Hedging Transactions And Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes the notional values as of December 31, 2020 and 2019 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive loss (“OCI”) for the years ended December 31, 2020 and 2019 ($ in millions):

	Notional Amount		Loss Recognized in OCI
Year Ended December 31, 2020
Interest rate contracts	$	450.0	$	(8.4)
Foreign currency contracts	650.0		(52.9)
Foreign currency denominated debt	732.9		(60.0)
Total	$	1,832.9	$	(121.3)

	Notional Amount		Gain (Loss) Recognized in OCI
Year Ended December 31, 2019
Interest rate contracts	$	650.0	$	0.1
Foreign currency contracts	650.0		(8.9)
Foreign currency denominated debt	672.9		(9.2)
Total	$	1,972.9	$	(18.0)

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the notional values as of December 31, 2020 and 2019 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive loss (“OCI”) for the years ended December 31, 2020 and 2019 ($ in millions):

	Notional Amount		Loss Recognized in OCI
Year Ended December 31, 2020
Interest rate contracts	$	450.0	$	(8.4)
Foreign currency contracts	650.0		(52.9)
Foreign currency denominated debt	732.9		(60.0)
Total	$	1,832.9	$	(121.3)

	Notional Amount		Gain (Loss) Recognized in OCI
Year Ended December 31, 2019
Interest rate contracts	$	650.0	$	0.1
Foreign currency contracts	650.0		(8.9)
Foreign currency denominated debt	672.9		(9.2)
Total	$	1,972.9	$	(18.0)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The Company’s derivative instruments, as well as its non-derivative debt instruments designated and qualifying as net investment hedges, were classified as of December 31, 2020 and 2019, in the Company’s Consolidated Balance Sheets as follows ($ in millions):

Derivative assets:	2020		2019
Prepaid expenses and other current assets	$	—	$	0.1
Derivative liabilities:
Accrued expense and other liabilities	$	70.2	$	8.9
Nonderivative hedging instruments:
Short-term debt	$	472.0	$	—
Long-term debt	$	260.9	$	672.9