Derivatives (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table presents the fair value of asset and liability derivatives and the respective condensed consolidated balance sheet locations at June 30, 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	$	1.3	Accrued expenses and other current liabilities	$	5.8
Foreign exchange contracts	Other assets	—		Other liabilities	8.2
Interest rate contracts	Accounts receivable, net	0.2		Other liabilities	5.8
Total derivatives designated as hedges		1.5			19.8

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	—		Accrued expenses and other current liabilities	0.2
Total derivatives not designated as hedges		—			0.2
Total derivatives		$	1.5		$	20.0

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				Six Months Ended					Three Months Ended				Six Months Ended
	June 30,				June 30,					June 30,				June 30,
	2021		2020		2021		2020			2021		2020		2021		2020
Derivatives designated as cash flow hedge
Foreign exchange contracts	$	0.7	$	(0.8)	$	0.1	$	(5.8)	Net sales	$	(0.4)	$	(1.0)	$	(1.0)	$	(1.6)
Foreign exchange contracts	(1.0)		0.9		(0.1)		1.4		Other income (expense), net	(1.2)		0.4		(0.6)		1.0
Interest rate contracts	(2.1)		(0.8)		2.0		(9.0)		Interest expense	—		—		—		—
Derivatives designated as net investment hedge
Foreign exchange contracts	(1.8)		(5.4)		5.2		6.6		Other income (expense), net	—		—		—		—
Total	$	(4.2)	$	(6.1)	$	7.2	$	(6.8)		$	(1.6)	$	(0.6)	$	(1.6)	$	(0.6)

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 Gain (loss) Recognized in Income

		Three Months Ended				Six Months Ended
		June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Foreign exchange contracts	Other income (loss), net	$	6.3	$	0.3	$	(0.3)	$	0.5