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Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:

	December 31, 2021
Currency Hedged (Buy/Sell)	Gross Notional Value		Fair Value ⁽¹⁾
U.S. dollar/Japanese yen	$	60.2	$	1.7
U.S. dollar/South Korean won		107.7		1.1
U.S. dollar/Euro		15.1		0.3
U.S. dollar/U.K. pound sterling		10.7		—
U.S. dollar/Taiwan dollar		46.7		(0.1	)
Total	$	240.4	$	3.0

	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	)

(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:

											Years Ended December 31,
											2021			2020
Swap	Trade Date	Effective Date	Maturity	Fixed Rate			Notional Amount at Effective Date		Notional Amount		Fair Value Asset (Liability)			Fair Value (Liability)
1	April 3, 2019	April 5, 2019	March 31, 2023		2.309	%	$	300.0	$	300.0	$	(5.0	)	$	(12.4	)
2	October 29, 2020	October 26, 2021	February 28, 2025		0.485	%	$	200.0	$	200.0		3.9			(0.7	)
3	October 29, 2020	March 31, 2022	February 28, 2025		0.623	%	$	100.0	$	100.0		4.8			(0.9	)
									Total		$	3.7		$	(14.0	)

Summary of Foreign Currency Option Contracts Purchased to Hedge Conversion

The Company purchased foreign currency option contracts to fix the conversion of EUR 300.0 into USD as noted below:



Trade Date	Effective Date	Maturity	Fixed Rate		Notional Amount in EUR		Notional Amount in USD		Year Ended December 31, 2021 Fair Value Asset
October 26, 2021	October 26, 2021	January 31, 2022	$	1.1615	$	300.0	$	348.3	$	3.0

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

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

Derivatives Designated as Cash Flow Hedging Instruments	Years Ended December 31,
Forward exchange contracts:	2021			2020			2019
Net gain (loss) recognized in OCI, net of tax ⁽¹⁾	$	20.0		$	(10.6	)	$	(10.0	)
Net (loss) gain reclassified from OCI into income ⁽²⁾	$	(1.5	)	$	1.7		$	5.7

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

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

Derivatives Not Designated as Cash Flow Hedging Instruments	Years Ended December 31,
Forward exchange contracts:	2021		2020			2019
Net gain (loss) recognized in income ⁽¹⁾	$	4.8	$	(1.5	)	$	(1.3	)

⁽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.