Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.20.4
Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2020
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)
2020 2019
(in millions) Pretax After-tax Pretax After-tax
Beginning balance $ 1.1  $ (5.5) $ 6.2  $ (1.9)
Net change in value of outstanding hedges (6.4) (4.7) 5.1  3.6 
Net amount recognized into earnings (6.8) (5.0) (10.2) (7.2)
Ending balance $ (12.1) $ (15.2) $ 1.1  $ (5.5)
Fair Values Of Derivative Instruments
As of December 31, 2020 and December 31, 2019, 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
2020 2019 2020 2019
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts
Prepaid expenses and other $ 1.3  $ 4.1  Accrued expenses $ 11.3  $ 2.3 
Commodity contracts
Prepaid expenses and other 0.9  —  Accrued expenses   — 
Total
$ 2.2  $ 4.1  $ 11.3  $ 2.3 
Other Hedging Activity
Foreign exchange contracts
Prepaid expenses and other $ 0.0  $ 0.1  Accrued expenses $ 0.7  $ 0.9 
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, 2020 and December 31, 2019 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)
2020 2019 2020 2019
Interest rate contracts $   $ —  Interest expense $ (0.6) $ (0.6)
Foreign exchange contracts (7.3) 5.1  Cost of sales 7.4  10.8 
Commodity contracts 0.9  —  Cost of sales 0.0  — 
Total $ (6.4) $ 5.1    $ 6.8  $ 10.2 

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
2020 2019
Interest rate contracts Interest expense $ 0.7  $ 0.1 

Other Hedging Activity
Location of Gain (Loss) on Derivatives
Recognized in Earnings
Amount of Gain (Loss) on Derivatives Recognized in Earnings
2020 2019
Foreign exchange contracts Cost of sales $ (0.8) $ 2.4 
Foreign exchange contracts Other expense, net 1.0  (1.3)
Total   $ 0.2  $ 1.1