DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Forward Contracts

	September 30, 2023		December 31, 2022
Chinese Renminbi	$	377.9	$	173.8
Mexican Peso	138.3		215.2
Euro	623.3		159.6
Indian Rupee	41.2		33.1
Australian Dollar	0.3		—
Swedish Krona	1.6		—
British Pound	6.7		2.1

The Company has commodity forward contracts to hedge forecasted purchases of commodities with maturities extending through February 2025. The notional amounts expressed in terms of the dollar value of the hedged item were as follows:

	September 30, 2023		December 31, 2022
Copper	$	47.5	$	89.4
Aluminum	3.7		4.0

Schedule of Fair Values of Derivative Instruments

Fair values of derivative instruments as of September 30, 2023 and December 31, 2022 were:

	September 30, 2023
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	12.2	$	—	$	—
Currency Contracts	14.1		0.7		3.5		0.6
Commodity Contracts	0.6		0.1		2.1		0.3
Not Designated as Hedging Instruments:
Currency Contracts	15.9		—		1.4		—
Total Derivatives	$	30.6	$	13.0	$	7.0	$	0.9

	December 31, 2022
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	7.9	$	—	$	—
Currency Contracts	12.3		0.9		4.8		—
Commodity Contracts	0.9		0.3		10.2		—
Not Designated as Hedging Instruments:
Currency Contracts	0.7		—		—		—
Commodity Contracts	—		—		0.4		—
Total Derivatives	$	13.9	$	9.1	$	15.4	$	—

Schedule of Cash Flow Hedging Instruments

Derivatives Designated as Cash Flow Hedging Instruments

The effect of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Income (Loss) and Condensed Consolidated Statements of Comprehensive Income were:

	Three Months Ended
	September 30, 2023								September 30, 2022
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
(Loss) Gain Recognized in Other Comprehensive Income (Loss)	$	(0.9)	$	(3.7)	$	2.2	$	(2.4)	$	(12.3)	$	(2.4)	$	10.1	$	(4.6)
Amounts Reclassified from Other Comprehensive Income (Loss):
(Loss) Gain Recognized in Cost of Sales	(3.1)		4.6		—		1.5		(0.7)		2.7		—		2.0
Gain Recognized in Interest Expense	—		—		1.6		1.6		—		—		0.1		0.1
	Nine Months Ended
	September 30, 2023								September 30, 2022
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
(Loss) Gain Recognized in Other Comprehensive Income (Loss)	$	(0.7)	$	21.0	$	4.3	$	24.6	$	(34.5)	$	2.0	$	18.9	$	(13.6)
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain Recognized in Net Sales	—		—		—		—		—		0.1		—		0.1
(Loss) Gain Recognized in Cost of Sales	(10.9)		8.6		—		(2.3)		8.9		8.1		—		17.0
Gain (Loss) Recognized in Interest Expense	—		—		4.4		4.4		—		—		(0.2)		(0.2)

Derivatives Not Designated as Cash Flow Hedging Instruments:

The effect of derivative instruments not designated as cash flow hedges on the Condensed Consolidated Statements of Income (Loss) were:

	Three Months Ended
	September 30, 2023				September 30, 2022
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
Gain (Loss) recognized in Cost of Sales	$	0.1	$	—	$	(0.3)	$	—
Gain (Loss) recognized in Operating Expenses	—		27.4		—		(2.9)
	Nine Months Ended
	September 30, 2023				September 30, 2022
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
Gain (Loss) recognized in Cost of Sales	$	0.2	$	—	$	(0.9)	$	—
Gain recognized in Operating Expenses	—		14.9		—		2.1

Schedule of Derivatives Under Enforceable Master Netting Agreements

The following table presents on a net basis the derivative assets and liabilities that are subject to right of offset under enforceable master netting agreements:

	September 30, 2023
	Gross Amounts as Presented on the Condensed Consolidated Balance Sheet		Derivative Contract Amounts Subject to Right of Offset		Derivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts	$	30.0	$	(4.2)	$	25.8
Derivative Commodity Contracts	0.6		(0.5)		0.1
Other Noncurrent Assets:
Derivative Currency Contracts	0.7		(0.2)		0.5
Derivative Commodity Contracts	0.1		(0.1)		—
Other Accrued Expenses:
Derivative Currency Contracts	4.9		(4.2)		0.7
Derivative Commodity Contracts	2.1		(0.5)		1.6
Other Noncurrent Liabilities:
Derivative Currency Contracts	0.6		(0.2)		0.4
Derivative Commodity Contracts	0.3		(0.1)		0.2

	December 31, 2022
	Gross Amounts as Presented on the Condensed Consolidated Balance Sheet		Derivative Contract Amounts Subject to Right of Offset		Derivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts	$	13.0	$	(2.5)	$	10.5
Derivative Commodity Contracts	0.9		(0.9)		—
Other Noncurrent Assets:
Derivative Currency Contracts	0.9		—		0.9
Derivative Commodity Contracts	0.3		—		0.3
Other Accrued Expenses:
Derivative Currency Contracts	4.8		(2.5)		2.3
Derivative Commodity Contracts	10.6		(0.9)		9.7