Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Net Investment Hedges in Balance Sheets

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, 2020		December 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.

Net Investment Hedges in Consolidated Statements of Operations and Comprehensive Income

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, 2020				Six 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. The amount is presented net of tax benefit of $0.1 million for the three and six months ended June 30, 2019.