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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Summary of Primary Net Hedging Positions and Corresponding Fair Values | The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of March 31, 2020 and December 31, 2019:
|  | March 31, 2020 |
Currency Hedged (Buy/Sell) |  | Gross Notional Value |  |  | Fair Value |
U.S. Dollar/Japanese Yen |  | $ | 34.4 |  |  | $ | (0.2 | )
U.S. Dollar/South Korean Won |  |  | 32.5 |  |  |  | 1.8 |
U.S. Dollar/Euro |  |  | 10.1 |  |  |  | 0.4 |
U.S. Dollar/U.K. Pound Sterling |  |  | 5.3 |  |  |  | 0.3 |
U.S. Dollar/Taiwan Dollar |  |  | 22.1 |  |  |  | (0.1 | )
Total |  | $ | 104.4 |  |  | $ | 2.2 |
|  | December 31, 2019 |
Currency Hedged (Buy/Sell) |  | Gross Notional Value |  |  | Fair Value |
U.S. Dollar/Japanese Yen |  | $ | 45.9 |  |  | $ | 0.1 |
U.S. Dollar/South Korean Won |  |  | 51.7 |  |  |  | 0.2 |
U.S. Dollar/Euro |  |  | 15.7 |  |  |  | 0.2 |
U.S. Dollar/U.K. Pound Sterling |  |  | 8.3 |  |  |  | (0.2 | )
U.S. Dollar/Taiwan Dollar |  |  | 33.1 |  |  |  | (0.5 | )
Total |  | $ | 154.7 |  |  | $ | (0.2 | )
Summary of Fair Value Amounts of Company's Derivative Instruments | The following table provides a summary of the fair value amounts of the Company’s derivative instruments:
Derivatives Designated as Hedging Instruments |  | March 31, 2020 |  |  | December 31, 2019 |
Derivative assets: |  |  |  |  |  |  |  |
Foreign exchange contracts(1) |  | $ | 2.7 |  |  | $ | 1.1 |
Foreign currency interest rate hedge(2) |  |  | — |  |  |  | 0.8 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign exchange contracts(1) |  |  | (0.5 | ) |  |  | (1.3 | )
Foreign currency interest rate hedge(2) |  |  | (15.8 | ) |  |  | (6.5 | )
Total net derivative liability designated as hedging instruments |  | $ | (13.6 | ) |  | $ | (5.9 | )
| (1) | The derivative asset of $2.7 and derivative liability of $0.5 related to the forward foreign exchange contracts are classified in other current assets and other current liabilities in the consolidated balance sheet as of March 31, 2020. The derivative asset of $1.1 and derivative liability of $1.3 related to the forward foreign exchange contracts are classified in other current assets and other current liabilities in the consolidated balance sheet as of December 31, 2019. These
|  | forward foreign exchange contracts are subject to a master netting agreement with one financial institution. However, the Company has elected to record these contracts on a gross basis in the balance sheet.
| (2) | The foreign currency interest rate hedge liability of $0.5 is classified in other current liabilities in the consolidated balance sheet as of March 31, 2020. The foreign currency interest rate hedge asset of $0.8 is classified in other current assets in the consolidated balance sheet as of December 31, 2019. The foreign currency interest rate hedge liability of $15.3 is classified in other non-current liabilities in the consolidated balance sheet as of March 31, 2020. The foreign currency interest rate hedge liability of $6.5 is classified in other non-current liabilities in the consolidated balance sheet as of December 31, 2019.
Summary of Gains (Losses) on Derivatives Designated as Cash Flow Hedging Instruments | The following table provides a summary of the (losses) gains on derivatives designated as cash flow hedging instruments:
|  | Three Months Ended March 31, |
Derivatives Designated as Cash Flow Hedging Instruments |  | 2020 |  |  | 2019 |
Forward exchange contracts: |  |  |  |  |  |  |  |
Net gain (loss) recognized in accumulated OCI(1) |  | $ | (6.0 | ) |  | $ | 0.1 |
Net gain (loss) reclassified from accumulated OCI into income(2) |  | $ | 0.7 |  |  | $ | 0.9 |
| (1) | Net change in the fair value of the effective portion classified in accumulated OCI.
| (2) | Effective portion classified in cost of products for the three months ended March 31, 2020 and 2019. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.
Summary of Gain on Derivatives Not Designated as Hedging Instruments | The following table provides a summary of the gain on derivatives not designated as hedging instruments:
|  | Three Months Ended March 31, |
Derivatives Not Designated as Hedging Instruments |  | 2020 |  |  | 2019 |
Forward exchange contracts: |  |  |  |  |  |  |  |
Net gain recognized in income(1) |  | $ | 0.2 |  |  | $ | 0.1 |
| (1) | The Company enters into foreign exchange contracts to hedge against changes in the balance sheet for certain subsidiaries to mitigate the risk associated with certain foreign currency transactions in the ordinary course of business. These derivatives are not designated as hedging instruments and gains or losses from these derivatives are recorded immediately in other (expense) income.

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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=109980867&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=109980867&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=109980867&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=109980867&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=109980867&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=109980867&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=109980867&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=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: 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=109980867&loc=SL5579240-113959 + Details
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