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Derivative Instruments and Hedging Activities (Notes) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Fair Value | DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to various market risks relating to its ongoing business operations. From time to time, we use derivative financial instruments to mitigate our exposure to certain of these risks, including foreign exchange rate and commodity price fluctuations. By using derivatives, the Company is further exposed to credit risk. Our exposure to credit risk includes the counterparty’s failure to fulfill its financial obligations under the terms of the derivative contract. The Company attempts to minimize its exposure by avoiding concentration risk among its counterparties and by entering into transactions with creditworthy counterparties. Foreign Currency Derivative Contracts The Company enters into foreign currency forward or option contracts to mitigate foreign currency risk associated with transacting with international customers, suppliers, and subsidiaries. The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within other current assets in our Consolidated Balance Sheets, were as follows:
As of December 31 | 2023 |  | 2022
Notional amount (U.S. dollar equivalent) | $ | 258.4 |  |  | $ | 136.5 |
Fair value of foreign currency derivative contracts(a) | $ | 3.8 |  |  | $ | 1.7 |
(a) Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments. Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within General and administrative expenses in our Consolidated Statements of Operations, and were as follows:
For the Year Ended December 31 | 2023 |  | 2022
(Loss) gain on foreign currency derivative contracts(b) | $ | (2.5) |  |  | $ | 10.1 |
(b) None of our derivative contracts were designated as hedging instruments under ASC 815, Derivatives & Hedging. The cash flow impact upon settlement of our foreign currency derivative contracts is included in operating activities in our Consolidated Statements of Cash Flows. During the year ended December 31, 2023 and December 31, 2022, net cash inflows from foreign currency derivative contracts were $1.5 and $7.7, respectively.

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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