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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Accumulated Other Comprehensive Loss Related to Derivatives
The following tables summarize the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during the three and nine months ended September 30, 2019 and 2018 (in millions):
 
 
 
Recognized in Net Income
 
 
Three Months Ended September 30,
Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss
 
Classification of Gain (Loss)
 
Gain (Loss) Reclassified from Accumulated
Other Comprehensive Loss into Income
 
Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2019
 
 
 
 
 
 
 
Foreign currency contracts
$
0.1

 
Cost of goods sold
 
$
1.7

 
$
1,659.2

2018
 
 
 
 
 
 
 
Foreign currency contracts
$
(0.1
)
 
Cost of goods sold
 
$
(0.3
)
 
$
1,741.0

Interest rate swap contract
0.2

 
Interest expense, net
 
(0.5
)
 
7.0

Total
$
0.1

 
 
 
$
(0.8
)
 
 
 
 
 
Recognized in Net Income
 
 
Nine Months Ended September 30,
Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss
 
Classification of Gain (Loss)
 
Gain (Loss) Reclassified from Accumulated
Other Comprehensive Loss into Income
 
Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2019
 
 
 
 
 
 
 
Foreign currency contracts(1)
$
(0.3
)
 
Cost of goods sold
 
$
0.6

 
$
5,057.0

2018
 
 
 
 
 
 
 
Foreign currency contracts
$
(1.3
)
 
Cost of goods sold
 
$
(1.7
)
 
$
5,301.8

Interest rate swap contract
(0.7
)
 
Interest expense, net
 
(1.8
)
 
38.5

Total
$
(2.0
)
 
 
 
$
(3.5
)
 
 
(1) The outstanding contracts as of September 30, 2019 range in maturity through December 2019.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the nine months ended September 30, 2019 (in millions):
 
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Accumulated derivative net gains as of December 31, 2018
 
$
1.6

 
$
0.2

 
$
1.4

Net changes in fair value of derivatives
 
(0.5
)
 
(0.2
)
 
(0.3
)
Net gains reclassified from accumulated other comprehensive loss into income
 
(0.5
)
 
0.1

 
(0.6
)
Accumulated derivative net gains as of September 30, 2019
 
$
0.6

 
$
0.1

 
$
0.5
Schedule of Derivative Instruments
The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):
 
Notional Amount as of
 
September 30, 2019
 
December 31, 2018
Cross currency swap contract
$
300.0

 
$
300.0



The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge during the three and nine months ended September 30, 2019 and 2018 (in millions):
 
Gain Recognized in Accumulated
Other Comprehensive Loss for the Three Months Ended
 
Gain Recognized in Accumulated
Other Comprehensive Loss for the Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Cross currency swap contract
$
12.0

 
$
0.1

 
$
16.8

 
$
11.7

Foreign currency denominated debt
0.5

 
1.9

 
2.5

 
12.8
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on net income (in millions):
 
 
 
Gain (Loss) Recognized in Net Income for the Three Months Ended
 
Gain Recognized in Net Income for the Nine Months Ended
 
Classification of Gain (Loss)
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Foreign currency contracts
Other expense, net
 
$
25.6

 
$
(0.8
)
 
$
31.3

 
$
1.6
Fair Value of Derivative Instruments
The table below sets forth the fair value of derivative instruments as of September 30, 2019 (in millions):
 
Asset Derivatives as of September 30, 2019
 
Liability Derivatives as of September 30, 2019
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivative instruments designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency contracts
Other current assets
 
$
0.9

 
Other current liabilities
 
$
0.3

Cross currency swap contract
Other noncurrent assets
 
34.5

 
Other noncurrent liabilities
 
—

Derivative instruments not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency contracts
Other current assets
 
15.5

 
Other current liabilities
 
4.9

Total derivative instruments
 
 
$
50.9

 
 
 
$
5.2


The table below sets forth the fair value of derivative instruments as of December 31, 2018 (in millions):
 
Asset Derivatives as of December 31, 2018
 
Liability Derivatives as of December 31, 2018
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivative instruments designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency contracts
Other current assets
 
$
1.9

 
Other current liabilities
 
$
0.4

Cross currency swap contract
Other noncurrent assets
 
17.7

 
Other noncurrent liabilities
 
—

Derivative instruments not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency contracts
Other current assets
 
5.1

 
Other current liabilities
 
6.2

Total derivative instruments
 
 
$
24.7

 
 
 
$
6.6


Assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 are summarized below (in millions):
 
As of September 30, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Derivative assets
$
—

 
$
50.9

 
$
—

 
$
50.9

Derivative liabilities
—

 
5.2

 
—

 
5.2

 
As of December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
Derivative assets
$
—

 
$
24.7

 
$
—

 
$
24.7

Derivative liabilities
—

 
6.6

 
—

 
6.6