Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Activity Related to Cash Flow Hedges Recorded in Accumulated Other Comprehensive Loss

The following activity related to cash flow hedges was recorded in Accumulated other comprehensive loss as of December 31:

	Accumulated Unrealized Derivative
	Gains (Losses)
	2020				2019
(in millions)	Pretax		After-tax		Pretax		After-tax
Beginning balance	$	1.1	$	(5.5)	$	6.2	$	(1.9)
Net change in value of outstanding hedges	(6.4)		(4.7)		5.1		3.6
Net amount recognized into earnings	(6.8)		(5.0)		(10.2)		(7.2)
Ending balance	$	(12.1)	$	(15.2)	$	1.1	$	(5.5)

Fair Values Of Derivative Instruments

As of December 31, 2020 and December 31, 2019, the fair values of the Company’s derivative instruments were:

(in millions)
	Derivative Assets					Derivative Liabilities
Instrument	Balance Sheet Location	Fair Value				Balance Sheet Location	Fair Value
		2020		2019			2020		2019
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	Prepaid expenses and other	$	1.3	$	4.1	Accrued expenses	$	11.3	$	2.3
Commodity contracts	Prepaid expenses and other	0.9		—		Accrued expenses	—		—
Total		$	2.2	$	4.1		$	11.3	$	2.3
Other Hedging Activity
Foreign exchange contracts	Prepaid expenses and other	$	0.0	$	0.1	Accrued expenses	$	0.7	$	0.9

Effect of Derivative Instruments on the Consolidated Statement of Operations

The effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2020 and December 31, 2019 was: 

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)				Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
	2020		2019			2020		2019
Interest rate contracts	$	—	$	—	Interest expense	$	(0.6)	$	(0.6)
Foreign exchange contracts	(7.3)		5.1		Cost of sales	7.4		10.8
Commodity contracts	0.9		—		Cost of sales	0.0		—
Total	$	(6.4)	$	5.1		$	6.8	$	10.2

Derivatives Designated as Fair Value Hedging Instruments	Location of Gain (Loss) on Derivatives Recognized in Earnings	Amount of Gain (Loss) on Derivatives Recognized in Earnings
		2020		2019
Interest rate contracts	Interest expense	$	0.7	$	0.1

Other Hedging Activity	Location of Gain (Loss) on Derivatives Recognized in Earnings	Amount of Gain (Loss) on Derivatives Recognized in Earnings
		2020		2019
Foreign exchange contracts	Cost of sales	$	(0.8)	$	2.4
Foreign exchange contracts	Other expense, net	1.0		(1.3)
Total		$	0.2	$	1.1