Derivative Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of foreign currency derivatives in balance sheet

The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Condensed Consolidated Balance Sheets:

	As of September 30, 2024				As of December 31, 2023
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Total	$	9.5	$	1.4	$	13.6	$	3.0

Schedule of derivative assets at fair value

As of September 30, 2024 and December 31, 2023, information related to these offsetting arrangements was as follows:

(In millions)	As of September 30, 2024
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	14.6	$	—	$	14.6	$	(0.9)	$	13.7

(In millions)	As of December 31, 2023
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	25.8	$	—	$	25.8	$	(2.3)	$	23.5

Schedule of derivative liabilities at fair value

(In millions)	As of September 30, 2024
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	1.0	$	—	$	1.0	$	(0.9)	$	0.1

(In millions)	As of December 31, 2023
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	2.3	$	—	$	2.3	$	(2.3)	$	—

Schedule of location and amount of gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies

The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Condensed Consolidated Statements of Income: 

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income
		Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)		2024		2023		2024		2023
Foreign exchange contracts	Revenue	$	0.6	$	1.8	$	(3.8)	$	(0.1)
Foreign exchange contracts	Cost of sales	0.3		(2.1)		2.5		(0.7)
Foreign exchange contracts	Selling, general and administrative expense	0.1		0.4		(0.9)		0.6
Total		1.0		0.1		(2.2)		(0.2)
Remeasurement of assets and liabilities in foreign currencies		(2.5)		1.0		(1.4)		0.7
Net gain (loss)		$	(1.5)	$	1.1	$	(3.6)	$	0.5