Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

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 Condensed Consolidated Balance Sheets.

	Cash Flow Hedge				Non-Designated as Hedging Instruments				Total
(In millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Derivative Assets
Foreign currency forward contracts and options	$	0.9	$	—	$	1.4	$	7.3	$	2.3	$	7.3
Total Derivative Assets	$	0.9	$	—	$	1.4	$	7.3	$	2.3	$	7.3
Derivative Liabilities
Foreign currency forward contracts	$	(1.2)	$	(2.8)	$	(4.3)	$	(4.2)	$	(5.5)	$	(7.0)
Total Derivative Liabilities(1)	$	(1.2)	$	(2.8)	$	(4.3)	$	(4.2)	$	(5.5)	$	(7.0)
Net Derivatives(2)	$	(0.3)	$	(2.8)	$	(2.9)	$	3.1	$	(3.2)	$	0.3

(1)Excludes €400.0 million of euro-denominated debt ($467.1 million equivalent at March 31, 2021 and $490.2 million equivalent at December 31, 2020), 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
(In millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Gross position	$	2.3	$	7.3	$	(5.5)	$	(7.0)
Impact of master netting agreements	(1.8)		(2.3)		1.8		2.3
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	0.5	$	5.0	$	(3.7)	$	(4.7)

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
(In millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Gross position	$	2.3	$	7.3	$	(5.5)	$	(7.0)
Impact of master netting agreements	(1.8)		(2.3)		1.8		2.3
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	0.5	$	5.0	$	(3.7)	$	(4.7)

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
(In millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Gross position	$	2.3	$	7.3	$	(5.5)	$	(7.0)
Impact of master netting agreements	(1.8)		(2.3)		1.8		2.3
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	0.5	$	5.0	$	(3.7)	$	(4.7)

Effect of Derivative Instruments on Condensed Consolidated Statements of Operations

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

		Amount of (Loss) Gain Recognized in Earnings on Derivatives
	Location of (Loss) Gain Recognized on	Three Months Ended March 31,
(In millions)	Condensed Consolidated Statements of Operations	2021		2020
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales	$	(3.4)	$	1.1
Sub-total cash flow hedges		(3.4)		1.1
Fair Value Hedges:
Interest rate swaps	Interest expense, net	—		0.1
Derivatives not designated as hedging instruments:
Foreign currency forward and option contracts	Other income, net	2.2		(0.8)
Total		$	(1.2)	$	0.4