Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Primary Net Hedging Positions and Corresponding Fair Values

The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of December 31, 2020 and December 31, 2019:

	December 31, 2020
Currency Hedged (Buy/Sell)	Gross Notional Value		Fair Value (1)
U.S. Dollar/Japanese yen	$	61.5	$	(1.1	)
U.S. Dollar/South Korean won		62.2		(3.1	)
U.S. Dollar/Euro		13.1		(0.6	)
U.S. Dollar/U.K. pound sterling		6.1		(0.3	)
U.S. Dollar/Taiwan dollar		33.3		(1.4	)
Total	$	176.2	$	(6.5	)

	December 31, 2019
Currency Hedged (Buy/Sell)	Gross Notional Value		Fair Value (1)
U.S. Dollar/Japanese yen	$	45.9	$	—
U.S. Dollar/South Korean won		51.7		0.2
U.S. Dollar/Euro		15.7		0.2
U.S. Dollar/U.K. pound sterling		8.3		(0.2	)
U.S. Dollar/Taiwan dollar		33.1		(0.4	)
Total	$	154.7	$	(0.2	)

⁽¹⁾ Represents the (payable) receivable amount included in the consolidated balance sheet.

Summary of Various Interest Rate Hedges

The table below summarizes the various interest rate hedges entered into by the Company:

									Year Ended December 31,		Years Ended December 31,
									2020		2020			2019
Swap	Trade Date	Effective Date	Maturity	Fixed Rate			Notional Amount at Effective Date		Notional Amount		Fair Value Asset (Liability)			Fair Value Asset (Liability)
1	September 29, 2016	September 30,2016	September 30, 2020		1.198	%	$	335.0	$	—	$	—		$	0.8
2	April 3, 2019	April 5, 2019	March 31, 2023		2.309	%	$	300.0	$	300.0		(12.4	)		(6.5	)
3	October 29, 2020	October 26, 2021	February 28, 2025		0.485	%	$	200.0	$	—		(0.7	)		-
4	October 29, 2020	March 31, 2022	February 28, 2025		0.623	%	$	100.0	$	—		(0.9	)		-
									Total		$	(14.0	)	$	(5.7	)

Summary of Fair Value Amounts of Company's Derivative Instruments

The following table provides a summary of the fair value amounts of the Company’s derivative instruments:

	Years Ended December 31,
Derivatives Designated as Hedging Instruments	2020			2019
Derivative asset:
Forward exchange contracts (1)	$	—		$	1.1
Interest rate hedge (2)		—			0.8
Derivative liability:
Forward exchange contracts (1)		(6.5	)		(1.3	)
Interest rate hedge (2)		(14.0	)		(6.5	)
Total net derivative liability designated as hedging instruments	$	(20.5	)	$	(5.9	)

⁽¹⁾ The derivative asset related to foreign exchange contracts of $1.1 is classified in other current assets in the condensed consolidated balance sheet as of December 31, 2019. The derivative liabilities related to foreign exchange contracts of $6.5 and $1.3 are classified in other current liabilities in the condensed consolidated balance sheet as of December 31, 2020 and 2019, respectively. These foreign exchange forward contracts are subject to a master netting agreement with one financial institution. However, the Company has elected to record these contracts on a gross basis in the balance sheet.

⁽²⁾ The interest rate hedge asset of $0.8 is classified in other current assets in the consolidated balance sheet as of December 31, 2019. The interest rate hedge liabilities of $14.0 and $6.5 are classified in other non-current liabilities in the consolidated balance sheet as of December 31, 2020 and 2019, respectively.

Summary of (Loss) Gain on Derivatives Designated as Cash Flow Hedging Instruments

The following table provides a summary of the (loss) gain on derivatives designated as cash flow hedging instruments:

Derivatives Designated as Cash Flow Hedging Instruments	Years Ended December 31,
Forward exchange contracts:	2020			2019			2018
Net (loss) gain recognized in OCI, net of tax (1)	$	(10.6	)	$	(10.0	)	$	4.9
Net gain reclassified from OCI into income (2)	$	1.7		$	5.7		$	3.4

⁽¹⁾ Net change in the fair value of the effective portion classified in OCI.

⁽²⁾ Effective portion classified in cost of products. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.

Summary of (Loss) Gain on Derivatives Not Designated as Cash Flow Hedging Instruments

The following table provides a summary of (loss) gain on derivatives not designated as cash flow hedging instruments:

Derivatives Not Designated as Cash Flow Hedging Instruments	Years Ended December 31,
Forward exchange contracts:	2020			2019			2018
Net (loss) gain recognized in income (1)	$	(1.5	)	$	(1.3	)	$	0.1

⁽¹⁾ The Company enters into foreign exchange forward contracts to hedge against changes in the balance sheet for certain subsidiaries to mitigate the risk associated with certain foreign currency transactions in the ordinary course of business. These derivatives are not designated as cash flow hedging instruments and gains or losses from these derivatives are recorded immediately in other expense, net.