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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of derivative financial instruments as of March 31, 2017 and December 31, 2016 (in millions):

 

    March 31, 2017     December 31, 2016  
    Fair Value of Derivatives     Fair Value of Derivatives  
    Asset (a)     Liability (a)     Asset (a)     Liability (a)  

Derivatives designated as effective hedges:

        

Cash flow hedges:

        

Cross-currency swaps

   $ —       $ 19.3     $ 0.7     $ 16.3  

Foreign currency contracts

     7.1       6.9       14.2       3.4  

Fair value hedges:

        

Interest rate swaps

     —         6.1       —         5.9  

Derivatives not designated as effective hedges:

        

Foreign currency contracts

     10.4       25.1       18.2       10.9  

Commodity contracts

     0.1       —         0.2       0.3  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 17.6     $ 57.4     $ 33.3     $ 36.8  
 

 

 

    

 

 

    

 

 

    

 

 

  

(a)    Consolidated balance sheet location:

        

Asset: Prepaid expenses and other, and other non-current assets

        

Liability: Other accrued liabilities, and current and non-current liabilities

        
Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges

The following table presents gain and loss activity (on a pretax basis) for the three months ended March 31, 2017 and 2016 related to derivative financial instruments designated or previously designated, as effective hedges (in millions):

 

          Three Months Ended
March 31, 2017		     Three Months Ended
March 31, 2016		  
          Gain/(Loss)     Gain/(Loss)  
    

Location of gain/(loss) recognized
in income

    Recognized
in OCI (a)
(effective portion)		     Reclassified
from AOCI
to Income		     Recognized
in OCI (a)
(effective portion)		     Reclassified
from AOCI
to Income		  

Interest rate swaps

   

Interest expense, net

    $ —       $ (2.0 )    $ (88.1 )    $ (0.2 ) 

Foreign currency contracts

   

Sales and cost of sales

      (11.8 )      8.6       (5.0 )      1.7  

Cross-currency swaps

   

Other income (expense), net

      (3.6 )      (6.9 )      (10.1 )      (11.8 ) 
     

 

 

    

 

 

    

 

 

    

 

 

  

Total

       $ (15.4 )    $ (0.3 )    $ (103.2 )    $ (10.3 ) 
     

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Represents effective portion recognized in Other Comprehensive Income (Loss) (“OCI”).