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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Accumulated Other Comprehensive Loss and Net Income Related to Derivatives | 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, 2024, 2023 and 2022 (in millions):
|  | Before-Tax Amount |  | Income Tax Expense (Benefit) |  | After-Tax Amount |  |
Accumulated derivative net losses as of December 31, 2021 |  | $ | (0.5) |  |  | $ | (0.1) |  |  | $ | (0.4) |  |  |
Net changes in fair value of derivatives |  |  |  |  |  |  |  |
Foreign Currency Contracts: |  | (15.0) |  |  | (3.9) |  |  | (11.1) |  |  |
Commodity Contracts |  | (4.7) |  |  | (1.2) |  |  | (3.5) |  |  |
Total |  | (19.7) |  |  | (5.1) |  |  | (14.6) |  |  |
Net losses reclassified from accumulated other comprehensive loss into income |  |  |  |  |  |  |  |
Foreign Currency Contracts: |  | 14.5 |  |  | 3.9 |  |  | 10.6 |  |  |
Commodity Contracts |  | 4.7 |  |  | 1.2 |  |  | 3.5 |  |  |
Total |  | 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 |  |  |  |  |  |  |  |
Foreign Currency Contracts: |  | (11.8) |  |  | (2.7) |  |  | (9.1) |  |  |
Commodity Contracts |  | 0.3 |  |  | 0.1 |  |  | 0.2 |  |  |
Total |  | (11.5) |  |  | (2.6) |  |  | (8.9) |  |  |
Net losses reclassified from accumulated other comprehensive loss into income |  |  |  |  |  |  |  |
Foreign Currency Contracts: |  | 11.1 |  |  | 2.2 |  |  | 8.9 |  |  |
Commodity Contracts |  | 0.1 |  |  | — |  |  | 0.1 |  |  |
Total |  | 11.2 |  |  | 2.2 |  |  | 9.0 |  |  |
Accumulated derivative net losses as of December 31, 2023 |  | $ | (1.3) |  |  | $ | (0.5) |  |  | $ | (0.8) |  |  |
Net changes in fair value of derivatives |  |  |  |  |  |  |  |
Foreign currency contracts(1) |  | (1.2) |  |  | 1.2 |  |  | (2.4) |  |  |
Commodity contracts(2) |  | (0.3) |  |  | — |  |  | (0.3) |  |  |
Treasury Rate Locks |  | 8.2 |  |  | 2.1 |  |  | 6.1 |  |  |
Total |  | 6.7 |  |  | 3.3 |  |  | 3.4 |  |  |
Net losses reclassified from accumulated other comprehensive loss into income |  |  |  |  |  |  |  |
Foreign currency contracts(1) |  | 6.7 |  |  | 0.3 |  |  | 6.4 |  |  |
Commodity contracts(2) |  | 0.3 |  |  | — |  |  | 0.3 |  |  |
Treasury Rate Locks |  | (0.7) |  |  | (0.3) |  |  | (0.4) |  |  |
Total |  | 6.3 |  |  | — |  |  | 6.3 |  |  |
Accumulated derivative net gains as of December 31, 2024 |  | $ | 11.7 |  |  | $ | 2.8 |  |  | $ | 8.9 |  |  |
____________________________________ (1) The outstanding contracts as of December 31, 2024 range in maturity through December 2025. (2) As of December 31, 2024, there were no outstanding contracts.
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, 2024 |  | December 31, 2023
Cross currency swap contract | $ | 600.0 |  |  | $ | 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
Cross currency swap contracts: | Before-Tax Amount |  | Income Tax Expense (Benefit) |  | After-Tax Amount
December 31, 2024 | (4.1) |  |  | (1.1) |  |  | (3.0) |
December 31, 2023 | (12.7) |  |  | (3.3) |  |  | (9.4) |
December 31, 2022 | 20.5 |  |  | 5.3 |  |  | 15.2 |
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, 2024 |  | December 31, 2023 |  | December 31, 2022
Foreign currency contracts | Other expense, net |  | $ | (49.3) |  |  | $ | 29.9 |  |  | $ | (38.2) |
Fair Value of Derivative Instruments | The table below sets forth the fair value of derivative instruments as of December 31, 2024 (in millions):
| Asset Derivatives as of December 31, 2024 |  | Liability Derivatives as of December 31, 2024
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | 3.7 |  |  | Other current liabilities |  | $ | 1.6 |
Commodity contracts | Other current assets |  | — |  |  | Other current liabilities |  | — |
Cross currency swap contracts | Other noncurrent assets |  | 16.2 |  |  | Other noncurrent liabilities |  | — |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts (1) | Other current assets |  | 26.1 |  |  | Other current liabilities |  | 12.6 |
Total derivative instruments |  |  | $ | 46.0 |  |  |  |  | $ | 14.2 |
____________________________________ (1) The outstanding contracts as of December 31, 2024 range in maturity through February 2025. 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 |
Cross currency swap contract | Other noncurrent assets |  | 20.3 |  |  | Other noncurrent liabilities |  | — |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | 17.1 |  |  | Other current liabilities |  | 12.8 |
Total derivative instruments |  |  | $ | 38.7 |  |  |  |  | $ | 14.0 |

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