Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities

Schedule of notional amounts outstanding under foreign currency contracts

	September 30, 2020				December 31, 2019
	Notional				Notional
	Amount in U.S.				Amount in U.S.
	Dollars		Fair Value		Dollars		Fair Value
Forward Currency Contracts (1):
Assets	$	50.2	$	0.3	$	66.7	$	0.9
Liabilities		35.4		(0.2)		7.7		(0.4)
Cross-Currency and Interest Rate Swap Agreements (2):
Liabilities		505.0		(29.2)		505.0		(6.8)
	$	590.6	$	(29.1)	$	579.4	$	(6.3)

(1) Derivatives not designated as accounting hedges.

(2) Derivatives designated as accounting hedges.

Schedule of fair value and balance sheet location of derivative instruments

	September 30, 2020		December 31, 2019
Derivatives designated as hedging instruments
Interest rate cross-currency swap agreements
Other current assets	$	9.0	$	10.1
Other current liabilities		(4.3)		—
Other long-term liabilities		(33.9)		(16.9)
Total derivatives designated as hedging instruments		(29.2)		(6.8)
Derivatives not designated as hedging instruments
Forward currency contracts
Other current assets	$	0.3	$	0.9
Other current liabilities		(0.2)		(0.4)
Embedded derivatives in purchase and delivery contracts
Other current assets		0.4		0.1
Other current liabilities		—		(0.6)
Fixed price commodity contracts
Other current assets		2.1		0.3
Total derivatives not designated as hedging instruments		2.6		0.3
Total derivatives	$	(26.6)	$	(6.5)

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

The following is a summary of the activity included in the unaudited condensed consolidated statements of income and comprehensive income related to the above described derivative instruments (in millions):

		Three Months Ended September 30,				Nine Months Ended September 30,
	Financial Statement Classification	2020		2019		2020		2019
Derivatives not designated as hedging instruments
Forward currency contracts	Interest and other income (expense), net	$	(0.2)	$	(1.0)	$	(0.4)	$	1.3
Embedded derivatives in purchase and delivery contracts	Interest and other income (expense), net		(0.1)		(0.1)		0.8		—
Total		$	(0.3)	$	(1.1)	$	0.4	$	1.3
Derivatives designated as Cash Flow hedging instruments
Interest rate cross-currency swap agreements
Interest incurred	Interest and other income (expense), net	$	(1.1)	$	—	$	(1.9)	$	—
Unrealized losses on contracts	Accumulated other comprehensive income		(0.2)		—		(22.1)		—
Total		$	(1.3)	$	—	$	(24.0)	$	—
Derivatives designated as Net Investment hedging instruments
Interest rate cross-currency swap agreements
Interest earned	Interest and other income (expense), net	$	2.5	$	—	$	7.7	$	—
Unrealized losses on contracts	Accumulated other comprehensive income		(21.9)		—		(0.3)		—
Total		$	(19.4)	$	—	$	7.4	$	—