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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.}

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