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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Accumulated Other Comprehensive Loss and Net Income Related to Derivatives | The following table summarizes the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during 2023, 2022 and 2021 (in millions):
|  |  | Recognized in Net Income |  |
| Gain (Loss) Recognized in Accumulated Other Comprehensive Loss |  | Classification of Gain (Loss) |  | Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income |  | Total Amount of the Line Item in the Consolidated Statements of Operations Containing Hedge Gains (Losses)
2023 |  |  |  |  |  |  |
Foreign currency contracts(1) | $ | (9.1) |  |  | Cost of goods sold |  | $ | (8.9) |  |  | $ | 10,635.0 |
Commodity contracts(2) | 0.2 |  |  | Cost of goods sold |  | (0.1) |  |  | $ | 10,635.0 |
Total | $ | (8.9) |  |  |  |  | $ | (9.0) |  |  |
2022 |  |  |  |  |  |  |
Foreign currency contracts | $ | (11.1) |  |  | Cost of goods sold |  | $ | (10.6) |  |  | $ | 9,650.1 |
Commodity contracts | (3.5) |  |  | Cost of goods sold |  | (3.5) |  |  | $ | 9,650.1 |
Total | $ | (14.6) |  |  |  |  | $ | (14.1) |  |  |
2021 |  |  |  |  |  |  |
Foreign currency contracts | $ | (7.4) |  |  | Cost of goods sold |  | $ | (10.2) |  |  | $ | 8,566.0 |
Commodity contracts | 12.5 |  |  | Cost of goods sold |  | 13.2 |  |  | 8,566.0 |
Total | $ | 5.1 |  |  |  |  | $ | 3.0 |  |  |
____________________________________ (1) The outstanding contracts as of December 31, 2023 range in maturity through December 2024. (2) The outstanding contracts as of December 31, 2023 range in maturity through June 2024. The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the years ended December 31, 2023, 2022 and 2021 (in millions):
|  | Before-Tax Amount |  | Income Tax |  | After-Tax Amount
Accumulated derivative net losses as of December 31, 2020 |  | $ | (3.0) |  |  | $ | (0.5) |  |  | $ | (2.5) |
Net changes in fair value of derivatives |  | 8.3 |  |  | 3.2 |  |  | 5.1 |
Net gains reclassified from accumulated other comprehensive loss into income |  | (5.8) |  |  | (2.8) |  |  | (3.0) |
Accumulated derivative net losses as of December 31, 2021 |  | $ | (0.5) |  |  | $ | (0.1) |  |  | $ | (0.4) |
Net changes in fair value of derivatives |  | (19.7) |  |  | (5.1) |  |  | (14.6) |
Net losses reclassified from accumulated other comprehensive loss into income |  | 19.2 |  |  | 5.1 |  |  | 14.1 |
Accumulated derivative net losses as of December 31, 2022 |  | $ | (1.0) |  |  | $ | (0.1) |  |  | $ | (0.9) |
Net changes in fair value of derivatives |  | (11.5) |  |  | (2.6) |  |  | (8.9) |
Net losses reclassified from accumulated other comprehensive loss into income |  | 11.2 |  |  | 2.2 |  |  | 9.0 |
Accumulated derivative net losses as of December 31, 2023(1) |  | $ | (1.3) |  |  | $ | (0.5) |  |  | $ | (0.8) |
____________________________________ (1) As of December 31, 2023, approximately $1.4 million of derivative realized net losses, before taxes, remain in accumulated other comprehensive loss related to foreign currency contracts associated with inventory that had not yet been sold.
Schedule of Derivative Instruments | The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):
| Notional Amount as of
| December 31, 2023 |  | December 31, 2022
Cross currency swap contract | $ | 300.0 |  |  | $ | 300.0 |
The following table summarizes the after-tax impact of changes in the fair value of the instruments designated as net investment hedges (in millions):
| Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Years Ended
Foreign currency denominated debt: | Before-Tax Amount |  | Income Tax |  | After-Tax Amount
December 31, 2023 | $ | (4.2) |  |  | $ | (1.1) |  |  | $ | (3.1) |
December 31, 2022 | — |  |  | — |  |  | — |
December 31, 2021 | — |  |  | — |  |  | — |
Cross currency swap contract: |  |  |  |  |
December 31, 2023 | (12.7) |  |  | (3.3) |  |  | (9.4) |
December 31, 2022 | 20.5 |  |  | 5.3 |  |  | 15.2 |
December 31, 2021 | 11.0 |  |  | 3.2 |  |  | 7.8 |
Schedule of Derivatives Not Designated as Hedging Instrument | The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions):
|  |  | Gain (Loss) Recognized in Net Income for the Years Ended
| Classification of Gain (Loss) |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Foreign currency contracts | Other expense, net |  | $ | 29.9 |  |  | $ | (38.2) |  |  | $ | 54.8 |
Fair Value of Derivative Instruments | The table below sets forth the fair value of derivative instruments as of December 31, 2023 (in millions):
| Asset Derivatives as of December 31, 2023 |  | Liability Derivatives as of December 31, 2023
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | 1.3 |  |  | Other current liabilities |  | $ | 1.2 |
Commodity contracts | Other current assets |  | — |  |  | Other current liabilities |  | — |
Cross currency swap contract | Other noncurrent assets |  | 20.3 |  |  | Other noncurrent liabilities |  | — |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts (1) | Other current assets |  | 17.1 |  |  | Other current liabilities |  | 12.8 |
Total derivative instruments |  |  | $ | 38.7 |  |  |  |  | $ | 14.0 |
____________________________________ (1) The outstanding contracts as of December 31, 2023 range in maturity through February 2024. The table below sets forth the fair value of derivative instruments as of December 31, 2022 (in millions):
| Asset Derivatives as of December 31, 2022 |  | Liability Derivatives as of December 31, 2022
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | 1.3 |  |  | Other current liabilities |  | $ | 1.3 |
Commodity contracts | Other current assets |  | — |  |  | Other current liabilities |  | — |
Cross currency swap contract | Other noncurrent assets |  | 33.0 |  |  | Other noncurrent liabilities |  | — |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | 6.6 |  |  | Other current liabilities |  | 39.1 |
Total derivative instruments |  |  | $ | 40.9 |  |  |  |  | $ | 40.4 |

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