Hedging Activities, Derivative Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.

June 30, 2021
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	78.3	$	0.4	$	—	$	—	$	—
Foreign currency forwards	Fair Value	100.6		—		—		0.8		—

December 31, 2020
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	230.5	$	2.9	$	—	$	—	$	—
Foreign currency forwards	Fair Value	51.2		—		—		0.7		—

(1)Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.

Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss)

Losses on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2021 and 2020 are as presented in the table below.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Interest rate swap contracts
Loss recognized in AOCI on derivatives	$	—	$	(0.6)	$	—	$	(4.3)
Loss reclassified from AOCI into income (effective portion)(1)	—		(7.9)		—		(13.2)

(1)Losses on derivatives reclassified from accumulated other comprehensive income (“AOCI”) into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.

Schedule of Gains (Losses) on Derivative Instruments Not Designated as Accounting Hedges and Total Net Foreign Currency Losses

The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Foreign currency forward contracts gains (losses)	$	0.7	$	0.5	$	(0.1)	$	(2.1)
Total foreign currency transaction gains (losses), net	(3.4)		(4.9)		14.7		(6.9)

Schedule of Changes in Value of Debt and Designated Interest Rate Swaps

The Company’s gains (losses), net of income tax, associated with changes in the value of debt for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Gain, net of income tax, recorded through other comprehensive income	$	(5.7)	$	(9.1)	$	13.2	$	0.9

Schedule of Assets and Liabilities Measured at Fair Value

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	0.4	$	—	$	0.4
Trading securities held in deferred compensation plan(2)	11.2		—		—		11.2
Total	$	11.2	$	0.4	$	—	$	11.6
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.8	$	—	$	0.8
Deferred compensation plans(2)	25.1		—		—		25.1
Total	$	25.1	$	0.8	$	—	$	25.9

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	2.9	$	—	$	2.9
Trading securities held in deferred compensation plan(2)	9.1		—		—		9.1
Total	$	9.1	$	2.9	$	—	$	12.0
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.7	$	—	$	0.7
Deferred compensation plan(2)	25.7		—		—		25.7
Total	$	25.7	$	0.7	$	—	$	26.4

(1)Based on calculations that use readily observable market parameters at their basis, such as spot and forward rates.

(2)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method.