XML 40 R30.htm IDEA: XBRL DOCUMENT
v3.21.1

Derivatives (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
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, 2021 and December 31, 2020:
|  | March 31, 2021 |
Currency Hedged (Buy/Sell) |  | Gross Notional Value |  |  | Fair Value (1) |
U.S. dollar/Japanese yen |  | $ | 58.7 |  |  | $ | 1.6 |
U.S. dollar/South Korean won |  |  | 58.2 |  |  |  | (0.8 | )
U.S. dollar/euro |  |  | 12.8 |  |  |  | (0.1 | )
U.S. dollar/U.K. pound sterling |  |  | 6.5 |  |  |  | (0.2 | )
U.S. dollar/Taiwan dollar |  |  | 33.1 |  |  |  | (0.2 | )
Total |  | $ | 169.3 |  |  | $ | 0.3 |
Summary of Various Interest Rate Hedges | The table below summarizes the various interest rate hedges entered into by the Company:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | March 31, 2021 |  |  | March 31, 2021 |  |  | December 31, 2020 |
Swap |  | Trade Date |  | Effective Date |  | Maturity |  | Fixed Rate |  |  | Notional Amount at Effective Date |  |  | Notional Amount |  |  | Fair Value Asset (Liability) |  |  | Fair Value Asset (Liability) |
1 |  | April 3, 2019 |  | April 5, 2019 |  | March 31, 2023 |  |  | 2.309 | % |  | $ | 300.0 |  |  | $ | 300.0 |  |  |  | (10.6 | ) |  |  | (12.4 | )
2 |  | October 29, 2020 |  | October 26, 2021 |  | February 28, 2025 |  |  | 0.485 | % |  | $ | 200.0 |  |  | $ | — |  |  |  | 3.1 |  |  |  | (0.7 | )
3 |  | October 29, 2020 |  | March 31, 2022 |  | February 28, 2025 |  |  | 0.623 | % |  | $ | 100.0 |  |  | $ | — |  |  |  | 2.0 |  |  |  | (0.9 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | (5.5 | ) |  | $ | (14.0 | )
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, 2021 |  |  | December 31, 2020 |
Derivative assets: |  |  |  |  |  |  |  |
Foreign exchange forward contracts(1) |  | $ | 2.2 |  |  | $ | — |
Interest rate hedge(2) |  |  | 5.1 |  |  |  | — |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign exchange forward contracts(1) |  |  | (1.9 | ) |  |  | (6.5 | )
Interest rate hedge(2) |  |  | (10.6 | ) |  |  | (14.0 | )
Total net derivative liability designated as hedging instruments |  | $ | (5.2 | ) |  | $ | (20.5 | )
| (1) | The derivative asset of $2.2 and derivative liability of $1.9 related to the foreign exchange forward contracts are classified in other current assets and other current liabilities in the condensed consolidated balance sheet as of March 31, 2021. The derivative liability of $6.5 related to the foreign exchange forward contracts is classified in other current liabilities in the condensed consolidated balance sheet as of December 31, 2020. These foreign exchange forward 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 interest rate hedge asset of $5.1 is classified in other non-current assets in the condensed consolidated balance sheet as of March 31, 2021. The interest rate hedge liabilities of $10.6 and $14.0 are classified in other non-current liabilities in the condensed consolidated balance sheet as of March 31, 2021 and December 31, 2020, respectively.
Summary of Gain (Losses) on Derivatives Designated as Cash Flow Hedging Instruments | The following table provides a summary of the gains (losses) on derivatives designated as cash flow hedging instruments:
|  | Three Months Ended March 31, |
Derivatives Designated as Cash Flow Hedging Instruments |  | 2021 |  |  | 2020 |
Foreign exchange forward contracts: |  |  |  |  |  |  |  |
Net gain (loss) recognized in accumulated OCI(1) |  | $ | 11.0 |  |  | $ | (6.0 | )
Net (loss) gain reclassified from accumulated OCI into income(2) |  | $ | (1.5 | ) |  | $ | 0.7 |
| (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, 2021 and 2020. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.
Summary of (Loss) Gain on Derivatives Not Designated as Cash Flow Hedging Instruments | The following table provides a summary of the (loss) gain on derivatives not designated as cash flow hedging instruments:
|  | Three Months Ended March 31, |
Derivatives Not Designated as Cash Flow Hedging Instruments |  | 2021 |  |  | 2020 |
Foreign exchange forward contracts: |  |  |  |  |  |  |  |
Net (loss) gain recognized in income(1) |  | $ | (0.8 | ) |  | $ | 0.2 |
| (1) | The Company enters into foreign exchange forward 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 cash flow hedging instruments and gains or losses from these derivatives are recorded in other (expense) income in the periods in which they occur.

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 Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: 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
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration