Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Currency Contracts

As of March 31, 2023, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:

(in millions)		Sell
Currency	Purchase	USD	EUR
EUR	8.2	8.5	—
Yen	5,629.6	30.2	12.5
SGD	67.9	24.9	23.8

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)	2023		2022
Fair Value Hedges:
Hedged item (intercompany loan)	$	2.5	$	(9.6)	Other expense (income)
Derivative designated as hedging instrument	(2.5)		9.6		Other expense (income)
Amount excluded from effectiveness testing	1.2		0.8		Other expense (income)
Total	$	1.2	$	0.8

The following table summarizes 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)	2023		2022		2023		2022
Fair Value Hedges:
Foreign currency hedge contracts	$	0.2	$	(1.2)	$	—	$	—	Other expense (income)
Total	$	0.2	$	(1.2)	$	—	$	—
Cash Flow Hedges:
Foreign currency hedge contracts	$	(0.1)	$	0.4	$	0.7	$	(0.3)	Net sales
Foreign currency hedge contracts	(1.0)		(1.1)		—		0.5		Cost of goods and services sold
Forward treasury locks	—		—		—		0.1		Interest expense
Total	$	(1.1)	$	(0.7)	$	0.7	$	0.3
Net Investment Hedges:
Cross-currency swap	$	1.7	$	3.3	$	—	$	—	Other expense (income)
Total	$	1.7	$	3.3	$	—	$	—

Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges within the other expense (income) line in our condensed consolidated statements of income for the three months ended March 31, 2023 and 2022. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our condensed consolidated statements of income:

	Three Months Ended March 31,
($ in millions)	2023		2022
Net sales	$	0.7	$	(0.3)
Cost of goods and services sold	—		0.5
Interest expense	—		0.1

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)	2023		2022
Commodity call options	$	(0.6)	$	2.8	Other expense (income)
Total	$	(0.6)	$	2.8