Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities

Schedule of notional amounts outstanding under foreign currency contracts

The Company had the following notional amounts outstanding under foreign exchange contracts and cross-currency interest rate swap agreements at December 31, (in millions):

	Notional			Notional
	Amount in Buy			Amount in		Fair Value of		Fair Value of
Buy	Currency	Sell	Maturity	U.S. Dollars		Assets		Liabilities
December 31, 2019:
Forward Currency Contracts (1):
Euro	18.0	U.S. Dollars	January 2020	$	20.1	$	0.1	$	—
Swiss Francs	7.8	U.S. Dollars	January 2020		7.9		0.2		—
Swiss Francs	11.0	Euro	January 2020		11.3		0.1		—
Swedish Krona	26.9	Swiss Francs	January 2020		2.8		0.1		—
Swiss Francs	9.4	Japanese Yen	January 2020		9.5		0.2		—
Singapore Dollar	4.2	U.S. Dollars	January 2020		3.1		—		—
Singapore Dollar	2.7	Euro	January 2020		2.0		—		—
Great Britain Pound	7.7	Euro	January 2020		10.0		0.2		—
Euro	6.4	Great Britain Pound	February 2020 to January 2021		7.7		—		0.4
Cross-Currency and Interest Rate Swap Agreements (2):
U.S. Dollars	105.0	Euro	January 2022		105.0		—		1.2
U.S. Dollars	100.0	Euro	January 2024		100.0		—		1.3
U.S. Dollars	150.0	Euro	December 2024		150.0		—		1.9
U.S. Dollars	150.0	Swiss Francs	December 2026		150.0		—		2.4
				$	579.4	$	0.9	$	7.2
December 31, 2018:
Forward Currency Contracts (1):
Euro	25.4	U.S. Dollars	January 2019	$	31.1	$	—	$	2.1
U.S. Dollars	8.5	Euro	January 2019		8.6		—		0.1
Swiss Francs	11.1	U.S. Dollars	January 2019		11.3		—		—
U.S. Dollars	2.1	Swiss Francs	January 2019		2.1		—		—
Swiss Francs	10.4	Japanese Yen	April 2019		10.8		—		0.2
U.S. Dollars	1.5	Canadian Dollars	January 2019		1.5		—		—
Singapore Dollar	4.3	U.S. Dollars	January 2019		3.1		—		—
Chinese Renminbi	41.1	U.S. Dollars	January 2019		5.9		0.1		—
Great Britain Pound	15.4	Euro	January 2019		20.0		—		0.4
Euro	6.9	Great Britain Pound	May 2019 to October 2020		8.0		0.1		—
				$	102.4	$	0.2	$	2.8

Schedule of fair value and balance sheet location of derivative instruments

The fair value of the derivative instruments described above were recorded in the consolidated balance sheets for the years ended December 31, 2019 and 2018 as follows (dollars in millions):

	Balance Sheet Location	2019		2018
Derivative assets:
Interest rate and cross currency swap agreements	Other current assets	$	10.1	$	—
Foreign exchange contracts	Other current assets		0.9		0.2
Embedded derivatives in purchase and delivery contracts	Other current assets		0.1		0.2
Fixed price commodity contracts	Other current assets		0.3		—
Embedded derivatives in purchase and delivery contracts	Other long-term assets		—		0.2
Derivative liabilities:
Foreign exchange contracts	Other current liabilities	$	0.4	$	2.8
Embedded derivatives in purchase and delivery contracts	Other current liabilities		0.6		0.9
Fixed price commodity contracts	Other current liabilities		—		0.5
Interest rate and cross currency swap agreements	Other long-term liabilities		16.9		—

Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments

The impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments for the years ending December 31 are as follows (dollars in millions) and are recorded within interest and other income (expense), net in the consolidated statements of income and comprehensive income:

	2019		2018		2017
Foreign exchange contracts	$	3.0	$	(7.0)	$	5.8
Embedded derivatives in purchase and delivery contracts		—		1.5		(5.7)
Fixed price commodity contracts		0.8		(1.3)		0.6
Cross-currency interest rate swap agreements		0.6		—		—
Income (expense), net	$	4.4	$	(6.8)	$	0.7