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Derivative Instruments
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company uses derivative instruments to partially offset its business exposure to foreign currency risk on net investments in certain foreign subsidiaries. The Company enters into foreign currency forward contracts to offset a portion of the changes in the carrying amounts of its net investments in foreign operations due to fluctuations in foreign currency exchange rates. As of June 30, 2020, the Company was a party to four forward contracts with an aggregate notional amount of €40.0 million to hedge foreign currency exposure on net investments in certain of its European subsidiaries whose functional currency is the Euro. These forward contracts are designated as hedging instruments and recognized at fair value as assets or liabilities in the accompanying unaudited Consolidated Balance Sheets. Each contract has a notional amount of €10.0 million and matures annually starting on June 14, 2021 through June 17, 2024. During the three months ended June 30, 2020, GCP settled one contract with a notional amount of €10.0 million upon its maturity on June 15, 2020 and entered into a new contract with a notional amount of €10.0 million maturing on June 17, 2024. The forward contracts are designated and qualify as net investment hedges for which effectiveness is assessed based on the spot rate method. Please refer to Note 4, "Derivative Instruments", to the Company’s Consolidated Financial Statements included in the 2019 Annual Report on Form 10-K for further information on net investment hedges.
        The following table summarizes the fair value of the Company’s derivative instruments designated as net investment hedges as of June 30, 2020 and December 31, 2019:
(In millions)June 30, 2020December 31, 2019
Derivative assets(1):
Foreign exchange forward contracts$2.1  $1.1  
Derivative liability(1):
Foreign exchange forward contracts$(0.1) $—  
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(1)The fair value of derivative instruments is measured based on expected future cash flows discounted at market interest rates using observable market inputs and classified as Level 2 within the fair value hierarchy. Fair value of derivative assets of $0.6 million and $1.5 million, respectively, is recorded within "Other Current Assets" and "Other Assets" in the accompanying unaudited Consolidated Balance Sheets. Fair value of derivative liability is recorded within "Other Liabilities" in the accompanying unaudited Consolidated Balance Sheets.
The following table summarizes the amounts recorded in the Company's accompanying unaudited Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) related to forward contracts designated as net investment hedges for the three and six months ended June 30, 2020 and 2019:

(In millions)Three Months Ended
June 30, 2020		Three Months Ended
June 30, 2019
Other Income, net
Cumulative Translation Adjustments(1)
Other Income, net
Cumulative Translation Adjustments(1)
Gains (losses) on foreign exchange forward contracts$0.2  $(0.8) $0.1  $(0.2) 

(In millions)Six Months Ended June 30, 2020Six Months Ended June 30, 2019
Other Income, net
Cumulative Translation Adjustments(1)
Other Income, net
Cumulative Translation Adjustments(1)
Gains (losses) on foreign exchange forward contracts$0.5  $0.5  $0.1  $(0.2) 
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(1)The amount is presented net of tax benefit (expense) of $0.2 million and ($0.2 million), respectively, for the three and six months ended June 30, 2020.