Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of June 30, 2020 (in millions):

	Asset Derivatives as of June 30, 2020			Liability Derivatives as of June 30, 2020
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	4.6	Other current liabilities	$	0.1
Cross currency swap contract	Other noncurrent assets	28.4		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	23.7		Other current liabilities	17.0
Total derivative instruments		$	56.7		$	17.1

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 June 30, 2020 and December 31, 2019 are summarized below (in millions):

	As of June 30, 2020
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	56.7	$	—	$	56.7
Derivative liabilities	—		17.1		—		17.1

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