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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Foreign Currency Contracts | As of June 30, 2025, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:
(in millions) |  |  | Sell
Currency | Purchase |  | USD |  | EUR |  | SGD
EUR | 25.2 |  |  | 28.0 |  |  | — |  |  | — |
JPY | 6,154.5 |  |  | 29.5 |  |  | 10.7 |  |  | 1.8 |
SGD | 43.2 |  |  | 18.4 |  |  | 13.2 |  |  | — |
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 |  | Amount of Gain (Loss) Recognized in Income for the |  |
| Three Months Ended June 30, |  | Six Months Ended June 30, |  | Location on Statement of Income
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Fair Value Hedges: |  |  |  |  |  |  |  |  |
Hedged item (intercompany loan) | $ | 0.1 |  |  | $ | 2.9 |  |  | $ | 3.4 |  |  | $ | 10.4 |  |  | Other expense (income)
Derivative designated as hedging instrument | (0.1) |  |  | (2.9) |  |  | (3.4) |  |  | (10.4) |  |  | Other expense (income)
Amount excluded from effectiveness testing | (0.5) |  |  | (1.7) |  |  | (0.9) |  |  | (3.5) |  |  | Other expense (income)
Total | $ | (0.5) |  |  | $ | (1.7) |  |  | $ | (0.9) |  |  | $ | (3.5) |  |  |
The following tables summarize 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 Gain (Loss) 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 June 30, |  | Three Months Ended June 30, |
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Fair Value Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | (0.7) |  |  | Other expense (income)
Total | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | (0.7) |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | (1.9) |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | (0.1) |  |  | Net sales
Foreign currency hedge contracts | 4.1 |  |  | (3.7) |  |  | (0.4) |  |  | 1.4 |  |  | Cost of goods and services sold
Total | $ | 2.2 |  |  | $ | (3.7) |  |  | $ | (0.1) |  |  | $ | 1.3 |  |  |
Net Investment Hedges: |  |  |  |  |  |  |  |  |
Cross-currency swap | $ | (3.5) |  |  | $ | 3.8 |  |  | $ | — |  |  | $ | — |  |  | Other expense (income)
Total | $ | (3.5) |  |  | $ | 3.8 |  |  | $ | — |  |  | $ | — |  |  |
| Amount of Gain (Loss) 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
| Six Months Ended June 30, |  | Six Months Ended June 30, |
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Fair Value Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | 0.8 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | (0.7) |  |  | Other expense (income)
Total | $ | 0.8 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | (0.7) |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency hedge contracts | $ | (2.6) |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | (0.2) |  |  | Net sales
Foreign currency hedge contracts | 6.5 |  |  | (6.6) |  |  | 0.2 |  |  | 2.6 |  |  | Cost of goods and services sold
Forward treasury locks | — |  |  | — |  |  | — |  |  | 0.1 |  |  | Interest expense
Total | $ | 3.9 |  |  | $ | (6.5) |  |  | $ | 0.3 |  |  | $ | 2.5 |  |  |
Net Investment Hedges: |  |  |  |  |  |  |  |  |
Cross-currency swap | $ | (6.3) |  |  | $ | 8.4 |  |  | $ | — |  |  | $ | — |  |  | Other expense (income)
Total | $ | (6.3) |  |  | $ | 8.4 |  |  | $ | — |  |  | $ | — |  |  |
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 and six months ended June 30, 2025 and June 30, 2024. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in the condensed consolidated statements of income:
| Three Months Ended June 30, |  | Six Months Ended June 30,
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales | $ | 0.3 |  |  | $ | (0.1) |  |  | $ | 0.1 |  |  | $ | (0.2) |
Cost of goods and services sold | $ | (0.4) |  |  | $ | 1.4 |  |  | $ | 0.2 |  |  | $ | 2.6 |
Interest expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |
Schedule of Derivative Instruments Not Designated as Hedges | 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 |  | Amount of Gain (Loss) Recognized in Income for the |  |
| Three Months Ended June 30, |  | Six Months Ended June 30, |  | Location on Statement of Income
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Commodity call options | $ | (0.2) |  |  | $ | (0.2) |  |  | $ | (0.4) |  |  | $ | (0.1) |  |  | Other expense (income)
Currency Forwards | 0.8 |  |  | 0.1 |  |  | 0.8 |  |  | 0.5 |  |  | Other expense (income)
Total | $ | 0.6 |  |  | $ | (0.1) |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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