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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below sets forth the fair value of derivative instruments as of September 30, 2021 (in millions):
| Asset Derivatives as of September 30, 2021 |  | Liability Derivatives as of September 30, 2021
| 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 |  | $ | 2.6 |
Commodity contracts | Other current assets |  | 2.9 |  |  | Other current liabilities |  | 0.6 |
Cross currency swap contract | Other noncurrent assets |  | 7.0 |  |  | Other noncurrent liabilities |  | — |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | 13.2 |  |  | Other current liabilities |  | 9.3 |
Total derivative instruments |  |  | $ | 25.0 |  |  |  |  | $ | 12.5 |
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 September 30, 2021 and December 31, 2020 are summarized below (in millions):
| As of September 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivative assets | $ | — |  |  | $ | 25.0 |  |  | $ | — |  |  | $ | 25.0 |
Derivative liabilities | — |  |  | 12.5 |  |  | — |  |  | 12.5 |
| 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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- 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 + Details
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