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Fair Value Measurements and Risk (Tables)
 6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
At June 30, 2018, the carrying amounts and fair values of Grace’s debt were as follows:
 
June 30, 2018
 
December 31, 2017
(In millions)
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
2018 U.S. dollar term loan(1)
$
940.3

 
$
939.1

 
$
—

 
$
—

5.125% senior notes due 2021(2)
695.0

 
709.2

 
694.2

 
728.7

5.625% senior notes due 2024(2)
296.8

 
311.3

 
296.5

 
321.3

U.S. dollar term loan(3)
—

 
—

 
404.1

 
409.7

Euro term loan(3)
—

 
—

 
94.0

 
93.7

Other borrowings
54.5

 
54.5

 
55.1

 
55.1

Total debt
$
1,986.6

 
$
2,014.1

 
$
1,543.9

 
$
1,608.5

___________________________________________________________________________________________________________________
(1)
Carrying amounts are net of unamortized debt issuance costs and discounts of $9.7 million as of June 30, 2018.
(2)
Carrying amounts are net of unamortized debt issuance costs of $5.0 million and $3.2 million as of June 30, 2018, and $5.8 million and $3.5 million as of December 31, 2017, related to the 5.125% senior notes due 2021 and 5.625% senior notes due 2024, respectively.
(3)
Carrying amounts are net of unamortized debt issuance costs and discounts of $4.3 million and $1.0 million as of December 31, 2017, related to the U.S. dollar term loan and euro term loan, respectively.
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis
The following tables present the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018, and December 31, 2017:
 
Fair Value Measurements at June 30, 2018, Using

(In millions)
Total
 
Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Currency derivatives
$
4.0

 
$
—

 
$
4.0

 
$
—

Interest rate derivatives
0.5

 
—

 
0.5

 
—

Variable-to-fixed cross-currency derivatives
21.4

 
—

 
21.4

 
—

Total Assets
$
25.9

 
$
—

 
$
25.9

 
$
—

Liabilities
 
 
 
 
 
 
 
Interest rate derivatives
$
0.2

 
$
—

 
$
0.2

 
$
—

Currency derivatives
20.9

 
—

 
20.9

 
—

Total Liabilities
$
21.1

 
$
—

 
$
21.1

 
$
—

 
Fair Value Measurements at December 31, 2017, Using

(In millions)
Total
 
Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Currency derivatives
$
3.1

 
$
—

 
$
3.1

 
$
—

Total Assets
$
3.1

 
$
—

 
$
3.1

 
$
—

Liabilities
 
 
 
 
 
 
 
Interest rate derivatives
$
1.8

 
$
—

 
$
1.8

 
$
—

Currency derivatives
23.8

 
—

 
23.8

 
—

Total Liabilities
$
25.6

 
$
—

 
$
25.6

 
$
—
Schedule of the Location and Fair Values of Derivative Instruments Included in the Consolidated Balance Sheets
The following tables present the location and fair values of derivative instruments included in the Consolidated Balance Sheets as of June 30, 2018, and December 31, 2017:
June 30, 2018
(In millions)
Asset Derivatives
 
Liability Derivatives
Balance Sheet
Location
 
Fair Value
 
Balance Sheet
Location
 
Fair Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
Currency contracts
Other current assets
 
$
3.3

 
Other current liabilities
 
$
—

Interest rate contracts
Other current assets
 
—

 
Other current liabilities
 
0.2

Variable-to-fixed cross-currency swaps
Other current assets
 
12.5

 
Other current liabilities
 
—

Currency contracts
Other assets
 
0.1

 
Other liabilities
 
19.1

Interest rate contracts
Other assets
 
0.5

 
Other liabilities
 
—

Variable-to-fixed cross-currency swaps
Other assets
 
8.9

 
Other liabilities
 
—

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
Currency contracts
Other current assets
 
0.6

 
Other current liabilities
 
1.8

Total derivatives
 
 
$
25.9

 
 
 
$
21.1

December 31, 2017
(In millions)
Asset Derivatives
 
Liability Derivatives
Balance Sheet
Location
 
Fair Value
 
Balance Sheet
Location
 
Fair Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
Currency contracts
Other current assets
 
$
2.7

 
Other current liabilities
 
$
1.4

Interest rate contracts
Other current assets
 
—

 
Other current liabilities
 
1.3

Currency contracts
Other assets
 
—

 
Other liabilities
 
22.2

Interest rate contracts
Other assets
 
—

 
Other liabilities
 
0.5

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
Currency contracts
Other current assets
 
0.4

 
Other current liabilities
 
0.2

Total derivatives
 
 
$
3.1

 
 
 
$
25.6
Schedule of Gain (Loss) on Derivative Instruments
The following tables present the location and amount of gains and losses on derivative instruments included in the Consolidated Statements of Operations or, when applicable, gains and losses initially recognized in other comprehensive income (loss) (“OCI”) for the three and six months ended June 30, 2018 and 2017:
Three Months Ended June 30, 2018
(In millions)
Amount of Gain (Loss) Recognized in OCI on Derivatives
 
Location of Gain (Loss) Reclassified from Accumulated OCI into Income
 
Amount of Gain (Loss) Reclassified from OCI into Income
Derivatives in ASC 815 cash flow hedging relationships:
 
 
 
 
Interest rate contracts
$
0.3

 
Interest expense
 
$
0.1

Currency contracts(1)
10.4

 
Other expense
 
10.2

Variable-to-fixed cross-currency swaps
3.1

 
Interest expense
 
3.1

Variable-to-fixed cross-currency swaps
18.3

 
Other expense
 
29.3

Total derivatives
$
32.1

 
 
 
$
42.7

___________________________________________________________________________________________________________________
(1)
Amount of gain (loss) recognized in OCI includes $0.4 million excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI.
Six Months Ended June 30, 2018
(In millions)
Amount of Gain (Loss) Recognized in OCI on Derivatives
 
Location of Gain (Loss) Reclassified from Accumulated OCI into Income
 
Amount of Gain (Loss) Reclassified from OCI into Income
Derivatives in ASC 815 cash flow hedging relationships:
 
 
 
 
Interest rate contracts
$
1.8

 
Interest expense
 
$
(0.1
)
Currency contracts(1)
3.8

 
Other expense
 
4.1

Variable-to-fixed cross-currency swaps
3.1

 
Interest expense
 
3.1

Variable-to-fixed cross-currency swaps
18.3

 
Other expense
 
29.3

Total derivatives
$
27.0

 
 
 
$
36.4

___________________________________________________________________________________________________________________
(1)
Amount of gain (loss) recognized in OCI includes $(0.4) million excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI.
Three Months Ended June 30, 2017
(In millions)
Amount of Gain (Loss) Recognized in OCI on Derivatives
 
Location of Gain (Loss) Reclassified from Accumulated OCI into Income
 
Amount of Gain (Loss) Reclassified from OCI into Income
Derivatives in ASC 815 cash flow hedging relationships:
 
 
 
 
Interest rate contracts
$
(1.1
)
 
Interest expense
 
$
(0.8
)
Currency contracts
—

 
Other expense
 
(0.1
)
Total derivatives
$
(1.1
)
 
 
 
$
(0.9
)

Six Months Ended June 30, 2017
(In millions)
Amount of Gain (Loss) Recognized in OCI on Derivatives
 
Location of Gain (Loss) Reclassified from Accumulated OCI into Income
 
Amount of Gain (Loss) Reclassified from OCI into Income
Derivatives in ASC 815 cash flow hedging relationships:
 
 
 
 
Interest rate contracts
$
(1.0
)
 
Interest expense
 
$
(1.7
)
Currency contracts
(0.1
)
 
Other expense
 
(0.1
)
Total derivatives
$
(1.1
)
 
 
 
$
(1.8
)

The following tables present the total amounts of income and expense line items presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are reported.
 
Three Months Ended June 30,
 
2018
 
2017
(In millions)
Interest expense
 
Other income (expense)
 
Interest expense
 
Other income (expense)
Total amounts of income and expense line items in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$
(19.9
)
 
$
(5.8
)
 
$
(20.1
)
 
$
11.4

Gain (loss) on cash flow hedging relationships in ASC 815
 
 
 
 
 
 
 
Interest rate contracts
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated OCI into income
$
0.1

 
$
—

 
$
(0.8
)
 
$
—

Variable-to-fixed cross-currency swaps
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated OCI into income
3.1

 
29.3

 
—

 
—

Currency contracts
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated OCI into income
—

 
10.2

 
—

 
(0.1
)
Amount excluded from effectiveness testing recognized in earnings based on amortization approach (included in above)
—

 
0.3

 
—

 
—

 
Six Months Ended June 30,
 
2018
 
2017
(In millions)
Interest expense
 
Other income (expense)
 
Interest expense
 
Other income (expense)
Total amounts of income and expense line items in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$
(39.2
)
 
$
(3.5
)
 
$
(39.6
)
 
$
13.3

Gain (loss) on cash flow hedging relationships in ASC 815
 
 
 
 
 
 
 
Interest rate contracts
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated OCI into income
$
(0.1
)
 
$
—

 
$
(1.7
)
 
$
—

Variable-to-fixed cross-currency swaps
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated OCI into income
3.1

 
29.3

 
—

 
—

Currency contracts
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated OCI into income
—

 
4.1

 
—

 
(0.1
)
Amount excluded from effectiveness testing recognized in earnings based on amortization approach (included in above)
—

 
1.1

 
—

 
—
Schedule of Gain (Loss) on Nonderivative Instruments
The following table presents the amount of gains and losses on derivative and non-derivative instruments designated as net investment hedges, recorded to “currency translation adjustments” within “accumulated other comprehensive income (loss)” for the three and six months ended June 30, 2018 and 2017. There were no reclassifications of the effective portion of net investment hedges out of OCI and into earnings for the periods presented in the tables below.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In millions)
2018

2017
 
2018
 
2017
Derivatives in ASC 815 net investment hedging relationships:
 
 
 
 
 
 
 
Cross-currency swap
$
13.3

 
$
(6.1
)
 
$
2.0

 
$
(8.6
)
Non-derivatives in ASC 815 net investment hedging relationships:
 
 
 
 
 
 

Foreign currency denominated debt
$
—

 
$
(4.9
)
 
$
(4.4
)
 
$
(7.2
)
Foreign currency denominated deferred intercompany royalties
1.9

 
(2.9
)
 
0.2

 
(4.4
)
 
$
1.9

 
$
(7.8
)
 
$
(4.2
)
 
$
(11.6
)