XML 48 R22.htm IDEA: XBRL DOCUMENT
v3.20.1

Financial Instruments | 3 Months Ended
--- | ---
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments | Financial Instruments Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to hedge a portion of its foreign currency exchange rate exposure to forecasted foreign currency denominated cash flows. These instruments are not held for speculative or trading purposes. A summary of the Company's designated and non-designated cash flow hedges follows:
|  | March 31, 2020 |  |  |  | December 31, 2019 |  |
(in millions) |  | Fair Value(1) |  | Notional Value |  | Fair Value(1) |  | Notional Value
Designated hedges |  | $ | 0.3 |  |  | $ | 104.8 |  |  | $ | 2.0 |  |  | $ | 108.1 |
Non-designated hedges |  | (0.7) |  |  | 33.9 |  |  | 0.6 |  |  | 124.4 |
(1)The fair value of foreign currency forward contracts is included in other current assets. The fair value was estimated using observable market inputs such as forward and spot prices of the underlying exchange rate pair. Based on these inputs, derivative assets and liabilities are classified as Level 2 in the fair value hierarchy. Designated Hedges For instruments that are designated and qualify as cash flow hedges, the Company had foreign currency forward contracts with maturities less than one year. The changes in the fair value of the contracts are recorded in accumulated other comprehensive income (loss) and recognized in the same line item as the impact of the hedged item, revenues or cost of sales, when the underlying forecasted transaction impacts earnings. Gains and losses on the contracts representing hedge components excluded from the assessment of hedge effectiveness are recognized in the same line item as the hedged item, revenues or cost of sales, currently. The change in accumulated other comprehensive loss related to cash flow hedges for the three months ended March 31, follows:
(in millions) |  | 2020 |  | 2019
Balance as of January 1 |  | $ | (1.1) |  |  | $ | (3.2) |
Other comprehensive (loss) income before reclassifications |  | (1.6) |  |  | 1.9 |
Amounts reclassified from accumulated other comprehensive loss |  | (0.5) |  |  | (0.3) |
Other comprehensive (loss) income |  | (2.1) |  |  | 1.6 |
Balance as of March 31 |  | $ | (3.2) |  |  | $ | (1.6) |
Non-Designated Hedges For instruments that are not designated as a cash flow hedge, the Company had foreign exchange contracts with maturities less than one year. The unrealized gains and losses resulting from these contracts were immaterial and are recognized in other non-operating (income) expense, net and partially offset corresponding foreign exchange gains and losses on these balances. Other Financial Instruments Other financial instruments include cash and cash equivalents, accounts receivable, net, accounts payable, accrued liabilities and other, and long-term debt. The carrying amount for cash and cash equivalents, accounts receivable, net, accounts payable and accrued liabilities and other approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 12 for the fair value of long-term debt).

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration