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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Contractual Amounts for Derivative Contracts | The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts as of the dates indicated that were designated as cash flow hedges:
(dollars in millions) | June 30, 2024 |  | December 31, 2023
| Buy |  | Sell |  | Buy |  | Sell
Canadian dollar | $ | — |  |  | $ | 40.1 |  |  | $ | — |  |  | $ | 80.5 |
Euro | 26.1 |  |  | — |  |  | 24.1 |  |  | — |
Mexican peso | 26.6 |  |  | — |  |  | 14.2 |  |  | — |
Total | $ | 52.7 |  |  | $ | 40.1 |  |  | $ | 38.3 |  |  | $ | 80.5 |
The following table summarizes the contractual amounts of the Company's foreign exchange contracts that are designated as balance sheet hedges:
(dollars in millions) | June 30, 2024 |  | December 31, 2023
| Buy |  | Sell |  | Buy |  | Sell
Canadian dollar | $ | — |  |  | $ | 28.7 |  |  | $ | 44.1 |  |  | $ | — |
Chinese yuan | 201.2 |  |  | — |  |  | 206.8 |  |  | — |
Total | $ | 201.2 |  |  | $ | 28.7 |  |  | $ | 250.9 |  |  | $ | — |
Schedule of Effect of Derivatives on the Statement of Earnings | The effect of cash flow hedges on the condensed consolidated statement of earnings: Three Months Ended June 30 (dollars in millions):
Derivatives in ASC 815 cash flow hedging relationships |  | Amount of (loss) gain recognized in other comprehensive loss on derivatives |  | Location of (loss) gain reclassified from accumulated other comprehensive loss into earnings |  | Amount of gain reclassified from accumulated other comprehensive loss into earnings
|  | 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Foreign currency contracts |  | $ | (1.3) |  |  | $ | 0.4 |  |  | Cost of products sold |  | $ | 0.8 |  |  | $ | 2.3 |
Six Months Ended June 30 (dollars in millions):
Derivatives in ASC 815 cash flow hedging relationships |  | Amount of gain recognized in other comprehensive loss on derivatives |  | Location of gain reclassified from accumulated other comprehensive loss into earnings |  | Amount of gain reclassified from accumulated other comprehensive loss into earnings
|  | 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Foreign currency contracts |  | $ | 0.5 |  |  | $ | 2.1 |  |  | Cost of products sold |  | $ | 1.4 |  |  | $ | 4.2 |
The amounts recognized within the consolidated statements of earnings related to the Company's foreign exchange contracts are set forth below. Three Months Ended June 30 (dollars in millions):
Derivatives not designated as hedging instruments: | Location of expense within the consolidated statements of earnings |  | 2024 |  | 2023
Foreign exchange contracts | Other income - net |  | $ | 1.7 |  |  | $ | 0.1 |
Six Months Ended June 30 (dollars in millions):
Derivatives not designated as hedging instruments: | Location of expense within the consolidated statements of earnings |  | 2024 |  | 2023
Foreign exchange contracts | Other income - net |  | $ | 5.7 |  |  | $ | — |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
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