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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Foreign Currency Contracts | As of March 31, 2021, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:
(in millions) |  |  | Sell
Currency | Purchase |  | USD | Euro
USD | 50.3 |  |  | — |  | 42.7 |
Yen | 8,666.4 |  |  | 36.3 |  | 38.9 |
SGD | 65.0 |  |  | 37.4 |  | 8.9 |
EUR | 37.8 |  |  | 46.1 |  | — |
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 Loss (Gain) Recognized in Income for the |  |  |  |
| Three Months Ended March 31, |  |  |  | Location on Statement of Income
($ in millions) | 2021 |  | 2020 |  |  |  |  |  |
Fair Value Hedges: |  |  |  |  |  |  |  |  |
Hedged item (intercompany loan) | $ | (9.9) |  |  | $ | 17.2 |  |  |  |  |  |  | Other expense (income)
Derivative designated as hedging instrument | 9.9 |  |  | (17.2) |  |  |  |  |  |  | Other expense (income)
Amount excluded from effectiveness testing | (0.6) |  |  | (2.0) |  |  |  |  |  |  | Other expense (income)
Total | $ | (0.6) |  |  | $ | (2.0) |  |  |  |  |  |  |
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 (Loss) Gain 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 March 31, |  | Three Months Ended March 31, |
($ in millions) | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Fair Value Hedges |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | (0.6) |  |  | $ | 3.6 |  |  | $ | 0.4 |  |  | $ | (1.3) |  |  | Other expense (income)
Total | $ | (0.6) |  |  | $ | 3.6 |  |  | $ | 0.4 |  |  | $ | (1.3) |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | (0.1) |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | (0.2) |  |  | Net sales
Foreign currency hedge contracts | (1.9) |  |  | 0.4 |  |  | — |  |  | — |  |  | Cost of goods and services sold
Forward treasury locks | — |  |  | — |  |  | 0.1 |  |  | — |  |  | Interest expense
Total | $ | (2.0) |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | (0.2) |  |  |
Net Investment Hedges: |  |  |  |  |  |  |  |  |
Cross-currency swap | 5.0 |  |  | (1.2) |  |  | — |  |  | — |  |  | Other expense (income)
Total | $ | 5.0 |  |  | $ | (1.2) |  |  | $ | — |  |  | $ | — |  |  |
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 March 31, |  |
($ in millions) | 2021 |  | 2020 |  |  |  |
Net sales | $ | 0.3 |  |  | $ | (0.2) |  |  |  |  |
Cost of goods and services sold | — |  |  | — |  |  |  |  |
Interest expense | 0.1 |  |  | — |  |  |  |  |
Other expense (income) | 0.4 |  |  | (1.3) |  |  |  |  |
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 |  |  |  |
| Three Months Ended March 31, |  |  |  | Location on Statement of Income
($ in millions) | 2021 |  | 2020 |  |  |  |  |  |
Commodity call options | $ | 0.5 |  |  | $ | 0.2 |  |  |  |  |  |  | Cost of goods and services sold
Total | $ | 0.5 |  |  | $ | 0.2 |  |  |  |  |  |  |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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