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DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Interest Rate Swaps We maintain interest rate swap agreements (“Swaps”) that have a remaining notional amount of $221.9, cover the period through November 202 4, and effectively convert this portion of the borrowings under our senior credit facilities to a fixed rate of 1.077%, plus the applicable margin. We have designated, and are accounting for, our Swaps as cash flow hedges. As of September 30, 2023 and December 31, 2022, the unrealized gain, net of tax, recorded in accumulated other comprehensive income (“AOCI”) was $8.1 and $11.0, respectively. In addition, the fair value of our Swaps was $10.8 (with $9.6 recorded as a current asset and $1.2 as a non-current asset) as of September 30, 2023, and $14.7 (with $8.7 recorded as a current asset and $6.0 as a non-current asset) as of December 31, 2022. Changes in the fair value of our Swaps are reclassified into earnings, as a component of interest expense, when the forecasted transaction impacts earnings. Currency Forward Contracts We manufacture and sell our products in a number of countries and, as a result, are exposed to movements in foreign currency exchange rates. Our objective is to preserve the economic value of non-functional currency-denominated cash flows and to minimize the impact of changes as a result of currency fluctuations. Our principal currency exposures relate to the South African Rand, British Pound Sterling, and Euro. From time to time, we enter into forward contracts to manage the exposure on contracts with forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities denominated in currencies other than the functional currency of certain subsidiaries (“FX forward contracts”). We had FX forward contracts related to continuing operations with an aggregate notional amount of $5.0 and $6.9 outstanding as of September 30, 2023 and December 31, 2022, respectively, with all of the $5.0 scheduled to mature within one year. The fair value of these FX forward contracts was less than $0.1 at September 30, 2023 and December 31, 2022.In addition, we entered FX forward contracts associated with the Settlement Agreement, to mitigate our exposure to fluctuations in the South African Rand, with a notional amount of $25.0 and a fair value of $0.2, which is included within “Assets of DBT and Heat Transfer” on the condensed consolidated balance sheet as of September 30, 2023. All of the $25.0 is scheduled to mature within one year. Refer to Note 3 for additional details.

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