Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.20.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Derivative Assets and Liabilities Measured at Fair Value
The Company’s derivative assets and liabilities are measured at fair value and consisted of Level 2 inputs and their amounts are shown below at their gross values as of December 31, 2020 and 2019:
 
 
  
Significant Other
Observable
Inputs (Level 2)
Fair Value as of
December 31,

2020
  
Significant Other
Observable
Inputs (Level 2)
Fair Value as of
December 31,

2019
  
Balance Sheet Location
 
  
(in millions)
  
 
ASSETS:
   
 
         
 
           
Derivatives designated as hedging instruments:
   
 
         
 
           
Foreign exchange currency contracts relating to inventory and intercompany management fee hedges
   
 
 $ —       
 
 $ 0.1      Prepaid expenses and other current assets
Derivatives not designated as hedging instruments:
   
 
         
 
           
Foreign exchange currency contracts
   
 
   9.4     
 
   3.1      Prepaid expenses and other current assets
    
 
 
 
     
 
 
 
       
    
 
 $ 9.4     
 
 $ 3.2       
    
 
 
 
     
 
 
 
       
LIABILITIES:
   
 
         
 
           
Derivatives designated as hedging instruments:
   
 
         
 
           
Foreign exchange currency contracts relating to inventory and intercompany management fee hedges
   
 
 $ 3.9     
 
 $ 1.9      Other current liabilities
Interest rate swaps
   
 
   1.0     
 
   —        Other current liabilities
Derivatives not designated as hedging instruments:
   
 
         
 
           
Foreign exchange currency contracts
   
 
   3.2     
 
   1.1      Other current liabilities
    
 
 
 
     
 
 
 
       
    
 
 $ 8.1     
 
 $ 3.0       
    
 
 
 
     
 
 
 
       
Offsetting of Derivative Assets
The following tables summarize the offsetting of the fair values of the Company’s derivative assets and derivative liabilities for presentation in the Company’s consolidated balance sheets as of December 31, 2020 and 2019:
 
 
  
Offsetting of Derivative Assets
 
  
Gross Amounts
of Recognized
Assets
  
Gross Amounts
Offset in the
Balance Sheet
  
Net Amounts of
Assets Presented
in the Balance
Sheet
 
  
(in millions)
December 31, 2020
   
 
         
 
         
 
      
Foreign exchange currency contracts
   
 
 $ 9.4     
 
 $ (1.8 )    
 
 $ 7.6  
    
 
 
 
     
 
 
 
     
 
 
 
  
Total
   
 
 $ 9.4     
 
 $ (1.8 )    
 
 $ 7.6  
    
 
 
 
     
 
 
 
     
 
 
 
  
December 31, 2019
   
 
         
 
         
 
      
Foreign exchange currency contracts
   
 
 $ 3.2     
 
 $ (1.4 )    
 
 $ 1.8  
    
 
 
 
     
 
 
 
     
 
 
 
  
Total
   
 
 $ 3.2     
 
 $ (1.4 )    
 
 $ 1.8  
    
 
 
 
     
 
 
 
     
 
 
 
  
Offsetting of Derivative Liabilities
 
  
Offsetting of Derivative Liabilities
 
  
Gross Amounts
of Recognized
Liabilities
  
Gross Amounts
Offset in the
Balance Sheet
  
Net Amounts of
Liabilities
Presented in the
Balance Sheet
 
  
(in millions)
December 31, 2020
   
 
         
 
         
 
      
Foreign exchange currency contracts
   
 
 $ 7.1     
 
 $ (1.8 )    
 
 $ 5.3  
Interest rate swaps
   
 
   1.0     
 
   —       
 
   1.0  
    
 
 
 
     
 
 
 
     
 
 
 
  
Total
   
 
 $ 8.1     
 
 $ (1.8 )    
 
 $ 6.3  
    
 
 
 
     
 
 
 
     
 
 
 
  
December 31, 2019
   
 
         
 
         
 
      
Foreign exchange currency contracts
   
 
 $ 3.0     
 
 $ (1.4 )    
 
 $ 1.6  
    
 
 
 
     
 
 
 
     
 
 
 
  
Total
   
 
 $ 3.0     
 
 $ (1.4 )    
 
 $ 1.6