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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2021
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 six months ended June 30, 2021 and 2020 (in millions):
Recognized in Net Income
Three Months Ended June 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)
2021
Foreign currency contracts(1)
$(0.8)Cost of goods sold$(2.4)$2,186.9 
Commodity contracts(2)
5.9 Cost of goods sold1.9 $2,186.9 
Total $5.1 $(0.5)
2020
Foreign currency contracts$(1.3)Cost of goods sold$3.1 $1,574.1 
Recognized in Net Income
Six Months Ended June 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)
2021
Foreign currency contracts(1)
$(7.6)Cost of goods sold$(6.1)$3,995.1 
Commodity contracts(2)
13.7Cost of goods sold1.9 $3,995.1 
Total$6.1 $(4.2)
2020
Foreign currency contracts$8.2 Cost of goods sold$3.2 $3,051.9 
(1) The outstanding contracts as of June 30, 2021 range in maturity through December 2021.
(2) The outstanding contracts as of June 30, 2021 range in maturity through January 2022.

    The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2021 (in millions):
Before-Tax AmountIncome Tax After-Tax Amount
Accumulated derivative net losses as of December 31, 2020$(3.0)$(0.5)$(2.5)
Net changes in fair value of derivatives9.6 3.5 6.1 
Net losses reclassified from accumulated other comprehensive loss into income5.0 0.8 4.2 
Accumulated derivative net gains as of June 30, 2021$11.6 $3.8 $7.8 
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
June 30, 2021December 31, 2020
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 six months ended June 30, 2021 and 2020 (in millions):
Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss for the Three Months Ended
Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss for the Six Months Ended
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Cross currency swap contract$3.8 $(5.8)$(0.3)$1.5 
Foreign currency denominated debt— 1.1 — 1.7 
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on net income (in millions):
Loss Recognized in Net Income for the Three Months EndedGain Recognized in Net Income for the Six Months Ended
Classification of Gain (Loss)
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Foreign currency contractsOther expense, net$(5.1)$(9.0)$29.3 $23.1 
Fair Value of Derivative Instruments The table below sets forth the fair value of derivative instruments as of June 30, 2021 (in millions):
Asset Derivatives as of
June 30, 2021		Liability Derivatives as of
June 30, 2021
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$2.4 Other current liabilities$6.8 
Commodity contractsOther current assets11.5 Other current liabilities— 
Cross currency swap contractOther noncurrent assets1.2 Other noncurrent liabilities— 
Derivative instruments not designated as hedging instruments:
Foreign currency contractsOther current assets16.0 Other current liabilities6.0 
Total derivative instruments$31.1 $12.8 

    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 LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$1.0 Other current liabilities$4.5 
Commodity contractsOther current assets0.5 Other current assets— 
Cross currency swap contractOther noncurrent assets1.5 Other noncurrent liabilities— 
Derivative instruments not designated as hedging instruments:
Foreign currency contractsOther current assets12.3 Other current liabilities22.2 
Total derivative instruments$15.3 $26.7 
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 are summarized below (in millions):
As of June 30, 2021
Level 1Level 2Level 3Total
Derivative assets$— $31.1 $— $31.1 
Derivative liabilities— 12.8 — 12.8 
As of December 31, 2020
Level 1Level 2Level 3Total
Derivative assets$— $15.3 $— $15.3 
Derivative liabilities— 26.7 — 26.7