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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives by Balance Sheet Location | The following table presents the fair value of asset and liability derivatives and the respective condensed consolidated balance sheet locations at March 31, 2021 ($ 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 |  | $ | 4.9 |
Foreign exchange contracts | Other assets |  | — |  |  | Other liabilities |  | 7.3 |
Interest rate contracts | Accounts receivable, net |  | — |  |  | Other liabilities |  | 3.6 |
Total derivatives designated as hedges |  |  | 2.6 |  |  |  |  | 15.8 |
Derivatives not designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts | Accounts receivable, net |  | — |  |  | Accrued expenses and other current liabilities |  | 5.7 |
Total derivatives not designated as hedges |  |  | — |  |  |  |  | 5.7 |
Total derivatives |  |  | $ | 2.6 |  |  |  |  | $ | 21.5 |
The following table presents the fair value of asset and liability derivatives and the respective condensed consolidated balance sheet locations at December 31, 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 |  | $ | 0.9 |  |  | Accrued expenses |  | $ | 11.0 |
Foreign exchange contracts | Other assets |  | — |  |  | Other liabilities |  | 12.3 |
Interest rate contracts | Accounts receivable, net |  | 0.3 |  |  | Accrued expenses |  | — |
Interest rate contracts | Other assets |  | — |  |  | Other liabilities |  | 7.8 |
Total derivatives designated as hedges |  |  | $ | 1.2 |  |  |  |  | $ | 31.1 |
Derivatives not designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts | Accounts receivable, net |  | — |  |  | Accounts payable |  | — |
Total derivatives not designated as hedges |  |  | $ | — |  |  |  |  | $ | — |
Total derivatives |  |  | $ | 1.2 |  |  |  |  | $ | 31.1 |
Derivatives by Income Statement Location | 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 |  |  |  |  |  | Three Months Ended |  |
|  | March 31, |  |  |  |  |  | March 31, |  |
|  | 2021 |  | 2020 |  |  |  |  |  |  |  | 2021 |  | 2020 |  |  |  |
Derivatives designated as cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (0.6) |  |  | $ | (5.0) |  |  |  |  |  |  | Net sales |  | $ | (0.6) |  |  | $ | (0.6) |  |  |  |  |
Foreign exchange contracts |  | 0.9 |  |  | 0.5 |  |  |  |  |  |  | Other income (expense), net |  | 0.7 |  |  | 0.6 |  |  |  |  |
Interest rate contracts |  | 4.1 |  |  | (8.2) |  |  |  |  |  |  | Interest expense |  | — |  |  | — |  |  |  |  |
Derivatives designated as net investment hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 7.0 |  |  | 12.0 |  |  |  |  |  |  | Other income (expense), net |  | — |  |  | — |  |  |  |  |
Total |  | $ | 11.4 |  |  | $ | (0.7) |  |  |  |  |  |  |  |  | $ | 0.1 |  |  | $ | — |  |  |  |  |
Effect of Derivative Instruments Not Designated As Hedging Instruments | 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 (Loss) Gain Recognized in Income
|  |  |  | Three Months Ended |  |
|  |  |  | March 31, 2021 |  | March 31, 2020 |  |  |  |
Foreign exchange contracts |  | Other income, net |  | $ | (6.6) |  |  | $ | 0.2 |  |  |  |  |

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