DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Forward Contracts

The Company has currency forward contracts with maturities extending through March 2027. The notional amounts expressed in terms of the dollar value of the hedged currency were as follows:

	March 31, 2024		December 31, 2023
Chinese Renminbi	$	312.0	$	302.3
Mexican Peso	72.1		101.4
Euro	617.4		465.8
Indian Rupee	24.4		30.1
British Pound	12.8		7.1

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:

	March 31, 2024		December 31, 2023
Copper	$	26.9	$	37.5
Aluminum	0.9		1.4

Schedule of Fair Values of Derivative Instruments

Fair values of derivative instruments as of March 31, 2024 and December 31, 2023 were:

	March 31, 2024
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	8.6	$	—
Currency Contracts	10.3		—		1.0
Commodity Contracts	1.1		—		0.3
Not Designated as Hedging Instruments:
Currency Contracts	1.2		—		0.7
Total Derivatives	$	12.6	$	8.6	$	2.0

	December 31, 2023
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	5.3	$	—
Currency Contracts	13.1		0.2		1.0
Commodity Contracts	1.0		0.1		0.6
Not Designated as Hedging Instruments:
Currency Contracts	1.3		—		5.9
Total Derivatives	$	15.4	$	5.6	$	7.5

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 (Loss) were:

	Three Months Ended
	March 31, 2024								March 31, 2023
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$	2.2	$	4.0	$	3.2	$	9.4	$	5.5	$	20.3	$	(3.7)	$	22.1
Amounts Reclassified from Other Comprehensive Income (Loss):
(Loss) Gain Recognized in Cost of Sales	(0.3)		8.7		—		8.4		(5.0)		2.0		—		(3.0)
Gain Recognized in Interest Expense	—		—		1.5		1.5		—		—		1.3		1.3

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
	March 31, 2024				March 31, 2023
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
Gain recognized in Cost of Sales	$	—	$	—	$	0.2	$	—
Gain recognized in Operating Expenses	—		10.1		—		1.9

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:

	March 31, 2024
	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
Assets	$	21.2	$	(1.4)	$	19.8
Liabilities	2.0		(1.4)		0.6

	December 31, 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
Assets	$	15.7	$	(2.6)	$	13.1
Liabilities	7.5		(2.6)		4.9