Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of Cash Flow and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income


In millions	Amount of Gain (Loss) Recognized in AOCI						Amount of Gain (Loss) Reclassified from AOCI into Net income			Location of Gain (Loss) Reclassified from AOCI in Net income
	Three Months Ended June 30,
	2020		2019		2020		2019
Cash flow hedging derivatives
Currency exchange contracts	$	(0.1)	$	—	$	0.2	$	—	Net sales
Natural gas contracts	(0.1)		(0.7)		(0.5)		0.1		Cost of sales
Interest rate swap contracts	(0.4)		(4.1)		—		—		Interest expense, net
Total	$	(0.6)	$	(4.8)	$	(0.3)	$	0.1

	Amount of Gain (Loss) Recognized in AOCI						Amount of Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)			Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
	Three Months Ended June 30,
	2020		2019		2020		2019
Net investment hedging derivative
Currency exchange contracts⁽¹⁾	$	(2.8)	$	(0.2)	$	0.5	$	0.6	Interest expense, net
Total	$	(2.8)	$	(0.2)	$	0.5	$	0.6

In millions	Amount of Gain (Loss) Recognized in AOCI						Amount of Gain (Loss) Reclassified from AOCI into Net income			Location of Gain (Loss) Reclassified from AOCI in Net income
	Six Months Ended June 30,
	2020		2019		2020		2019
Cash flow hedging derivatives
Currency exchange contracts	$	0.2	$	—	$	0.2	$	—	Net sales
Natural gas contracts	(0.5)		(0.6)		(0.6)		0.6		Cost of sales
Interest rate swap contracts	(6.5)		(4.1)		—		—		Interest expense, net
Total	$	(6.8)	$	(4.7)	$	(0.4)	$	0.6

	Amount of Gain (Loss) Recognized in AOCI						Amount of Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)			Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
	Six Months Ended June 30,
	2020		2019		2020		2019
Net investment hedging derivative
Currency exchange contracts⁽¹⁾	$	4.6	$	(0.2)	$	1.3	$	0.6	Interest expense, net
Total	$	4.6	$	(0.2)	$	1.3	$	0.6

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(1) Reclassifications from AOCI to Net Income were zero for all periods presented. Gains and losses would be reclassified from AOCI to Other (income) expense, net.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value


In millions	Level 1⁽¹⁾		Level 2⁽²⁾		Level 3⁽³⁾		Total
June 30, 2020
Assets:
Currency exchange contracts⁽⁴⁾	$	—	$	0.1	$	—	$	0.1
Net investment hedge ⁽⁵⁾	—		7.8		—		7.8
Total assets	$	—	$	7.9	$	—	$	7.9
Liabilities:

Natural gas contracts ⁽⁶⁾	$	—	$	0.3	$	—	$	0.3
Net investment hedge ⁽⁷⁾	—		0.2		—		0.2
Interest rate swap contracts ⁽⁷⁾	—		10.4		—		10.4
Total liabilities	$	—	$	10.9	$	—	$	10.9


In millions	Level 1⁽¹⁾		Level 2⁽²⁾		Level 3⁽³⁾		Total
December 31, 2019
Assets:

Net investment hedge ⁽⁵⁾	$	—	$	3.0	$	—	$	3.0
Total assets	$	—	$	3.0	$	—	$	3.0
Liabilities:

Natural gas contracts ⁽⁶⁾	$	—	$	0.5	$	—	$	0.5
Interest rate swap contracts ⁽⁷⁾	—		3.9		—		3.9
Total liabilities	$	—	$	4.4	$	—	$	4.4

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(1) Quoted prices in active markets for identical assets.

(2) Quoted prices for similar assets and liabilities in active markets.

(3) Significant unobservable inputs.

(4) Included within "Prepaid and other current assets" on the condensed consolidated balance sheet.

(5) Included within "Other assets" on the condensed consolidated balance sheet.

(6) Included within "Accrued expenses" on the condensed consolidated balance sheet.

(7) Included within "Other liabilities" on the condensed consolidated balance sheet.