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v3.23.1

Derivatives and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Instruments | The following table details the fair value of our derivative instruments included on our Condensed Consolidated Balance Sheets.
| Cash Flow Hedge |  | Net Investment Hedge |  | Non-Designated as Hedging Instruments |  | Total
(In millions) | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts and options | $ | 0.9 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.2 |  |  | $ | 5.8 |  |  | $ | 4.1 |  |  | $ | 7.9 |
Total Derivative Assets | $ | 0.9 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.2 |  |  | $ | 5.8 |  |  | $ | 4.1 |  |  | $ | 7.9 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | (1.4) |  |  | $ | (0.8) |  |  | $ | — |  |  | $ | — |  |  | $ | (1.9) |  |  | $ | (2.4) |  |  | $ | (3.3) |  |  | $ | (3.2) |
Cross-currency swaps | — |  |  | — |  |  | (0.9) |  |  | — |  |  | — |  |  | — |  |  | (0.9) |  |  | — |
Total Derivative Liabilities(1) | $ | (1.4) |  |  | $ | (0.8) |  |  | $ | (0.9) |  |  | $ | — |  |  | $ | (1.9) |  |  | $ | (2.4) |  |  | $ | (4.2) |  |  | $ | (3.2) |
Net Derivatives(2) | $ | (0.5) |  |  | $ | 1.3 |  |  | $ | (0.9) |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | 3.4 |  |  | $ | (0.1) |  |  | $ | 4.7 |
(1)Excludes €400.0 million of euro-denominated debt that was repaid in February 2023 ($426.0 million equivalent at December 31, 2022), which was designated as a net investment hedge. See Note 13, "Debt and Credit Facilities," for additional details. (2)The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
| Other Current Assets |  | Other Current Liabilities |  |  |  | Other Non-current Liabilities
(In millions) | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022 |  |  |  |  |  | March 31, 2023 |  | December 31, 2022
Gross position | $ | 4.1 |  |  | $ | 7.9 |  |  | $ | (3.3) |  |  | $ | (3.2) |  |  |  |  |  |  | $ | (0.9) |  |  | $ | — |
Impact of master netting agreements | (2.2) |  |  | (1.1) |  |  | 2.2 |  |  | 1.1 |  |  |  |  |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 1.9 |  |  | $ | 6.8 |  |  | $ | (1.1) |  |  | $ | (2.1) |  |  |  |  |  |  | $ | (0.9) |  |  | $ | — |
Offsetting Assets | The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
| Other Current Assets |  | Other Current Liabilities |  |  |  | Other Non-current Liabilities
(In millions) | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022 |  |  |  |  |  | March 31, 2023 |  | December 31, 2022
Gross position | $ | 4.1 |  |  | $ | 7.9 |  |  | $ | (3.3) |  |  | $ | (3.2) |  |  |  |  |  |  | $ | (0.9) |  |  | $ | — |
Impact of master netting agreements | (2.2) |  |  | (1.1) |  |  | 2.2 |  |  | 1.1 |  |  |  |  |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 1.9 |  |  | $ | 6.8 |  |  | $ | (1.1) |  |  | $ | (2.1) |  |  |  |  |  |  | $ | (0.9) |  |  | $ | — |
Offsetting Liabilities | The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
| Other Current Assets |  | Other Current Liabilities |  |  |  | Other Non-current Liabilities
(In millions) | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022 |  |  |  |  |  | March 31, 2023 |  | December 31, 2022
Gross position | $ | 4.1 |  |  | $ | 7.9 |  |  | $ | (3.3) |  |  | $ | (3.2) |  |  |  |  |  |  | $ | (0.9) |  |  | $ | — |
Impact of master netting agreements | (2.2) |  |  | (1.1) |  |  | 2.2 |  |  | 1.1 |  |  |  |  |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 1.9 |  |  | $ | 6.8 |  |  | $ | (1.1) |  |  | $ | (2.1) |  |  |  |  |  |  | $ | (0.9) |  |  | $ | — |
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following table details the effect of our derivative instruments on our Condensed Consolidated Statements of Operations.
|  |  |  |  |  |  | Amount of Gain (Loss) Recognized in Earnings on Derivatives
| Location of Gain (Loss) Recognized on |  |  |  | Three Months Ended March 31,
(In millions) | Condensed Consolidated Statements of Operations |  |  |  |  |  | 2023 |  | 2022
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Cost of sales |  |  |  |  |  | $ | 1.1 |  |  | $ | 1.9 |
Treasury locks | Interest expense, net |  |  |  |  |  | — |  |  | 0.1 |
Sub-total cash flow hedges |  |  |  |  |  |  | 1.1 |  |  | 2.0 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Other expense, net |  |  |  |  |  | 3.3 |  |  | (0.1) |
Total |  |  |  |  |  |  | $ | 4.4 |  |  | $ | 1.9 |

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