Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Currency Contracts

As of March 31, 2022, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:

(in millions)		Sell
Currency	Purchase	USD	EUR
USD	14.4	—	12.1
JPY	5,386.8	20.0	24.2
SGD	8.3	5.6	0.6

Schedule of Effects of Derivative Instruments on Other Comprehensive Income ('OCI') and Earnings

The following table summarizes the effects of derivative instruments designated as fair value hedges on the condensed consolidated statements of income:

	Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2022		2021
Fair Value Hedges:
Hedged item (intercompany loan)	$	(9.6)	$	(9.9)	Other (income) expense
Derivative designated as hedging instrument	9.6		9.9		Other (income) expense
Amount excluded from effectiveness testing	0.8		0.6		Other (income) expense
Total	$	0.8	$	0.6

The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax:

	Amount of (Loss) Gain Recognized in OCI for the				Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the				Location of (Gain) Loss Reclassified from Accumulated OCI into Income
	Three Months Ended March 31,				Three Months Ended March 31,
($ in millions)	2022		2021		2022		2021
Fair Value Hedges:
Foreign currency hedge contracts	$	(1.2)	$	(0.6)	$	—	$	0.4	Other (income) expense
Total	$	(1.2)	$	(0.6)	$	—	$	0.4
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.4	$	(0.1)	$	(0.3)	$	0.3	Net sales
Foreign currency hedge contracts	(1.1)		(1.9)		0.5		—		Cost of goods and services sold
Forward treasury locks	—		—		0.1		0.1		Interest expense
Total	$	(0.7)	$	(2.0)	$	0.3	$	0.4
Net Investment Hedges:
Cross-currency swap	$	3.3	$	5.0	$	—	$	—	Other (income) expense
Total	$	3.3	$	5.0	$	—	$	—

The following table summarizes the effects of derivative instruments designated as fair value, cash flow, and net investment hedges by line item in our condensed consolidated statements of income:

	Three Months Ended March 31,
($ in millions)	2022		2021
Net sales	$	(0.3)	$	0.3
Cost of goods and services sold	0.5		—
Interest expense	0.1		0.1
Other (income) expense	—		0.4

Schedule of Derivatives Not Designated as Hedging Instruments

The following table summarizes the effects of derivative instruments not designated as hedges on the condensed consolidated statements of income:

	Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2022		2021
Commodity call options	$	2.8	$	(0.5)	Other (income) expense
Total	$	2.8	$	(0.5)