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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 5. Derivative Financial Instruments The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks. From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss). These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to these types of transactions during the years ended December 31, 2019, 2018 and 2017. The Company had FX Forward Contracts with an aggregate notional amount of $32.6 million and $76.8 million outstanding as of December 31, 2019 and 2018, respectively. The aggregate notional amount outstanding as of December 31, 2019 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in Euros. As of December 31, 2019 and 2018, the fair value of these contracts was a net zero balance and a net current liability of $1.7 million, respectively. Net unrealized gains (losses), net of income tax, recorded in accumulated other comprehensive income (loss) were zero and $(0.3) million as of December 31, 2019 and 2018, respectively. The following table provides the amount of gains or losses recorded in the Consolidated Statement of Operations for FX Forward Contracts for the years ended December 31, 2019 and 2018.
|  | Recognized Location |  | 2019 |  |  | 2018 |  |  | 2017 |
Designated |  | Cost of sales |  | $ | 3.1 |  |  | $ | 5.0 |  |  | $ | 0.6 |
Non-Designated |  | Other income (expense) - net |  |  | 3.9 |  |  |  | (1.9 | ) |  |  | (0.8 | )

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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