Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Activity Related to Cash Flow Hedges Recorded in Accumulated Other Comprehensive Loss

The following activity related to cash flow hedges was recorded in Accumulated other comprehensive income (loss) as of December 31:

	Accumulated Unrealized Derivative
	Gains (Losses)
	2023				2022
(in millions)	Pre-tax		After-tax		Pre-tax		After-tax
Beginning balance	$	56.5	$	36.0	$	21.6	$	9.9
Net change in value of outstanding hedges	(3.9)		(3.3)		62.0		46.1
Net amount recognized into earnings	(13.6)		(9.6)		(27.1)		(20.0)
Ending balance	$	39.0	$	23.1	$	56.5	$	36.0

Fair Values Of Derivative Instruments

As of December 31, 2023 and December 31, 2022, the fair values of the Company’s derivative instruments were:

(in millions)	Fair Value
Asset Derivatives	December 31, 2023		December 31, 2022
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	4.1	$	15.2
Commodity contracts	0.9		0.3
Total	$	5.0	$	15.5
Other Hedging Activity
Foreign exchange contracts	$	0.2	$	0.6
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	6.1	$	8.0
Commodity contracts	0.8		1.1
Total	$	6.9	$	9.1
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	5.0	$	—
Other Hedging Activity
Foreign exchange contracts	$	1.8	$	0.8

Effect of Derivative Instruments on the Consolidated Statement of Operations

The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive income (loss) was as follows: 

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	December 31, 2023		December 31, 2022
Interest-rate contracts	$	—	$	5.3
Foreign exchange contracts	3.2		30.6
Commodity contracts	(2.1)		(2.1)
Total	$	1.1	$	33.8
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps	$	(5.0)	$	28.2

The amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into earnings was as follows:

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	Location of Gain (Loss)	December 31, 2023		December 31, 2022
Interest-rate contracts	Interest expense	$	(0.1)	$	(0.3)
Foreign exchange contracts	Cost of sales	16.8		26.0
Commodity contracts	Cost of sales	(3.1)		1.4
Total		$	13.6	$	27.1
Derivatives Designated as Fair Value Hedging Instruments
Interest-rate contracts	Interest expense	$	0.4	$	0.7
Other Hedging Activity
Foreign exchange contracts	Cost of sales	$	(2.8)	$	1.0
Foreign exchange contracts	Other income (expense), net	0.6		0.9
Total		$	(2.2)	$	1.9