.0 gallons
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	0.0	$	1.8
Equity derivatives	$	23.2	$	34.4

(1)

The Company entered into interest rate lock agreements in the second quarter of 2017 to effectively hedge the interest rate risk of the 10-year Senior Notes issued on July 25, 2017. These agreements have been designated as cash flow hedges on the semi-annual interest payments of the 10-year Senior Notes and the fair value is reflected within Other Current Assets with an offsetting amount recorded in other comprehensive income (“OCI”), net of tax. The resulting gain or loss will be amortized and reclassified to interest expense over the life of the 10-year Senior Notes. See Note 20 for further details on the Senior Notes issued July 25, 2017.