Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Accumulated Other Comprehensive Loss Related to Derivatives

The following tables summarize the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during the three months ended March 31, 2020 and 2019 (in millions):

				Recognized in Net Income
Three Months Ended March 31,	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2020
Foreign currency contracts(1)	$	9.5		Cost of goods sold	$	0.1		$	1,477.8
2019
Foreign currency contracts	$	(4.7	)	Cost of goods sold	$	(0.6	)	$	1,539.1

(1) The outstanding contracts as of March 31, 2020 range in maturity through December 2020.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2020 (in millions):

	Before-Tax Amount			Income Tax			After-Tax Amount
Accumulated derivative net losses as of December 31, 2019	$	(1.5	)	$	(0.2	)	$	(1.3	)
Net changes in fair value of derivatives	11.7			2.2			9.5
Net gains reclassified from accumulated other comprehensive loss into income	(0.1		)	—			(0.1		)
Accumulated derivative net gains as of March 31, 2020	$	10.1		$	2.0		$	8.1

Schedule of Derivative Instruments

The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):

	Notional Amount as of
	March 31, 2020		December 31, 2019
Cross currency swap contract	$	300.0	$	300.0
Foreign currency denominated debt	120.5		—

The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge during the three months ended March 31, 2020 and 2019 (in millions):

	Gain Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended
	March 31, 2020		March 31, 2019
Cross currency swap contract	$	7.3	$	6.9
Foreign currency denominated debt	0.6		1.7

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on net income (in millions):

		Gain Recognized in Net Income for the Three Months Ended
	Classification of Gain	March 31, 2020		March 31, 2019
Foreign currency contracts	Other expense, net	$	32.1	$	8.8

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of March 31, 2020 (in millions):

	Asset Derivatives as of March 31, 2020			Liability Derivatives as of March 31, 2020
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	10.2	Other current liabilities	$	0.1
Cross currency swap contract	Other noncurrent assets	34.3		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	44.1		Other current liabilities	19.6
Total derivative instruments		$	88.6		$	19.7

The table below sets forth the fair value of derivative instruments as of December 31, 2019 (in millions):

	Asset Derivatives as of December 31, 2019			Liability Derivatives as of December 31, 2019
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	0.6	Other current liabilities	$	1.9
Cross currency swap contract	Other noncurrent assets	27.0		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	11.7		Other current liabilities	13.1
Total derivative instruments		$	39.3		$	15.0

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 are summarized below (in millions):

	As of March 31, 2020
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	88.6	$	—	$	88.6
Derivative liabilities	—		19.7		—		19.7

	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	39.3	$	—	$	39.3
Derivative liabilities	—		15.0		—		15.0