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Derivative instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Schedule of Summary by Currency of Foreign Currency Forward Contracts
The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts:
 
December 31 (dollars in millions)
 
 
2018
 
 
2017
 
 
 
Buy
 
 
Sell
 
 
Buy
 
 
Sell
 
British pound
 
$
—
 
 
$
1.0
 
 
$
—
 
 
$
1.2
 
Canadian dollar
 
 
—
 
 
 
—
 
 
 
—
 
 
 
48.1
 
Euro
 
 
32.0
 
 
 
—
 
 
 
29.3
 
 
 
—
 
Mexican peso
 
 
27.8
 
 
 
—
 
 
 
16.3
 
 
 
—
 
Total
 
$
59.8
 
 
$
1.0
 
 
$
45.6
 
 
$
49.3
 
Schedule of Impact of Cash Flow Hedges on Company's Financial Statements
The following tables present the impact of derivative contracts on the Company’s financial statements.
Fair value of derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
Fair Value
 
December 31 (dollars in millions)
 
Balance Sheet Location
 
 
2018
 
 
2017
 
Foreign currency contracts
 
Other current assets
 
 
$
3.9
 
 
$
0.2
 
 
 
Other non-current assets
 
 
 
5.1
 
 
 
—
 
 
 
Accrued liabilities
 
 
 
(0.6
)
 
 
(1.8
)
Commodities contracts
 
Other current assets
 
 
 
—
 
 
 
0.2
 
 
 
Accrued liabilities
 
 
 
(0.9
)
 
 
—
 
Total derivatives designated as hedging instruments
 
 
 
 
 
$
7.5
 
 
$
(1.4
)
 
Schedule of Effect of Derivatives Instruments on Condensed Consolidated Statement of Earnings
 
The effect of derivative instruments on the consolidated statement of earnings is as follows.
Years ended December 31 (dollars in millions)
 
Derivatives in ASC 815 cash flow hedging relationships
 
Amount of gain (loss)
recognized in other
comprehensive loss on
derivative
 
 
Location of gain (loss)
reclassified from
accumulated other
comprehensive loss into
earnings
 
 
Amount of gain
(loss) reclassified
from accumulated
other comprehensive
loss into earnings
 
 
 
2018
 
 
2017
 
 
 
 
 
2018
 
 
2017
 
Foreign currency contracts
 
$
1.8
 
 
$
(1.1
)
 
 
Cost of products sold
 
 
$
0.3
 
 
$
0.4
 
Commodities contracts
 
 
(1.1
)
 
 
0.5
 
 
 
Cost of products sold
 
 
 
0.3
 
 
 
0.6
 
 
 
$
0.7
 
 
$
(0.6
)
 
 
 
 
 
$
0.6
 
 
$
1.0
 
Designated as Hedging Instrument  
Schedule of Impact of Cash Flow Hedges on Company's Financial Statements
The effect of derivative instruments on the consolidated statement of earnings is as follows.
Years ended December 31 (dollars in millions)
 
Derivatives in ASC 815 cash flow hedging relationships
 
Amount of gain (loss)
recognized in other
comprehensive loss on
derivative
 
 
Location of gain (loss)
reclassified from
accumulated other
comprehensive loss into
earnings
 
 
Amount of gain
(loss) reclassified
from accumulated
other comprehensive
loss into earnings
 
 
 
2018
 
 
2017
 
 
 
 
 
2018
 
 
2017
 
Foreign currency contracts
 
$
1.8
 
 
$
(1.1
)
 
 
Cost of products sold
 
 
$
0.3
 
 
$
0.4
 
Commodities contracts
 
 
(1.1
)
 
 
0.5
 
 
 
Cost of products sold
 
 
 
0.3
 
 
 
0.6
 
 
 
$
0.7
 
 
$
(0.6
)
 
 
 
 
 
$
0.6
 
 
$
1.0