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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, All Other Investments [Abstract]  
Estimated Aggregate Fair Value of Debt Instruments The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):
December 31,
2019
 
2018
Estimated aggregate fair value (1)
$
2,384.6

 
$
1,921.6

Aggregate carrying value (1) (2)
2,334.4

 
1,967.2


(1)
Term Loan Facility and Notes (excludes "other" debt).
(2)
Excludes the impact of unamortized debt issuance costs and original issue discount
Restricted Cash A reconciliation of cash and cash equivalents reported on the accompanying consolidated balance sheets to cash, cash equivalents and restricted cash reported on the consolidated statements of cash flows is shown below (in millions):
December 31,
2019
 
2018
 
2017
Balance sheet - cash and cash equivalents
$
1,487.7

 
$
1,493.2

 
$
1,500.4

Restricted cash included in other current assets
15.9

 
8.7

 
—

Restricted cash included in other long-term assets
6.8

 
17.9

 
—

Statement of cash flows - cash, cash equivalents and restricted cash
$
1,510.4

 
$
1,519.8

 
$
1,500.4
Cash and Cash Equivalents A reconciliation of cash and cash equivalents reported on the accompanying consolidated balance sheets to cash, cash equivalents and restricted cash reported on the consolidated statements of cash flows is shown below (in millions):
December 31,
2019
 
2018
 
2017
Balance sheet - cash and cash equivalents
$
1,487.7

 
$
1,493.2

 
$
1,500.4

Restricted cash included in other current assets
15.9

 
8.7

 
—

Restricted cash included in other long-term assets
6.8

 
17.9

 
—

Statement of cash flows - cash, cash equivalents and restricted cash
$
1,510.4

 
$
1,519.8

 
$
1,500.4
Marketable Equity Securities
Marketable equity securities, which the Company accounts for under the fair value option, are included in the accompanying consolidated balance sheets as shown below (in millions):
December 31,
2019
 
2018
Other current assets
$
17.1

 
$
4.8

Other long-term assets
42.1

 
42.5

 
$
59.2

 
$
47.3
Notional Amount and Estimated Fair Value of Foreign Currency Contracts and Related Classification
The notional amount, estimated aggregate fair value and related balance sheet classification of the Company's foreign currency and net investment hedge contracts are shown below (in millions, except for maturities):
December 31,
2019
 
2018
Fair value of foreign currency contracts designated as cash flow hedges:
 
 
 
Other current assets
$
44.0

 
$
20.6

Other long-term assets
7.3

 
2.8

Other current liabilities
(4.5
)
 
(8.4
)
Other long-term liabilities
(0.2
)
 
(2.0
)
 
46.6

 
13.0

Notional amount
$
1,465.8

 
$
1,499.0

Outstanding maturities in months, not to exceed
24

 
24

Fair value of derivatives designated as net investment hedges:
 
 
 
Other long-term liabilities
$
(4.4
)
 
$
—

Notional amount
$
300.0

 
$
—

Outstanding maturities in months, not to exceed
57

 
N/A

Fair value of foreign currency contracts not designated as hedge instruments:
 
 
 
Other current assets
$
6.9

 
$
6.1

Other current liabilities
(3.2
)
 
(4.8
)
 
3.7

 
1.3

Notional amount
$
697.0

 
$
654.0

Outstanding maturities in months, not to exceed
12

 
12

Total fair value
$
45.9

 
$
14.3

Total notional amount
$
2,462.8

 
$
2,153.0
Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss and Net Gains (Losses) Expected to be Reclassified into Earnings
Pretax amounts related to foreign currency, interest rate swap and net investment hedge contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):
For the year ended December 31,
2019
 
2018
 
2017
Gains (losses) recognized in accumulated other comprehensive loss:
 
 
 
 
 
Foreign currency contracts
$
82.4

 
$
50.5

 
$
28.8

Interest rate swap contracts
(9.2
)
 
(14.7
)
 
—

Net investment hedges
(4.4
)
 
—

 
—

 
68.8

 
35.8

 
28.8

(Gains) losses reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
Net sales
3.8

 
2.3

 
2.1

Cost of sales
(52.6
)
 
(21.6
)
 
7.4

Interest expense
1.1

 
—

 
—

 
(47.7
)
 
(19.3
)
 
9.5

Comprehensive income
$
21.1

 
$
16.5

 
$
38.3


During the next twelve month period, net gains (losses) expected to be reclassified into earnings are shown below (in millions):
Net gains related to foreign currency contracts
$
39.5

Net losses related to interest rate swap contracts
(2.4
)
Net losses related to net investment hedges
—

Total
$
37.1
Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level
Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018, are shown below (in millions):
 
December 31, 2019
 
Frequency
 
Asset
(Liability)
 
Valuation
Technique
 
Level 1
 
Level 2
 
Level 3
Foreign currency contracts, net
Recurring
 
$
50.3

 
Market / Income
 
$
—

 
$
50.3

 
$
—

Net investment hedges
Recurring
 
(4.4
)
 
Market / Income
 
—

 
(4.4
)
 
—

Marketable equity securities
Recurring
 
59.2

 
Market
 
59.2

 
—

 
—

 
December 31, 2018
 
Frequency
 
Asset
(Liability)
 
Valuation
Technique
 
Level 1
 
Level 2
 
Level 3
Foreign currency contracts, net
Recurring
 
$
14.3

 
Market / Income
 
$
—

 
$
14.3

 
$
—

Interest rate swap contract
Recurring
 
(14.7
)
 
Market / Income
 
—

 
(14.7
)
 
—

Marketable equity securities
Recurring
 
47.3

 
Market
 
47.3

 
—

 
—