The following table summarizes the effects of derivative instruments designated as fair value hedges in our consolidated statements of income for the years ended December 31: | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized in Income | | Location on Statement of Income | ($ in millions) | 2021 | | 2020 | | 2019 | | | Fair Value Hedges: | | | | | | | | Hedged item (intercompany loan) | $ | (22.1) | | | $ | 28.5 | | | $ | (15.3) | | | Other expense (income) | Derivative designated as hedging instrument | 22.1 | | | (28.5) | | | 15.3 | | | Other expense (income) | Amount excluded from effectiveness testing | 3.0 | | | 6.1 | | | 6.9 | | | Other expense (income) | Total | $ | 3.0 | | | $ | 6.1 | | | $ | 6.9 | | | |
The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on OCI and earnings, net of tax, for the years ended December 31: | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized in OCI | ($ in millions) | 2021 | | 2020 | | 2019 | Fair Value Hedges: | | | | | | Foreign currency hedge contracts | $ | 0.6 | | | $ | 4.0 | | | $ | 4.8 | | Total | $ | 0.6 | | | $ | 4.0 | | | $ | 4.8 | | Cash Flow Hedges: | | | | | | Foreign currency hedge contracts | $ | (0.2) | | | $ | (0.6) | | | $ | 0.8 | | Foreign currency hedge contracts | (1.8) | | | (0.6) | | | (0.2) | | Forward treasury locks | — | | | — | | | — | | Total | $ | (2.0) | | | $ | (1.2) | | | $ | 0.6 | | Net Investment Hedges: | | | | | | Foreign currency-denominated debt | — | | | — | | | 0.6 | | Cross-currency swap | 7.7 | | | (3.2) | | | (1.1) | | Total | $ | 7.7 | | | $ | (3.2) | | | $ | (0.5) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | | Location of (Gain) Loss Reclassified from Accumulated OCI into Income | ($ in millions) | 2021 | | 2020 | | 2019 | | | Fair Value Hedges: | | | | | | | | Foreign currency hedge contracts | $ | (0.8) | | | $ | (4.3) | | | $ | (4.6) | | | Other expense (income) | Total | $ | (0.8) | | | $ | (4.3) | | | $ | (4.6) | | | | Cash Flow Hedges: | | | | | | | | Foreign currency hedge contracts | $ | 0.9 | | | $ | 0.2 | | | $ | (0.9) | | | Net sales | Foreign currency hedge contracts | 1.7 | | | (0.1) | | | (0.6) | | | Cost of goods and services sold | | | | | | | | | Forward treasury locks | 0.3 | | | 0.3 | | | 0.3 | | | Interest expense | Total | $ | 2.9 | | | $ | 0.4 | | | $ | (1.2) | | | | Net Investment Hedges: | | | | | | | | Foreign currency-denominated debt | $ | — | | | $ | — | | | $ | — | | | Other expense (income) | Cross-currency swap | — | | | — | | | — | | | Other expense (income) | Total | $ | — | | | $ | — | | | $ | — | | | |
The following table summarizes the effects of derivative instruments designated as fair value, cash flow, and net investment hedges by line item in our consolidated statements of income for the years ended December 31:
| | | | | | | | | | | | | | | | | | ($ in millions) | 2021 | | 2020 | | 2019 | Net sales | $ | 0.9 | | | $ | 0.2 | | | $ | (0.9) | | Cost of goods and services sold | 1.7 | | | (0.1) | | | (0.6) | | Other expense (income) | (0.8) | | | (4.3) | | | (4.6) | | Interest expense | 0.3 | | | 0.3 | | | 0.3 | |
|