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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Foreign Currency Contracts | As of June 30, 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 | 38.7 |  |  | — |  | 32.6 |
Yen | 8,568.0 |  |  | 35.5 |  | 38.0 |
SGD | 47.8 |  |  | 28.6 |  | 5.8 |
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) | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Fair Value Hedges: |  |  |  |  |  |  |  |  |
Hedged item (intercompany loan) | $ | 4.8 |  |  | $ | (1.2) |  |  | $ | (5.1) |  |  | $ | 15.9 |  |  | Other expense (income)
Derivative designated as hedging instrument | (4.8) |  |  | 1.2 |  |  | 5.1 |  |  | (15.9) |  |  | Other expense (income)
Amount excluded from effectiveness testing | (0.6) |  |  | (2.0) |  |  | (1.2) |  |  | (3.9) |  |  | Other expense (income)
Total | $ | (0.6) |  |  | $ | (2.0) |  |  | $ | (1.2) |  |  | $ | (3.9) |  |  |
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) | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Fair Value Hedges |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | 0.2 |  |  | $ | (0.7) |  |  | $ | 0.4 |  |  | $ | (1.3) |  |  | Other expense (income)
Total | $ | 0.2 |  |  | $ | (0.7) |  |  | $ | 0.4 |  |  | $ | (1.3) |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | (0.4) |  |  | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | (0.3) |  |  | Net sales
Foreign currency hedge contracts | (0.9) |  |  | (0.7) |  |  | 1.5 |  |  | (0.2) |  |  | Cost of goods and services sold
Forward treasury locks | — |  |  | — |  |  | — |  |  | 0.1 |  |  | Interest expense
Total | $ | (1.3) |  |  | $ | (0.3) |  |  | $ | 2.0 |  |  | $ | (0.4) |  |  |
Net Investment Hedges: |  |  |  |  |  |  |  |  |
Cross-currency swap | $ | 0.4 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  | Other expense (income)
Total | $ | 0.4 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  |
| 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) | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Fair Value Hedges |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | (0.4) |  |  | $ | 2.9 |  |  | $ | 0.8 |  |  | $ | (2.6) |  |  | Other expense (income)
Total | $ | (0.4) |  |  | $ | 2.9 |  |  | $ | 0.8 |  |  | $ | (2.6) |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | (0.7) |  |  | $ | 0.5 |  |  | $ | 0.9 |  |  | $ | (0.5) |  |  | Net sales
Foreign currency hedge contracts | (2.8) |  |  | (0.3) |  |  | 1.5 |  |  | (0.2) |  |  | Cost of goods and services sold
Forward treasury locks | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | Interest expense
Total | $ | (3.5) |  |  | $ | 0.2 |  |  | $ | 2.5 |  |  | $ | (0.6) |  |  |
Net Investment Hedges: |  |  |  |  |  |  |  |  |
Cross-currency swap | $ | 5.4 |  |  | $ | (0.6) |  |  | $ | — |  |  | $ | — |  |  | Other expense (income)
Total | $ | 5.4 |  |  | $ | (0.6) |  |  | $ | — |  |  | $ | — |  |  |
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) | 2021 |  | 2020 |  | 2021 |  | 2020
Net sales | $ | 0.5 |  |  | $ | (0.3) |  |  | $ | 0.9 |  |  | $ | (0.5) |
Cost of goods and services sold | 1.5 |  |  | (0.2) |  |  | 1.5 |  |  | (0.2) |
Interest expense | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Other expense (income) | 0.4 |  |  | (1.3) |  |  | 0.8 |  |  | (2.6) |
The following table summarizes the effects of derivative instruments not designated as 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) | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Commodity call options | $ | 0.7 |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | (0.2) |  |  | Other expense (income)
Total | $ | 0.7 |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | (0.2) |  |  |

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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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5579240-113959 + Details
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