Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Currency Contracts

As of December 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	19.8	21.6	—
Yen	6,065.2	30.7	13.2
SGD	41.6	13.9	15.8

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 in our consolidated statements of income for the years ended December 31:

	Amount of Gain (Loss) Recognized in Income						Location on Statement of Income
($ in millions)	2023		2022		2021
Fair Value Hedges:
Hedged item (intercompany loan)	$	(0.3)	$	(28.3)	$	(22.1)	Other expense (income)
Derivative designated as hedging instrument	0.3		28.3		22.1		Other expense (income)
Amount excluded from effectiveness testing	(1.4)		5.2		3.0		Other expense (income)
Total	$	(1.4)	$	5.2	$	3.0

The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on OCI and earnings, net of tax, for the years ended December 31:

	Amount of Gain (Loss) Recognized in OCI
($ in millions)	2023		2022		2021
Fair Value Hedges:
Foreign currency hedge contracts	$	(2.0)	$	1.3	$	0.6
Total	$	(2.0)	$	1.3	$	0.6
Cash Flow Hedges:
Foreign currency hedge contracts (hedges of net sales)	$	(0.8)	$	0.3	$	(0.2)
Foreign currency hedge contracts (hedges of cost of goods and services sold)	(4.0)		(1.1)		(1.8)
Forward treasury locks	—		—		—
Total	$	(4.8)	$	(0.8)	$	(2.0)
Net Investment Hedges:
Cross-currency swap	$	8.6	$	9.1	$	7.7
Total	$	8.6	$	9.1	$	7.7

	Amount of (Gain) Loss Reclassified from Accumulated OCI into Income						Location of (Gain) Loss Reclassified from Accumulated OCI into Income
($ in millions)	2023		2022		2021
Fair Value Hedges:
Foreign currency hedge contracts	$	2.9	$	(1.6)	$	(0.8)	Other expense (income)
Total	$	2.9	$	(1.6)	$	(0.8)
Cash Flow Hedges:
Foreign currency hedge contracts	$	1.3	$	(1.2)	$	0.9	Net sales
Foreign currency hedge contracts	2.2		3.5		1.7		Cost of goods and services sold
Forward treasury locks	0.2		0.2		0.3		Interest expense
Total	$	3.7	$	2.5	$	2.9
Net Investment Hedges:
Cross-currency swap	—		—		—		Other expense (income)
Total	$	—	$	—	$	—

The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our consolidated statements of income for the years ended December 31:

($ in millions)	2023		2022		2021
Net sales	$	1.3	$	(1.2)	$	0.9
Cost of goods and services sold	2.2		3.5		1.7
Interest expense	0.2		0.2		0.3

Schedule of Derivatives Not Designated as Hedging Instruments

The following table summarizes the effects of derivative instruments not designated as hedges in our consolidated statements of income for the years ended December 31:

	Amount of Gain (Loss) Recognized in Income						Location on Statement of Income
($ in millions)	2023		2022		2021
Commodity call options	$	(1.3)	$	1.5	$	1.7	Other expense (income)
Currency forwards	0.1		0.0		0.0		Other expense (income)
Total	$	(1.2)	$	1.5	$	1.7