Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.19.3.a.u2
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Schedule of Activity Related to Cash Flow Hedges Recorded in Accumulated Other Comprehensive Loss
The following activity related to cash flow hedges was recorded in Accumulated other comprehensive loss as of December 31:
 
Accumulated Unrealized Derivative
 
Gains (Losses)
 
2019
 
2018
(in millions)
Pretax
 
After-tax
 
Pretax
 
After-tax
Beginning balance
$
6.2

 
$
(1.9
)
 
$
(7.8
)
 
$
(11.8
)
Net change in value of outstanding hedges
5.1

 
3.6

 
10.6

 
7.3

Net amount recognized into earnings
(10.2
)
 
(7.2
)
 
3.4

 
2.6

Ending balance
$
1.1

 
$
(5.5
)
 
$
6.2

 
$
(1.9
)

 
Fair Values Of Derivative Instruments  
As of December 31, 2019 and December 31, 2018, the fair values of the Company’s derivative instruments were:
(in millions)
 
 
 
 
 
 
 
 
 
 
Derivative Assets
 
Derivative Liabilities
Instrument
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
 
 
 
 
2019
 
2018
 
 
 
2019
 
2018
Derivatives Designated as Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
Prepaid expenses and other
 
$
4.1

 
$
6.8

 
Accrued expenses
 
$
2.3

 
$
0.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Designated as Fair Value Hedges
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
Prepaid expenses and other
 
—

 
—

 
Accrued expenses
 
$
—

 
$
0.1

Interest rate contracts
 
Other long-term assets
 
—

 
—

 
Other long-term liabilities
 
—

 
1.8

Total
 
 
 
$
—

 
$
—

 
 
 
$
—

 
$
1.9

 
 
 
 
 
 
 
 
 
 
 
 
 
Other Hedging Activity
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
Prepaid expenses and other
 
$
0.1

 
$
0.8

 
Accrued expenses
 
$
0.9

 
$
0.0


Effect of Derivative Instruments on the Consolidated Statement of Operations  
The effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2019 and December 31, 2018 was: 
(in millions)
 
 
 
 
 
 
 
 
 
 
Derivatives Designated as Cash Flow Hedging Instruments
 
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)
 
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
 
Amount of Gain/Loss Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
 
 
2019
 
2018
 
 
 
2019
 
2018
Interest rate contracts
 
$
—

 
$
—

 
Interest expense
 
$
(0.6
)
 
$
(0.9
)
Foreign exchange contracts
 
5.1

 
10.6

 
Cost of sales
 
10.8

 
(2.5
)
Total
 
$
5.1

 
$
10.6

 
 
 
$
10.2

 
$
(3.4
)

Derivatives Designated as Fair Value Hedging Instruments
 
Location of Gain (Loss) on Derivatives
Recognized in Earnings
 
Amount of Gain (Loss) on Derivatives Recognized in Earnings
 
 
 
 
2019
 
2018
Interest rate contracts
 
Interest expense
 
$
0.1

 
$
(0.0
)

Other Hedging Activity
 
Location of Gain (Loss) on Derivatives
Recognized in Earnings
 
Amount of Gain (Loss) on Derivatives Recognized in Earnings
 
 
 
 
2019
 
2018
Foreign exchange contracts
 
Cost of sales
 
$
2.4

 
$
7.9

Foreign exchange contracts
 
Other expense, net
 
(1.3
)
 
1.5

Total
 
 
 
$
1.1

 
$
9.4