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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Foreign Currency Contracts | As of March 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 | 8.2 |  |  | 8.5 |  | — |
Yen | 5,629.6 |  |  | 30.2 |  | 12.5 |
SGD | 67.9 |  |  | 24.9 |  | 23.8 |
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 on the condensed consolidated statements of income:
| Amount of Gain (Loss) Recognized in Income for the |  |  |  |
| Three Months Ended March 31, |  |  |  | Location on Statement of Income
($ in millions) | 2023 |  | 2022 |  |  |  |  |  |
Fair Value Hedges: |  |  |  |  |  |  |  |  |
Hedged item (intercompany loan) | $ | 2.5 |  |  | $ | (9.6) |  |  |  |  |  |  | Other expense (income)
Derivative designated as hedging instrument | (2.5) |  |  | 9.6 |  |  |  |  |  |  | Other expense (income)
Amount excluded from effectiveness testing | 1.2 |  |  | 0.8 |  |  |  |  |  |  | Other expense (income)
Total | $ | 1.2 |  |  | $ | 0.8 |  |  |  |  |  |  |
The following table summarizes the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax:
| Amount of (Loss) Gain Recognized in OCI for the |  | Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the |  | Location of (Gain) Loss Reclassified from Accumulated OCI into Income
| Three Months Ended March 31, |  | Three Months Ended March 31, |
($ in millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Fair Value Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | 0.2 |  |  | $ | (1.2) |  |  | $ | — |  |  | $ | — |  |  | Other expense (income)
Total | $ | 0.2 |  |  | $ | (1.2) |  |  | $ | — |  |  | $ | — |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | (0.1) |  |  | $ | 0.4 |  |  | $ | 0.7 |  |  | $ | (0.3) |  |  | Net sales
Foreign currency hedge contracts | (1.0) |  |  | (1.1) |  |  | — |  |  | 0.5 |  |  | Cost of goods and services sold
Forward treasury locks | — |  |  | — |  |  | — |  |  | 0.1 |  |  | Interest expense
Total | $ | (1.1) |  |  | $ | (0.7) |  |  | $ | 0.7 |  |  | $ | 0.3 |  |  |
Net Investment Hedges: |  |  |  |  |  |  |  |  |
Cross-currency swap | $ | 1.7 |  |  | $ | 3.3 |  |  | $ | — |  |  | $ | — |  |  | Other expense (income)
Total | $ | 1.7 |  |  | $ | 3.3 |  |  | $ | — |  |  | $ | — |  |  |
Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges within the other expense (income) line in our condensed consolidated statements of income for the three months ended March 31, 2023 and 2022. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our condensed consolidated statements of income:
| Three Months Ended March 31, |  |
($ in millions) | 2023 |  | 2022 |  |  |  |
Net sales | $ | 0.7 |  |  | $ | (0.3) |  |  |  |  |
Cost of goods and services sold | — |  |  | 0.5 |  |  |  |  |
Interest expense | — |  |  | 0.1 |  |  |  |  |
Schedule of Derivatives Not Designated as Hedging Instruments | The following table summarizes the effects of derivative instruments not designated as hedges on the condensed consolidated statements of income:
| Amount of Gain (Loss) Recognized in Income for the |  |  |  |
| Three Months Ended March 31, |  |  |  | Location on Statement of Income
($ in millions) | 2023 |  | 2022 |  |  |  |  |  |
Commodity call options | $ | (0.6) |  |  | $ | 2.8 |  |  |  |  |  |  | Other expense (income)
Total | $ | (0.6) |  |  | $ | 2.8 |  |  |  |  |  |  |

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