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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Instruments | The following table details the fair value of our derivative instruments included on our Condensed Consolidated Balance Sheets.
| Cash Flow Hedge |  |  |  | Non-Designated as Hedging Instruments |  | Total
(In millions) | September 30, 2022 |  | December 31, 2021 |  |  |  |  |  | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts and options | $ | 7.4 |  |  | $ | 2.0 |  |  |  |  |  |  | $ | 2.8 |  |  | $ | 1.7 |  |  | $ | 10.2 |  |  | $ | 3.7 |
Total Derivative Assets | $ | 7.4 |  |  | $ | 2.0 |  |  |  |  |  |  | $ | 2.8 |  |  | $ | 1.7 |  |  | $ | 10.2 |  |  | $ | 3.7 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | — |  |  | $ | (0.6) |  |  |  |  |  |  | $ | (1.1) |  |  | $ | (1.0) |  |  | $ | (1.1) |  |  | $ | (1.6) |
Total Derivative Liabilities(1) | $ | — |  |  | $ | (0.6) |  |  |  |  |  |  | $ | (1.1) |  |  | $ | (1.0) |  |  | $ | (1.1) |  |  | $ | (1.6) |
Net Derivatives(2) | $ | 7.4 |  |  | $ | 1.4 |  |  |  |  |  |  | $ | 1.7 |  |  | $ | 0.7 |  |  | $ | 9.1 |  |  | $ | 2.1 |
(1)Excludes €400.0 million of euro-denominated debt ($392.0 million equivalent at September 30, 2022 and $451.9 million equivalent at December 31, 2021), which is designated as a net investment hedge. (2)The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
| Other Current Assets |  | Other Current Liabilities |  |  |  |
(In millions) | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021 |  |  |  |  |  |  |  |
Gross position | $ | 10.2 |  |  | $ | 3.7 |  |  | $ | (1.1) |  |  | $ | (1.6) |  |  |  |  |  |  |  |  |
Impact of master netting agreements | (0.8) |  |  | (0.9) |  |  | 0.8 |  |  | 0.9 |  |  |  |  |  |  |  |  |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 9.4 |  |  | $ | 2.8 |  |  | $ | (0.3) |  |  | $ | (0.7) |  |  |  |  |  |  |  |  |
Offsetting Assets | The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
| Other Current Assets |  | Other Current Liabilities |  |  |  |
(In millions) | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021 |  |  |  |  |  |  |  |
Gross position | $ | 10.2 |  |  | $ | 3.7 |  |  | $ | (1.1) |  |  | $ | (1.6) |  |  |  |  |  |  |  |  |
Impact of master netting agreements | (0.8) |  |  | (0.9) |  |  | 0.8 |  |  | 0.9 |  |  |  |  |  |  |  |  |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 9.4 |  |  | $ | 2.8 |  |  | $ | (0.3) |  |  | $ | (0.7) |  |  |  |  |  |  |  |  |
Offsetting Liabilities | The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
| Other Current Assets |  | Other Current Liabilities |  |  |  |
(In millions) | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021 |  |  |  |  |  |  |  |
Gross position | $ | 10.2 |  |  | $ | 3.7 |  |  | $ | (1.1) |  |  | $ | (1.6) |  |  |  |  |  |  |  |  |
Impact of master netting agreements | (0.8) |  |  | (0.9) |  |  | 0.8 |  |  | 0.9 |  |  |  |  |  |  |  |  |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 9.4 |  |  | $ | 2.8 |  |  | $ | (0.3) |  |  | $ | (0.7) |  |  |  |  |  |  |  |  |
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following table details the effect of our derivative instruments on our Condensed Consolidated Statements of Operations.
|  |  | Amount of Gain (Loss) Recognized in Earnings on Derivatives
| Location of Gain (Loss) Recognized on |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | Condensed Consolidated Statements of Operations |  | 2022 |  | 2021 |  | 2022 |  | 2021
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Cost of sales |  | $ | 3.1 |  |  | $ | 0.9 |  |  | $ | 7.4 |  |  | $ | (3.3) |
Treasury locks | Interest expense, net |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Sub-total cash flow hedges |  |  | 3.1 |  |  | 0.9 |  |  | 7.5 |  |  | (3.2) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign currency forward and option contracts | Other expense, net |  | 1.7 |  |  | 0.6 |  |  | 3.8 |  |  | 6.2 |
Total |  |  | $ | 4.8 |  |  | $ | 1.5 |  |  | $ | 11.3 |  |  | $ | 3.0 |

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