Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

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 (in millions):

	December 31, 2020				December 31, 2019
	Notional Amount				Notional Amount
	in U.S. Dollars		Fair Value		in U.S. Dollars		Fair Value
Forward Currency Contracts (1):
Assets	$	175.8	$	2.1	$	66.7	$	0.9
Liabilities		102.5		(0.4)		7.7		(0.4)
Cross-Currency and Interest Rate Swap Agreements (2):
Liabilities		505.0		(53.9)		505.0		(6.8)
	$	783.3	$	(52.2)	$	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

The fair value of the derivative instruments described above were recorded in the consolidated balance sheets as follows (in millions):

	December 31,		December 31,
	2020		2019
Derivatives designated as hedging instruments
Interest rate cross-currency swap agreements
Other current assets	$	7.6	$	10.1
Other current liabilities		(4.3)		—
Other long-term liabilities		(57.2)		(16.9)
Total derivatives designated as hedging instruments		(53.9)		(6.8)
Derivatives not designated as hedging instruments
Forward currency contracts
Other current assets	$	2.1	$	0.9
Other current liabilities		(0.4)		(0.4)
Embedded derivatives in purchase and delivery contracts
Other current assets		0.1		0.1
Other current liabilities		—		(0.6)
Fixed price commodity contracts
Other current assets		3.1		0.3
Total derivatives not designated as hedging instruments		4.9		0.3
Total derivatives	$	(49.0)	$	(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 consolidated statements of income and comprehensive income related to the derivative instruments described above (in millions):

		Years Ended
		December 31,
	Financial Statement Classification	2020		2019		2018
Derivatives not designated as hedging instruments
Forward currency contracts	Interest and other income (expense), net	$	2.1	$	3.0	$	(7.0)
Embedded derivatives in purchase and delivery contracts	Interest and other income (expense), net		0.5		—		1.5
Total		$	2.6	$	3.0	$	(5.5)
Derivatives designated as Cash Flow hedging instruments
Interest rate cross-currency swap agreements
Interest incurred	Interest and other income (expense), net	$	(3.0)	$	—	$	—
Unrealized gains (losses) on contracts	Accumulated other comprehensive income		(20.4)		2.0		—
Total		$	(23.4)	$	2.0	$	—
Derivatives designated as Net Investment hedging instruments
Interest rate cross-currency swap agreements
Interest earned	Interest and other income (expense), net	$	10.1	$	0.6	$	—
Unrealized losses on contracts	Accumulated other comprehensive income		(26.7)		(8.8)		—
Total		$	(16.6)	$	(8.2)	$	—