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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments, All Other Investments [Abstract] |
Estimated Aggregate Fair Value of Debt Instruments | The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):
December 31, | 2020 |  | 2019
Estimated aggregate fair value (1) | $ | 2,633.3 |  |  | $ | 2,384.6 |
Aggregate carrying value (1) (2) | 2,320.3 |  |  | 2,334.4 |
(1) Includes Term Loan Facility and Notes (excludes "other" debt). (2) Excludes the impact of unamortized debt issuance costs and unamortized original issue premium (discount).
Restricted Cash | A reconciliation of cash and cash equivalents reported on the accompanying consolidated balance sheets to cash, cash equivalents and restricted cash reported on the consolidated statements of cash flows is shown below (in millions):
December 31, | 2020 |  | 2019 |  | 2018
Balance sheet — cash and cash equivalents | $ | 1,306.7 |  |  | $ | 1,487.7 |  |  | $ | 1,493.2 |
Restricted cash included in other current assets | 5.1 |  |  | 15.9 |  |  | 8.7 |
Restricted cash included in other long-term assets | 2.7 |  |  | 6.8 |  |  | 17.9 |
Statement of cash flows — cash, cash equivalents and restricted cash | $ | 1,314.5 |  |  | $ | 1,510.4 |  |  | $ | 1,519.8 |
Cash and Cash Equivalents | A reconciliation of cash and cash equivalents reported on the accompanying consolidated balance sheets to cash, cash equivalents and restricted cash reported on the consolidated statements of cash flows is shown below (in millions):
December 31, | 2020 |  | 2019 |  | 2018
Balance sheet — cash and cash equivalents | $ | 1,306.7 |  |  | $ | 1,487.7 |  |  | $ | 1,493.2 |
Restricted cash included in other current assets | 5.1 |  |  | 15.9 |  |  | 8.7 |
Restricted cash included in other long-term assets | 2.7 |  |  | 6.8 |  |  | 17.9 |
Statement of cash flows — cash, cash equivalents and restricted cash | $ | 1,314.5 |  |  | $ | 1,510.4 |  |  | $ | 1,519.8 |
Marketable Equity Securities | Marketable equity securities, which the Company accounts for under the fair value option, are included in the accompanying consolidated balance sheets as shown below (in millions):
December 31, | 2020 |  | 2019
Other current assets | $ | 9.3 |  |  | $ | 17.1 |
Other long-term assets | 49.4 |  |  | 42.1 |
| $ | 58.7 |  |  | $ | 59.2 |
Notional Amount and Estimated Fair Value of Foreign Currency Contracts and Related Classification | The notional amount, estimated aggregate fair value and related balance sheet classification of the Company's foreign currency and net investment hedge contracts are shown below (in millions, except for maturities):
December 31, | 2020 |  | 2019
Fair value of foreign currency contracts designated as cash flow hedges: |  |  |
Other current assets | $ | 49.7 |  |  | $ | 44.0 |
Other long-term assets | 13.0 |  |  | 7.3 |
Other current liabilities | (14.1) |  |  | (4.5) |
Other long-term liabilities | (0.8) |  |  | (0.2) |
| 47.8 |  |  | 46.6 |
Notional amount | $ | 1,353.3 |  |  | $ | 1,465.8 |
Outstanding maturities in months, not to exceed | 24 |  | 24
Fair value of derivatives designated as net investment hedges: |  |  |
Other long-term liabilities | $ | (22.6) |  |  | $ | (4.4) |
Notional amount | $ | 300.0 |  |  | $ | 300.0 |
Outstanding maturities in months, not to exceed | 45 |  | 57
Fair value of foreign currency contracts not designated as hedge instruments: |  |  |
Other current assets | $ | 5.8 |  |  | $ | 6.9 |
Other current liabilities | (6.1) |  |  | (3.2) |
| (0.3) |  |  | 3.7 |
Notional amount | $ | 1,140.8 |  |  | $ | 697.0 |
Outstanding maturities in months, not to exceed | 12 |  | 12
Total fair value | $ | 24.9 |  |  | $ | 45.9 |
Total notional amount | $ | 2,794.1 |  |  | $ | 2,462.8 |
Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss and Net Gains (Losses) Expected to be Reclassified into Earnings | Pretax amounts related to foreign currency, interest rate swap and net investment hedge contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):
For the year ended December 31, | 2020 |  | 2019 |  | 2018
Gains (losses) recognized in accumulated other comprehensive loss: |  |  |  |  |
Foreign currency contracts | $ | (5.7) |  |  | $ | 82.4 |  |  | $ | 50.5 |
Interest rate swap contracts | — |  |  | (9.2) |  |  | (14.7) |
Net investment hedges | (18.3) |  |  | (4.4) |  |  | — |
| (24.0) |  |  | 68.8 |  |  | 35.8 |
(Gains) losses reclassified from accumulated other comprehensive loss to: |  |  |  |  |
Net sales | (0.6) |  |  | 3.8 |  |  | 2.3 |
Cost of sales | 7.6 |  |  | (52.6) |  |  | (21.6) |
Interest expense | 2.4 |  |  | 1.1 |  |  | — |
Other expense, net | (0.1) |  |  | — |  |  | — |
| 9.3 |  |  | (47.7) |  |  | (19.3) |
Comprehensive income (loss) | $ | (14.7) |  |  | $ | 21.1 |  |  | $ | 16.5 |
During the next twelve month period, net gains (losses) expected to be reclassified into earnings are shown below (in millions):
Foreign currency contracts | $ | 35.6 |
Interest rate swap contracts | (2.4) |
Total | $ | 33.2 |
Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level | Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, are shown below (in millions):
| December 31, 2020
| Frequency |  | Asset (Liability) |  | Valuation Technique |  | Level 1 |  | Level 2 |  | Level 3
Foreign currency contracts, net | Recurring |  | $ | 47.5 |  |  | Market / Income |  | $ | — |  |  | $ | 47.5 |  |  | $ | — |
Net investment hedges | Recurring |  | (22.6) |  |  | Market / Income |  | — |  |  | (22.6) |  |  | — |
Marketable equity securities | Recurring |  | 58.7 |  |  | Market |  | 58.7 |  |  | — |  |  | — |
| December 31, 2019
| Frequency |  | Asset (Liability) |  | Valuation Technique |  | Level 1 |  | Level 2 |  | Level 3
Foreign currency contracts, net | Recurring |  | $ | 50.3 |  |  | Market / Income |  | $ | — |  |  | $ | 50.3 |  |  | $ | — |
Net investment hedges | Recurring |  | (4.4) |  |  | Market / Income |  | — |  |  | (4.4) |  |  | — |
Marketable equity securities | Recurring |  | 59.2 |  |  | Market |  | 59.2 |  |  | — |  |  | — |

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