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COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2017
COMPREHENSIVE INCOME [Abstract]  
Schedule of Components of Comprehensive Income
The following table summarizes the components of comprehensive income, net of tax, for the three and six months ended June 30, 2017 and 2016:

 
 
Three Months Ended
 
Six Months Ended
(in millions)
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Foreign currency translation gains
 
$
248.2

 
$
91.4

 
$
304.8

 
$
107.2

Foreign currency translation loss on hedges of net investments
 
(24.2
)
 
(1.6
)
 
(33.6
)
 
(13.3
)
Schedule of Accumulated Other Comprehensive Income (Loss)
Changes in AOCI, net of tax, by component for the six months ended June 30, 2017 and 2016:
(in millions)
 
Foreign Currency Translation Gain (Loss)
 
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges
 
Gain and (Loss) on Derivative Financial Instruments
 
Pension Liability Gain (Loss)
 
Total
 
 
 
 
 
 
 
 
 
 
 
Balance, net of tax, at December 31, 2016
 
$
(490.5
)
 
$
(3.2
)
 
$
(116.8
)
 
$
(95.2
)
 
$
(705.7
)
Other comprehensive income (loss) before reclassifications and tax impact
 
245.8

 
(2.7
)
 
(4.2
)
 
—

 
238.9

Tax (expense) benefit
 
25.4

 
0.2

 
0.8

 
—

 
26.4

Other comprehensive income (loss), net of tax, before reclassifications
 
271.2

 
(2.5
)
 
(3.4
)
 
—

 
265.3

Amounts reclassified from accumulated other comprehensive income (loss), net of tax
 
—

 
0.1

 
—

 
2.3

 
2.4

Net increase (decrease) in other comprehensive income
 
271.2

 
(2.4
)
 
(3.4
)
 
2.3

 
267.7

Balance, net of tax, at June 30, 2017
 
$
(219.3
)
 
$
(5.6
)
 
$
(120.2
)
 
$
(92.9
)
 
$
(438.0
)

(in millions)
 
Foreign Currency Translation Gain (Loss)
 
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges
 
Gain and (Loss) on Derivative Financial Instruments
 
Pension Liability Gain (Loss)
 
Total
 
 
 
 
 
 
 
 
 
 
 
Balance, net of tax, at December 31, 2015
 
$
(401.2
)
 
$
(1.2
)
 
$
(110.2
)
 
$
(81.4
)
 
$
(594.0
)
Other comprehensive (loss) income before reclassifications and tax impact
 
86.0

 
(4.6
)
 
(17.2
)
 
—

 
64.2

Tax (expense) benefit
 
7.9

 
1.7

 
6.6

 
—

 
16.2

Other comprehensive (loss) income, net of tax, before reclassifications
 
93.9

 
(2.9
)
 
(10.6
)
 
—

 
80.4

Amounts reclassified from accumulated other comprehensive (loss) income, net of tax
 
—

 
(2.8
)
 
—

 
1.8

 
(1.0
)
Net (decrease) increase in other comprehensive income
 
93.9

 
(5.7
)
 
(10.6
)
 
1.8

 
79.4

Balance, net of tax, at June 30, 2016
 
$
(307.3
)
 
$
(6.9
)
 
$
(120.8
)
 
$
(79.6
)
 
$
(514.6
)
Reclassification Out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2016:
(in millions)
 
 
 
 
 
 
Details about AOCI Components
 
Amounts Reclassified from AOCI
 
Affected Line Item in the Consolidated Statements of Operations
 
Three Months Ended
 
 
2017
 
2016
 
 
 
 
 
 
 
 
Gain and (loss) on derivative financial instruments:
Interest rate swaps
 
$
(0.4
)
 
$
(0.9
)
 
Interest expense
Foreign exchange forward contracts
 
0.5

 
2.1

 
Cost of products sold
Commodity contracts
 
—

 
0.2

 
Cost of products sold
Net (loss) gain before tax
 
0.1

 
1.4

 

Tax impact
 
—

 
(0.1
)
 
(Benefit) provision for income taxes
Net (loss) gain after tax
 
$
0.1

 
$
1.3

 

 
 
 
 
 
 
 
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits
 
$
0.1

 
$
0.1

 
(a)
Amortization of net actuarial losses
 
$
(1.7
)
 
$
(1.4
)
 
(a)
Net loss before tax
 
(1.6
)
 
(1.3
)
 

Tax impact
 
0.5

 
0.4

 
(Benefit) provision for income taxes
Net loss after tax
 
$
(1.1
)
 
$
(0.9
)
 

 
 
 
 
 
 
 
Total reclassifications for the period
 
$
(1.0
)
 
$
0.4

 
 
(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended June 30, 2017 and 2016 (see Note 8, Benefit Plans, for additional details).

(in millions)
 
 
 
 
 
 
Details about AOCI Components
 
Amounts Reclassified from AOCI
 
Affected Line Item in the Consolidated Statements of Operations
 
Six Months Ended
 
 
2017
 
2016
 
 
 
 
 
 
 
 
Gain and (loss) on derivative financial instruments:
Interest rate swaps
 
$
(1.1
)
 
$
(2.0
)
 
Interest expense
Foreign exchange forward contracts
 
1.0

 
5.2

 
Cost of products sold
Foreign exchange forward contracts
 
—

 
0.1

 
SG&A expenses
Commodity contracts
 
—

 
(0.1
)
 
Cost of products sold
Net (loss) gain before tax
 
(0.1
)
 
3.2

 
 
Tax impact
 
—

 
(0.4
)
 
(Benefit) provision for income taxes
Net (loss) gain after tax
 
$
(0.1
)
 
$
2.8

 
 
 
 
 
 
 
 
 
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits
 
$
0.1

 
$
0.1

 
(a)
Amortization of net actuarial losses
 
$
(3.4
)
 
$
(2.6
)
 
(a)
Net loss before tax
 
(3.3
)
 
(2.5
)
 
 
Tax impact
 
1.0

 
0.7

 
(Benefit) provision for income taxes
Net loss after tax
 
$
(2.3
)
 
$
(1.8
)
 
 
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
(2.4
)
 
$
1.0

 
 
(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the six months ended June 30, 2017 and 2016 (see Note 8, Benefit Plans, for additional details).