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Derivatives (Tables)

3 Months Ended

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

X

- References

No definition available.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

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