Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of foreign currency forward contracts

Foreign currency forward contracts were as follows (in millions):

	Notional Amount
	December 31, 2020		December 31, 2019
Israeli Shekel (ILS)	$	436.5	$	712.7
European Euro (EUR)	312.6		157.6
United States Dollar (USD)	101.5		92.4
British Pound (GBP)	92.3		86.9
Danish Krone (DKK)	65.2		51.7
Chinese Yuan (CNY)	49.1		20.9
Swedish Krona (SEK)	41.2		42.0
Canadian Dollar (CAD)	36.8		41.3
Polish Zloty (PLZ)	21.8		21.5
Mexican Peso (MPX)	15.6		9.7
Australian Dollar (AUD)	11.3		1.2
Switzerland Franc (CHF)	8.2		4.1
Norwegian Krone (NOK)	7.9		6.6
Romanian New Leu (RON)	3.6		2.3
Other	6.2		6.3
Total	$	1,209.8	$	1,257.2

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, 2020		December 31, 2019
Designated derivatives
Foreign currency forward contracts	Prepaid expenses and other current assets	$	13.2	$	1.0
Foreign currency forward contracts	Other non-current assets	0.5		—
Cross-currency swap	Other non-current assets	6.3		26.3
Total designated derivatives		$	20.0	$	27.3
Non-designated derivatives
Foreign currency forward contracts	Prepaid expenses and other current assets	$	7.8	$	3.3

		Liability Derivatives
		Fair Value
		Year Ended
	Balance Sheet Location	December 31, 2020		December 31, 2019
Designated derivatives
Foreign currency forward contracts	Other accrued liabilities	$	5.8	$	4.7
Non-designated derivatives
Foreign currency forward contracts	Other accrued liabilities	$	2.4	$	3.7

Effect of derivative instruments designated as hedging instruments in AOCI

The following tables summarize the effect of derivative instruments designated as hedging instruments in Accumulated Other Comprehensive Income ("AOCI") (in millions):

	Year Ended
	December 31, 2020
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	7.3		Net sales	0.2		Net sales	0.1
			Cost of sales	2.9		Cost of sales	1.1
						Other (income) expense, net	0.5
	$	7.3		$	1.2		$	1.7
Net investment hedges
Cross-currency swap	$	(20.0)				Interest expense, net	$	6.6
Foreign currency forward contract	(11.2)					Interest expense, net	(0.1)
	$	(31.2)					$	6.5

    (1) Net loss of $6.4 million is expected to be reclassified out of AOCI into earnings during the next 12 months.

	Year Ended
	December 31, 2019
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		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

	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)

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

The amounts of (income)/expense 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, 2020		December 31, 2019		December 31, 2018
Foreign currency forward contracts	Other (income) expense, net	$	(10.0)	$	(25.4)	$	7.6
	Interest expense, net	6.2		1.8		(1.0)
		$	(3.8)	$	(23.6)	$	6.6

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 were as follows (in millions):

	Year Ended
	December 31, 2020
	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	$	5,063.3	$	3,248.1	$	131.2	$	17.2
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	$	0.2	$	2.9	$	—	$	—
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach	$	0.1	$	1.1	$	—	$	0.5
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)	$	—

	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)	$	—