Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Asset and Liability Derivatives and the Respective Balance Sheet Locations

The following table presents the fair value of asset and liability derivatives and the respective condensed consolidated balance sheet locations at September 30, 2020 ($ in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	2.6	Accrued expenses and other current liabilities	$	3.7
Foreign exchange contracts	Other assets	—		Other liabilities	8.6
Interest rate contracts	Accounts receivable, net	0.6		Other liabilities	8.9
Total derivatives designated as hedges		3.2			21.2

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	—		Accrued expenses and other current liabilities	0.1
Total derivatives not designated as hedges		—			0.1
Total derivatives		$	3.2		$	21.3

The following table presents the fair value of asset and liability derivatives and the respective condensed consolidated balance sheet locations at December 31, 2019 ($ in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	4.8	Accrued expenses	$	5.6
Foreign exchange contracts	Other assets	6.3		Other liabilities	5.5
Interest rate contracts	Accounts receivable, net	—		Accrued expenses	0.2
Interest rate contracts	Other assets	—		Other liabilities	—
Total derivatives designated as hedges		$	11.1		$	11.3

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	0.1		Accounts payable	—
Total derivatives not designated as hedges		$	0.1		$	—
Total derivatives		$	11.2		$	11.3

Effect on Accumulated Other Comprehensive Income (Loss) and Results of Operations of Derivative Instruments in Cash Flow Hedging Relationships

The following table provides the gross effect that derivative instruments designated in hedging relationships had on Accumulated other comprehensive loss and results of operations ($ in millions):


Derivatives Designated in Hedging Relationships	Unrealized (Loss) Gain Recognized in AOCI on Derivatives, Net of Tax								Location of (Loss) Gain Reclassified from AOCI	(Loss) Gain Reclassified from AOCI

	Three Months Ended				Nine Months Ended					Three Months Ended				Nine Months Ended
	September 30,				September 30,					September 30,				September 30,
	2020		2019		2020		2019			2020		2019		2020		2019
Derivatives designated as cash flow hedge
Foreign exchange contracts	$	(0.3)	$	(1.3)	$	(6.1)	$	(1.5)	Net sales	$	(0.9)	$	(0.3)	$	(2.5)	$	(0.9)
Foreign exchange contracts	—		—		1.4		0.1		Other income (expense), net	0.1		(0.4)		1.1		(0.3)
Interest rate contracts	0.2		0.1		(8.8)		1.5		Interest expense	—		2.5		—		5.7
Derivatives designated as net investment hedge
Foreign exchange contracts	(10.0)		—		(3.4)		—		Other income (expense), net	—		—		—		—
Total	$	(10.1)	$	(1.2)	$	(16.9)	$	0.1		$	(0.8)	$	1.8	$	(1.4)	$	4.5

Effect on Net Income of Derivative Instruments Non Designated as Hedging

The following table provides the effect that derivative instruments not designated as cash flow hedging instruments had on net income ($ in millions):


Derivatives Not Designated as Cash Flow Hedging Instruments	Location of Gain Recognized in Income	Amount of Gain Recognized in Income

		Three Months Ended				Nine Months Ended
		September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Foreign exchange contracts	Other income, net	$	(0.6)	$	(0.1)	$	(0.1)	$	(0.1)