Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments [Abstract]

Notional Amounts of Most Significant Net Foreign Exchange Hedge Positions Outstanding

	June 30,
Buy / (Sell)	2020
Euro	$	(252.2)
Chinese Yuan	$	(56.1)
Swiss Franc	$	25.7
Korean Won	$	(14.5)
Mexican Peso	$	(12.4)

Schedule of Effect of Derivative Instruments on Statements of Operations

	Location and Amount of Gain (Loss) Recognized in Statements of Operations
	Three Months Ended						Three Months Ended
	June 30, 2020						June 30, 2019
	Cost of sales		Interest expense, net		Other expense, net		Cost of sales		Interest expense, net		Other expense, net
Total amount of income and expense line items presented in the statements of operations in which the effects of derivative instruments are recorded	$	576.8	$	11.7	$	1.0	$	865.6	$	9.9	$	1.5
The effects of cash flow hedge instruments:
Foreign exchange cash flow hedges
Amount of gain reclassified from AOCI into income	$	0.5	$	—	$	—	$	1.6	$	—	$	—
Interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	$	—	$	(0.7)	$	—	$	—	$	0.3	$	—
The effects of net investment hedge instruments:
Cross currency swaps (CCS)
Amount of gain excluded from effectiveness testing	$	—	$	2.0	$	—	$	—	$	3.9	$	—
The effects of derivatives not designated as hedge instruments:
Foreign exchange forward contracts
Amount of loss recognized in income	$	—	$	—	$	(8.1)	$	—	$	—	$	(2.4)

	Location and Amount of Gain (Loss) Recognized in Statements of Operations
	Six Months Ended						Six Months Ended
	June 30, 2020						June 30, 2019
	Cost of sales		Interest expense, net		Other expense, net		Cost of sales		Interest expense, net		Other expense, net
Total amount of income and expense line items presented in the statements of operations in which the effects of derivative instruments are recorded	$	1,360.6	$	22.0	$	2.6	$	1,781.2	$	20.1	$	5.5
Effects of cash flow hedge instruments:
Foreign exchange cash flow hedges
Amount of gain reclassified from AOCI into income	$	0.6	$	—	$	—	$	2.2	$	—	$	—
Interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	$	—	$	(0.7)	$	—	$	—	$	0.7	$	—
Effects of net investment hedge instruments:
Cross currency swaps (CCS)
Amount of gain excluded from effectiveness testing (1)	$	—	$	5.4	$	—	$	—	$	7.9	$	—
Effects of derivatives not designated as hedge instruments:
Foreign exchange forward contracts
Amount of gain recognized in income	$	—	$	—	$	5.7	$	—	$	—	$	0.3

(1) Amount for the six months ended June 30, 2020 includes the effect on AOCI from the 2017 CCS through its settlement on February 26, 2020 and the effect on AOCI from the 2020 CCS from when it was entered into on February 26, 2020 through June 30, 2020.

Schedule of Effect of Hedges on AOCI

`	Gain (Loss) Recognized in AOCI on Balance Sheet
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Designated as Cash Flow Hedges
Foreign exchange cash flow hedges	$	(1.2)	$	(1.8)	$	0.9	$	0.5
Interest rate swaps		(0.1)		(3.6)		(5.9)		(5.8)
Total	$	(1.3)	$	(5.4)	$	(5.0)	$	(5.3)
Designated as Net Investment Hedges
Cross currency swaps (CCS) (1)	$	(10.3)	$	(3.6)	$	12.6	$	7.9
Total	$	(10.3)	$	(3.6)	$	12.6	$	7.9

(1) Amount for the six months ended June 30, 2020 includes the effect on AOCI from the 2017 CCS through its settlement on February 26, 2020 and the effect on AOCI from the 2020 CCS from when it was entered into on February 26, 2020 through June 30, 2020.

Schedule of Gross and Net Unrealized Gains and Losses and Balance Sheet Classification

	June 30, 2020
	Foreign		Foreign
	Exchange		Exchange		Interest		Cross
Balance Sheet	Forward		Cash Flow		Rate		Currency
Classification	Contracts		Hedges		Swaps		Swaps		Total
Asset Derivatives:
Accounts receivable, net of allowance	$	0.8	$	0.4	$	—	$	6.6	$	7.8
Gross derivative asset position		0.8		0.4		—		6.6		7.8
Less: Counterparty netting		(0.6)		—		—		—		(0.6)
Net derivative asset position	$	0.2	$	0.4	$	—	$	6.6	$	7.2
Liability Derivatives:
Accounts payable	$	(3.3)	$	—	$	(3.3)	$	—	$	(6.6)
Other noncurrent obligations		—		—		(4.0)		(13.5)		(17.5)
Gross derivative liability position		(3.3)		—		(7.3)		(13.5)		(24.1)
Less: Counterparty netting		0.6		—		—		—		0.6
Net derivative liability position	$	(2.7)	$	—	$	(7.3)	$	(13.5)	$	(23.5)
Total net derivative position	$	(2.5)	$	0.4	$	(7.3)	$	(6.9)	$	(16.3)

	December 31, 2019
	Foreign		Foreign
	Exchange		Exchange		Interest		Cross
Balance Sheet	Forward		Cash Flow		Rate		Currency
Classification	Contracts		Hedges		Swaps		Swaps		Total
Asset Derivatives:
Accounts receivable, net of allowance	$	1.1	$	—	$	—	$	8.6	$	9.7
Deferred charges and other assets		—		—		—		19.2		19.2
Gross derivative asset position		1.1		—		—		27.8		28.9
Less: Counterparty netting		(0.4)		—		—		—		(0.4)
Net derivative asset position	$	0.7	$	—	$	—	$	27.8	$	28.5
Liability Derivatives:
Accounts payable	$	(5.7)	$	(0.5)	$	(0.4)	$	—	$	(6.6)
Other noncurrent obligations		—		—		(1.0)		—		(1.0)
Gross derivative liability position		(5.7)		(0.5)		(1.4)		—		(7.6)
Less: Counterparty netting		0.5		—		—		—		0.5
Net derivative liability position	$	(5.2)	$	(0.5)	$	(1.4)	$	—	$	(7.1)
Total net derivative position	$	(4.5)	$	(0.5)	$	(1.4)	$	27.8	$	21.4