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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2018
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 December 31, (in millions):

 

     2018      2017  
     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

    $ —      $ —      $ —      $ 21.5  

Foreign currency contracts

      13.3        0.7        2.0        6.6  

Fair value hedges:

            

Interest rate swaps

      —          11.5        —          7.8  

Derivatives not designated as effective hedges:

            

Foreign currency contracts

      12.9        4.2        12.7        20.8  

Commodity contracts

      —          0.9        0.2        —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 26.2      $ 17.3      $ 14.9      $ 56.7  
  

 

 

     

 

 

     

 

 

     

 

 

  

(a) Consolidated balance sheet location:

            

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

            

Liability: Other accrued liabilities, and other 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 2018, 2017 and 2016 related to derivative financial instruments designated as effective hedges:

 

     2018     2017     2016  
     Gain/(Loss)     Gain/(Loss)     Gain/(Loss)  

(in millions)

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

Interest rate swaps (b)

    $ —     $ (26.6 )    $ —     $ (8.2 )    $ (88.1 )    $ (6.2 ) 

Foreign currency contracts (c)

      24.1       (13.0 )      (33.1 )      6.8       31.3       7.4  

Cross-currency swaps (d)

      (1.7 )      (3.1 )      (5.8 )      (6.9 )      (13.0 )      (13.2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 22.4     $ (42.7 )    $ (38.9 )    $ (8.3 )    $ (69.8 )    $ (12.0 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(a)

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

Portion reclassified from AOCI to income recognized in interest expense.
(c)

Portion reclassified from AOCI to income recognized in sales and cost of products sold.
(d)

Portion reclassified from AOCI to income recognized in other income (expense), net