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Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Components of Accumulated Other Comprehensive Loss | The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2024:
($ in millions) | Derivatives |  | Change in equity affiliate investment AOCI |  | Defined benefit pension and other postretirement plans |  | Foreign currency translation |  | Total
Balance, December 31, 2023 | $ | — |  |  | $ | 2.3 |  |  | $ | (10.1) |  |  | $ | (136.0) |  |  | $ | (143.8) |
Other comprehensive (loss) income before reclassifications | (6.3) |  |  | (0.2) |  |  | — |  |  | (68.0) |  |  | (74.5) |
Amounts reclassified out from accumulated other comprehensive (loss) income | 1.8 |  |  | — |  |  | (0.4) |  |  | — |  |  | 1.4 |
Other comprehensive (loss) income, net of tax | (4.5) |  |  | (0.2) |  |  | (0.4) |  |  | (68.0) |  |  | (73.1) |
Balance, June 30, 2024 | $ | (4.5) |  |  | $ | 2.1 |  |  | $ | (10.5) |  |  | $ | (204.0) |  |  | $ | (216.9) |
The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2023:
($ in millions) | Derivatives |  | Change in equity affiliate investment AOCI |  | Defined benefit pension and other postretirement plans |  | Foreign currency translation |  | Total
Balance, December 31, 2022 | $ | 0.2 |  |  | $ | 1.6 |  |  | $ | (9.4) |  |  | $ | (175.4) |  |  | $ | (183.0) |
Other comprehensive (loss) income before reclassifications | (6.5) |  |  | (0.1) |  |  | (0.5) |  |  | 4.0 |  |  | (3.1) |
Amounts reclassified out from accumulated other comprehensive (loss) income | 3.5 |  |  | — |  |  | (0.9) |  |  | — |  |  | 2.6 |
Other comprehensive (loss) income, net of tax | (3.0) |  |  | (0.1) |  |  | (1.4) |  |  | 4.0 |  |  | (0.5) |
Balance, June 30, 2023 | $ | (2.8) |  |  | $ | 1.5 |  |  | $ | (10.8) |  |  | $ | (171.4) |  |  | $ | (183.5) |
Schedule of Reclassification out of Accumulated Other Comprehensive Loss | A summary of the reclassifications out from accumulated other comprehensive loss is presented in the following table:
($ in millions) |  | Three Months Ended June 30, |  | Six Months Ended June 30, |  | Location on Statement of Income
Detail of components |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
(Losses) gains on derivatives: |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 0.1 |  |  | $ | (0.6) |  |  | $ | 0.2 |  |  | $ | (1.3) |  |  | Net sales
Foreign currency contracts |  | (1.8) |  |  | (0.6) |  |  | (3.4) |  |  | (0.6) |  |  | Cost of goods and services sold
Foreign currency contracts |  | 1.0 |  |  | (2.8) |  |  | 1.0 |  |  | (2.8) |  |  | Other expense (income)
Forward treasury locks |  | — |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | Interest expense
Total before tax |  | (0.7) |  |  | (4.0) |  |  | (2.3) |  |  | (4.8) |  |  |
Tax benefit |  | 0.1 |  |  | 1.2 |  |  | 0.5 |  |  | 1.3 |  |  |
Net of tax |  | $ | (0.6) |  |  | $ | (2.8) |  |  | $ | (1.8) |  |  | $ | (3.5) |  |  |
Amortization of defined benefit pension and other postretirement plans: |  |  |  |  |  |  |  |  |  |
Actuarial gains |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | 0.8 |  |  | (a)
Other |  | — |  |  | 0.4 |  |  | — |  |  | 0.4 |  |  |
Total before tax |  | 0.2 |  |  | 0.8 |  |  | 0.5 |  |  | 1.2 |  |  |
Tax expense |  | — |  |  | (0.2) |  |  | (0.1) |  |  | (0.3) |  |  |
Net of tax |  | $ | 0.2 |  |  | $ | 0.6 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  |
Total reclassifications for the period, net of tax |  | $ | (0.4) |  |  | $ | (2.2) |  |  | $ | (1.4) |  |  | $ | (2.6) |  |  |
(a) This component is included in the computation of net periodic benefit cost.

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