Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of foreign currency forward contracts

Foreign currency forward contracts entered into to hedge forecasted revenue and expenses were as follows (in millions):

	Notional Amount
	December 31, 2019		December 31, 2018
Israeli Shekel (ILS)	$	712.7	$	232.6
European Euro (EUR)	157.6		134.2
United States Dollar (USD)	92.4		39.3
British Pound (GBP)	86.9		90.2
Danish Krone (DKK)	51.7		56.5
Swedish Krona (SEK)	42.0		38.7
Canadian Dollar (CAD)	41.3		31.7
Polish Zloty (PLZ)	21.5		18.2
Chinese Yuan (CNY)	20.9		—
Mexican Peso (MPX)	9.7		25.9
Norwegian Krone (NOK)	6.6		6.2
Switzerland Franc (CHF)	4.1		2.6
Romanian New Leu (RON)	2.3		4.4
Other	7.5		6.1
Total	$	1,257.2	$	686.6

Schedule of derivative instruments in statement of financial position, fair value

The balance sheet location and gross fair value of our outstanding derivative instruments were as follows (in millions):

		Asset Derivatives
		Fair Value
		Year Ended
	Balance Sheet Location	December 31, 2019		December 31, 2018
Designated derivatives
Foreign currency forward contracts	Prepaid expenses and other current assets	$	1.0	$	2.0
Cross-currency swap	Prepaid expenses and other current assets	26.3		—
Total designated derivatives		$	27.3	$	2.0
Non-designated derivatives
Foreign currency forward contracts	Prepaid expenses and other current assets	$	3.3	$	1.8

		Liability Derivatives
		Fair Value
		Year Ended
	Balance Sheet Location	December 31, 2019		December 31, 2018
Designated derivatives
Foreign currency forward contracts	Other accrued liabilities	$	4.7	$	6.4
Non-designated derivatives
Foreign currency forward contracts	Other accrued liabilities	$	3.7	$	2.8

Effect of derivative instruments designated as hedging instruments in AOCI

The following tables summarize the effect of derivative instruments designated as hedging instruments in AOCI (in millions):

	Year Ended
	December 31, 2019
Instrument	Amount of Gain/(Loss) Recorded in OCI(1)			Classification of Gain/(Loss) Reclassified from AOCI into Earnings	Amount of Gain/(Loss) Reclassified from AOCI into Earnings			Classification of Gain/(Loss) Recognized into Earnings Related to Amounts Excluded from Effectiveness Testing	Amount of Gain/(Loss) Recognized in Earnings on Derivatives Related to Amounts Excluded from Effectiveness Testing
Cash flow hedges
Treasury locks	$	—		Interest expense, net	$	(0.1	)	Interest expense, net	$	—
Interest rate swap agreements	—			Interest expense, net	(1.8		)	Interest expense, net	—
Foreign currency forward contracts	(1.2		)	Net sales	2.5			Net sales	(2.1		)
				Cost of sales	0.1			Cost of sales	(1.5		)
	$	(1.2	)		$	0.7			$	(3.6	)
Net investment hedges
Cross-currency swap	$	31.2						Interest expense, net	$	4.9

(1) Net loss of $2.8 million is expected to be reclassified out of AOCI into earnings during the next 12 months.

Reclassification out of accumulated other comprehensive income

	Year Ended
	December 31, 2018
	Effective Portion
Instrument	Amount of Gain/(Loss) Recorded in OCI			Classification of Gain/(Loss) Reclassified from AOCI into Earnings	Amount of Gain/(Loss) Reclassified from AOCI into Earnings
Treasury locks	$	—		Interest expense, net	$	(0.1	)
Interest rate swap agreements	—			Interest expense, net	(1.8		)
Foreign currency forward contracts	(9.1		)	Net sales	0.5
				Cost of sales	1.9
				Interest expense, net	(4.8		)
				Other (income) expense, net	2.1
	$	(9.1	)		$	(2.2	)

	Year Ended
	December 31, 2017
	Effective Portion
Instrument	Amount of Gain/(Loss) Recorded in OCI		Classification of Gain/(Loss) Reclassified from AOCI into Earnings	Amount of Gain/(Loss) Reclassified from AOCI into Earnings
Treasury locks	$	—	Interest expense, net	$	(0.1	)
Interest rate swap agreements	—		Interest expense, net	(2.1		)
			Other (income) expense, net	(6.0		)
Foreign currency forward contracts	9.4		Net sales	1.5
			Cost of sales	5.6
			Interest expense, net	(2.6		)
			Other (income) expense, net	(1.5		)
	$	9.4		$	(5.2	)

Schedule of hedge ineffectiveness

The gain (loss) recognized against earnings for the ineffective portion of our designated cash flow hedges were as follows (in millions):

		Amount of Gain/(Loss) Recognized in Earnings (Ineffective Portion)
		Year Ended
Designated Cash Flow Hedges	Income Statement Location	December 31, 2017
Foreign currency forward contracts	Net sales	$	0.2
	Cost of sales	0.1
	Other expense, net	1.0
		$	1.3

Schedule of other derivatives not designated as hedging instruments, statements of financial performance and financial position, location

The amounts of gain/(loss) recognized in earnings related to our non-designated derivatives on the Consolidated Statements of Operations were as follows (in millions):

		Year Ended
Non-Designated Derivatives	Income Statement Location	December 31, 2019			December 31, 2018			December 31, 2017
Foreign currency forward contracts	Other (income) expense, net	$	(25.4	)	$	7.6		$	12.6
	Interest expense, net	1.8			(1.0		)	(5.3		)
		$	(23.6	)	$	6.6		$	7.3

Classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships

The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships are as follows (in millions):

	Year Ended
	December 31, 2019
	Net Sales			Cost of Sales			Interest Expense, net			Other (Income) Expense, net
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded	$	4,837.4		$	3,064.1		$	121.7		$	(66.0	)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings	$	2.5		$	0.1		$	—		$	—
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach	$	(2.1	)	$	(1.5	)	$	—		$	—
Treasury locks
Amount of gain or (loss) reclassified from AOCI into earnings	$	—		$	—		$	(0.1	)	$	—
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings	$	—		$	—		$	(1.8	)	$	—