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Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Loss | The components of Accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023 are as follows:
|  | Cumulative Translation Adjustment |  | Pension and Other Postretirement Adjustments |  | Accumulated Other Comprehensive Loss
|  | Three Months Ended September 30, 2024
Balance, June 30, 2024(1) |  | $ | (119.6) |  |  | $ | 3.2 |  |  | $ | (116.4) |
Other comprehensive income before reclassification adjustments |  | 91.8 |  |  | — |  |  | 91.8 |
Gain reclassified from Accumulated other comprehensive loss(2)(3) |  | — |  |  | (0.2) |  |  | (0.2) |
Tax impact |  | — |  |  | 0.1 |  |  | 0.1 |
Net other comprehensive income (loss)(1) |  | 91.8 |  |  | (0.1) |  |  | 91.7 |
Balance, September 30, 2024(1) |  | $ | (27.8) |  |  | $ | 3.1 |  |  | $ | (24.7) |
|  | Nine Months Ended September 30, 2024
Balance, December 31, 2023(1) |  | $ | (49.3) |  |  | $ | 3.5 |  |  | $ | (45.8) |
Other comprehensive income before reclassification adjustments |  | 16.0 |  |  | — |  |  | 16.0 |
Gain reclassified from Accumulated other comprehensive loss(2)(3) |  | — |  |  | (0.6) |  |  | (0.6) |
Loss reclassified related to divestitures(4) |  | 5.5 |  |  | — |  |  | 5.5 |
Tax impact |  | — |  |  | 0.2 |  |  | 0.2 |
Net other comprehensive income (loss)(1) |  | 21.5 |  |  | (0.4) |  |  | 21.1 |
Balance, September 30, 2024(1) |  | $ | (27.8) |  |  | $ | 3.1 |  |  | $ | (24.7) |
|  | Three Months Ended September 30, 2023
Balance, June 30, 2023(1) |  | $ | (98.2) |  |  | $ | 10.4 |  |  | $ | (87.8) |
Other comprehensive loss before reclassification adjustments |  | (58.1) |  |  | — |  |  | (58.1) |
Gain reclassified from Accumulated other comprehensive loss(2)(3) |  | — |  |  | (0.3) |  |  | (0.3) |
Tax impact |  | — |  |  | — |  |  | — |
Net other comprehensive loss(1) |  | (58.1) |  |  | (0.3) |  |  | (58.4) |
Balance, September 30, 2023(1) |  | $ | (156.3) |  |  | $ | 10.1 |  |  | $ | (146.2) |
|  | Nine Months Ended September 30, 2023
Balance, December 31, 2022(1) |  | $ | (137.1) |  |  | $ | 10.9 |  |  | $ | (126.2) |
Other comprehensive loss before reclassification adjustments |  | (19.2) |  |  | — |  |  | (19.2) |
Gain reclassified from Accumulated other comprehensive loss(2)(3) |  | — |  |  | (1.0) |  |  | (1.0) |
Tax impact |  | — |  |  | 0.2 |  |  | 0.2 |
Net other comprehensive loss(1) |  | (19.2) |  |  | (0.8) |  |  | (20.0) |
Balance, September 30, 2023(1) |  | $ | (156.3) |  |  | $ | 10.1 |  |  | $ | (146.2) |
(1) Amounts are presented net of tax. (2) Included in the computation of net periodic cost. See Note 13, “Retirement Benefits.” (3) Included in Other expense (income) – net in the Condensed Consolidated Statements of Income. (4) In conjunction with the divestiture of Alfa Valvole during the second quarter of 2024, the Company released associated cumulative foreign currency translation losses and included the release as part of the gain on sale of business.

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