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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of March 31, 2021 (in millions):

			Asset Derivatives as of March 31, 2021												Liability Derivatives as of March 31, 2021
			Balance Sheet Location						Fair Value						Balance Sheet Location						Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts			Other current assets						$	1.2					Other current liabilities						$	7.8
Commodity contracts			Other current assets						$	8.3					Other current liabilities						$	—
Cross currency swap contract			Other noncurrent assets						—						Other noncurrent liabilities						2.6
Derivative instruments not designated as hedging instruments:
Foreign currency contracts			Other current assets						23.2						Other current liabilities						5.8
Total derivative instruments									$	32.7											$	16.2

    The table below sets forth the fair value of derivative instruments as of December 31, 2020 (in millions):

			Asset Derivatives as of December 31, 2020												Liability Derivatives as of December 31, 2020
			Balance Sheet Location						Fair Value						Balance Sheet Location						Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts			Other current assets						$	1.0					Other current liabilities						$	4.5
Commodity contracts			Other current assets						0.5						Other current assets						—
Cross currency swap contract			Other noncurrent assets						1.5						Other noncurrent liabilities						—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts			Other current assets						12.3						Other current liabilities						22.2
Total derivative instruments									$	15.3											$	26.7

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 are summarized below (in millions):

			As of March 31, 2021
			Level 1						Level 2						Level 3						Total
Derivative assets			$	—					$	32.7					$	—					$	32.7
Derivative liabilities			—						16.2						—						16.2

			As of December 31, 2020
			Level 1						Level 2						Level 3						Total
Derivative assets			$	—					$	15.3					$	—					$	15.3
Derivative liabilities			—						26.7						—						26.7

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- References

No definition available.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging 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 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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