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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Foreign Currency Contracts | As of June 30, 2020, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:
(in millions) |  |  | Sell |
Currency | Purchase |  | USD | Euro
USD | 39.2 |  |  | — |  | 35.0 |
Yen | 6,856.4 |  |  | 33.8 |  | 27.1 |
SGD | 44.4 |  |  | 25.9 |  | 5.1 |
Schedule of Effects of Derivative Instruments on Other Comprehensive Income ('OCI') and Earnings | The following table summarizes the effects of derivative instruments designated as fair value hedges on the condensed consolidated statements of income:
| Amount of (Gain) Loss Recognized in Income for the |  |  |  | Amount of (Gain) Loss Recognized in Income for the |  |  |  |
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |  |  | Location on Statement of Income
($ in millions) | 2020 |  | 2019 |  | 2020 |  | 2019 |  |
Fair Value Hedges: |  |  |  |  |  |  |  |  |
Hedged item (intercompany loan) | $ | (1.2) |  |  | $ | 5.5 |  |  | $ | 15.9 |  |  | $ | (5.6) |  |  | Other expense (income)
Derivative designated as hedging instrument | $ | 1.2 |  |  | $ | (5.5) |  |  | $ | (15.9) |  |  | $ | 5.6 |  |  | Other expense (income)
Amount excluded from effectiveness testing | $ | (2.0) |  |  | $ | (4.5) |  |  | $ | (3.9) |  |  | $ | (9.3) |  |  | Other expense (income)
Total | $ | (2.0) |  |  | $ | (4.5) |  |  | $ | (3.9) |  |  | $ | (9.3) |  |  |
The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax:
| Amount of Gain (Loss) Recognized in OCI for the |  |  |  | Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the |  |  |  | Location of (Gain) Loss Reclassified from Accumulated OCI into Income
| Three Months Ended June 30, |  |  |  | Three Months Ended June 30, |  |  |  |
($ in millions) | 2020 |  | 2019 |  | 2020 |  | 2019 |  |
Fair Value Hedges |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | (0.7) |  |  | $ | 4.7 |  |  | $ | (1.3) |  |  | $ | (3.0) |  |  | Other expense (income)
Total | $ | (0.7) |  |  | $ | 4.7 |  |  | $ | (1.3) |  |  | $ | (3.0) |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | 0.4 |  |  | $ | (0.2) |  |  | $ | (0.3) |  |  | $ | (0.2) |  |  | Net sales
Foreign currency hedge contracts | (0.7) |  |  | 0.6 |  |  | (0.2) |  |  | (0.2) |  |  | Cost of goods and services sold
Forward treasury locks | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | Interest expense
Total | $ | (0.3) |  |  | $ | 0.4 |  |  | $ | (0.4) |  |  | $ | (0.3) |  |  |
Net Investment Hedges: |  |  |  |  |  |  |  |  |
Foreign currency-denominated debt | $ | — |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | — |  |  | Other expense (income)
Cross-currency swap | 0.6 |  |  | — |  |  | — |  |  | — |  |  | Other expense (income)
Total | $ | 0.6 |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | — |  |  |
| Amount of Gain (Loss) Recognized in OCI for the |  |  |  | Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the |  |  |  | Location of (Gain) Loss Reclassified from Accumulated OCI into Income
| Six Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |  |  |
($ in millions) | 2020 |  | 2019 |  | 2020 |  | 2019 |  |
Fair Value Hedges |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | 2.9 |  |  | $ | 4.6 |  |  | $ | (2.6) |  |  | $ | (6.3) |  |  | Other expense (income)
Total | $ | 2.9 |  |  | $ | 4.6 |  |  | $ | (2.6) |  |  | $ | (6.3) |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | 0.5 |  |  | $ | 0.3 |  |  | $ | (0.5) |  |  | $ | (0.4) |  |  | Net sales
Foreign currency hedge contracts | (0.3) |  |  | 0.5 |  |  | (0.2) |  |  | (0.3) |  |  | Cost of goods and services sold
Forward treasury locks | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | Interest expense
Total | $ | 0.2 |  |  | $ | 0.8 |  |  | $ | (0.6) |  |  | $ | (0.6) |  |  |
Net Investment Hedges: |  |  |  |  |  |  |  |  |
Foreign currency-denominated debt | $ | — |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | — |  |  | Other (income)
Cross-currency swap | (0.6) |  |  | — |  |  | — |  |  | — |  |  | Other (income)
Total | $ | (0.6) |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | — |  |  |
The following table summarizes the effects of derivative instruments designated as fair value, cash flow, and net investment hedges by line item in our condensed consolidated statements of income:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
($ in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Net sales | $ | (0.3) |  |  | $ | (0.2) |  |  | $ | (0.5) |  |  | $ | (0.4) |
Cost of goods and services sold | (0.2) |  |  | (0.2) |  |  | (0.2) |  |  | (0.3) |
Interest expense | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Other (income) | (1.3) |  |  | (3.0) |  |  | (2.6) |  |  | (6.3) |
The following table summarizes the effects of derivative instruments not designated as hedges on the condensed consolidated statements of income:
| Amount of Loss Recognized in Income for the |  |  |  | Amount of Loss Recognized in Income for the |  |  |  |
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |  |  | Location on Statement of Income
($ in millions) | 2020 |  | 2019 |  | 2020 |  | 2019 |  |
Commodity call options | $ | — |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | Cost of goods and services sold
Total | $ | — |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  |

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