Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table details the fair value of our derivative instruments included on our Consolidated Balance Sheets. 

	Cash Flow Hedge				Non-Designated as Hedging Instruments				Total
	December 31,				December 31,				December 31,
(In millions)	2020		2019		2020		2019		2020		2019
Derivative Assets
Foreign currency forward contracts and options	$	—	$	0.2	$	7.3	$	2.6	$	7.3	$	2.8
Total Derivative Assets	$	—	$	0.2	$	7.3	$	2.6	$	7.3	$	2.8
Derivative Liabilities
Foreign currency forward contracts	$	(2.8)	$	(2.0)	$	(4.2)	$	(2.0)	$	(7.0)	$	(4.0)
Total Derivative Liabilities(1)	$	(2.8)	$	(2.0)	$	(4.2)	$	(2.0)	$	(7.0)	$	(4.0)
Net Derivatives (2)	$	(2.8)	$	(1.8)	$	3.1	$	0.6	$	0.3	$	(1.2)

(1)Excludes €400.0 million of euro-denominated debt ($490.2 million equivalent at December 31, 2020 and $445.6 million equivalent at December 31, 2019), which is designated as a net investment hedge.

(2)The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

	Other Current Assets				Other Current Liabilities
	December 31,				December 31,
(In millions)	2020		2019		2020		2019
Gross position	$	7.3	$	2.8	$	(7.0)	$	(4.0)
Impact of master netting agreements	(2.3)		(1.1)		2.3		1.1
Net amounts recognized on the Consolidated Balance Sheets	$	5.0	$	1.7	$	(4.7)	$	(2.9)

Offsetting Assets

The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

	Other Current Assets				Other Current Liabilities
	December 31,				December 31,
(In millions)	2020		2019		2020		2019
Gross position	$	7.3	$	2.8	$	(7.0)	$	(4.0)
Impact of master netting agreements	(2.3)		(1.1)		2.3		1.1
Net amounts recognized on the Consolidated Balance Sheets	$	5.0	$	1.7	$	(4.7)	$	(2.9)

Offsetting Liabilities

The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

	Other Current Assets				Other Current Liabilities
	December 31,				December 31,
(In millions)	2020		2019		2020		2019
Gross position	$	7.3	$	2.8	$	(7.0)	$	(4.0)
Impact of master netting agreements	(2.3)		(1.1)		2.3		1.1
Net amounts recognized on the Consolidated Balance Sheets	$	5.0	$	1.7	$	(4.7)	$	(2.9)

Effect of Derivative Instruments on Condensed Consolidated Statements of Operations

The following table details the effect of our derivative instruments on our Consolidated Statements of Operations. 

	Location of Gain (Loss) Recognized on	Amount of Gain (Loss) Recognized in Earnings on Derivatives
	Consolidated Statements of Operations	Year Ended December 31,
(In millions)		2020		2019		2018
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales	$	(0.8)	$	1.6	$	0.2
Treasury locks	Interest expense, net	0.1		0.1		0.1
Sub-total cash flow hedges		(0.7)		1.7		0.3
Fair Value Hedges:
Interest rate swaps	Interest expense, net	—		0.6		0.5
Derivatives not designated as hedging instruments:
Foreign currency forward contracts and options	Other income (expense), net	4.1		(6.6)		(12.3)
Total		$	3.4	$	(4.3)	$	(11.5)