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Derivatives (Tables) | 12 Months Ended
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Dec. 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 December 31, 2021 and 2020:
|  | December 31, 2021 |
Currency Hedged (Buy/Sell) |  | Gross Notional Value |  |  | Fair Value (1) |
U.S. dollar/Japanese yen |  | $ | 60.2 |  |  | $ | 1.7 |
U.S. dollar/South Korean won |  |  | 107.7 |  |  |  | 1.1 |
U.S. dollar/Euro |  |  | 15.1 |  |  |  | 0.3 |
U.S. dollar/U.K. pound sterling |  |  | 10.7 |  |  |  | — |
U.S. dollar/Taiwan dollar |  |  | 46.7 |  |  |  | (0.1 | )
Total |  | $ | 240.4 |  |  | $ | 3.0 |
|  | December 31, 2020 |
Currency Hedged (Buy/Sell) |  | Gross Notional Value |  |  | Fair Value (1) |
U.S. dollar/Japanese yen |  | $ | 61.5 |  |  | $ | (1.1 | )
U.S. dollar/South Korean won |  |  | 62.2 |  |  |  | (3.1 | )
U.S. dollar/Euro |  |  | 13.1 |  |  |  | (0.6 | )
U.S. dollar/U.K. pound sterling |  |  | 6.1 |  |  |  | (0.3 | )
U.S. dollar/Taiwan dollar |  |  | 33.3 |  |  |  | (1.4 | )
Total |  | $ | 176.2 |  |  | $ | (6.5 | )
| (1) | Represents the (payable) receivable amount included in the consolidated balance sheet.
Summary of Various Interest Rate Hedges | The table below summarizes the various interest rate hedges entered into by the Company:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Years Ended December 31, |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2021 |  |  | 2020 |
Swap |  | Trade Date |  | Effective Date |  | Maturity |  | Fixed Rate |  |  | Notional Amount at Effective Date |  |  | Notional Amount |  |  | Fair Value Asset (Liability) |  |  | Fair Value (Liability) |
1 |  | April 3, 2019 |  | April 5, 2019 |  | March 31, 2023 |  |  | 2.309 | % |  | $ | 300.0 |  |  | $ | 300.0 |  |  | $ | (5.0 | ) |  | $ | (12.4 | )
2 |  | October 29, 2020 |  | October 26, 2021 |  | February 28, 2025 |  |  | 0.485 | % |  | $ | 200.0 |  |  | $ | 200.0 |  |  |  | 3.9 |  |  |  | (0.7 | )
3 |  | October 29, 2020 |  | March 31, 2022 |  | February 28, 2025 |  |  | 0.623 | % |  | $ | 100.0 |  |  | $ | 100.0 |  |  |  | 4.8 |  |  |  | (0.9 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 3.7 |  |  | $ | (14.0 | )
Summary of Foreign Currency Option Contracts Purchased to Hedge Conversion | The Company purchased foreign currency option contracts to fix the conversion of EUR 300.0 into USD as noted below:
Trade Date |  | Effective Date |  | Maturity |  | Fixed Rate |  |  | Notional Amount in EUR |  |  | Notional Amount in USD |  |  | Year Ended December 31, 2021 Fair Value Asset |
October 26, 2021 |  | October 26, 2021 |  | January 31, 2022 |  | $ | 1.1615 |  |  | $ | 300.0 |  |  | $ | 348.3 |  |  | $ | 3.0 |
Summary of Gain (Loss) on Derivatives Designated as Cash Flow Hedging Instruments | The following table provides a summary of the gain (loss) on derivatives designated as cash flow hedging instruments:
Derivatives Designated as Cash Flow Hedging Instruments |  | Years Ended December 31, |
Forward exchange contracts: |  | 2021 |  |  | 2020 |  |  | 2019 |
Net gain (loss) recognized in OCI, net of tax (1) |  | $ | 20.0 |  |  | $ | (10.6 | ) |  | $ | (10.0 | )
Net (loss) gain reclassified from OCI into income (2) |  | $ | (1.5 | ) |  | $ | 1.7 |  |  | $ | 5.7 |
(1) | Net change in the fair value of the effective portion classified in OCI.
(2) | Effective portion classified in cost of products. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.
Summary of Gain (Loss) on Derivatives Not Designated as Cash Flow Hedging Instruments | The following table provides a summary of gain (loss) on derivatives not designated as cash flow hedging instruments:
Derivatives Not Designated as Cash Flow Hedging Instruments |  | Years Ended December 31, |
Forward exchange contracts: |  | 2021 |  |  | 2020 |  |  | 2019 |
Net gain (loss) recognized in income (1) |  | $ | 4.8 |  |  | $ | (1.5 | ) |  | $ | (1.3 | )
(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 immediately in other expense, net.

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