XML 54 R44.htm IDEA: XBRL DOCUMENT
v3.23.3

Derivatives and Hedging Activities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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) | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | 1.5 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | 5.8 |  |  | $ | 2.8 |  |  | $ | 7.9 |
Total Derivative Assets | $ | 1.5 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | 5.8 |  |  | $ | 2.8 |  |  | $ | 7.9 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | (0.5) |  |  | $ | (0.8) |  |  | $ | — |  |  | $ | — |  |  | $ | (7.3) |  |  | $ | (2.4) |  |  | $ | (7.8) |  |  | $ | (3.2) |
Cross-currency swaps | — |  |  | — |  |  | (2.5) |  |  | — |  |  | — |  |  | — |  |  | (2.5) |  |  | — |
Total Derivative Liabilities(1) | $ | (0.5) |  |  | $ | (0.8) |  |  | $ | (2.5) |  |  | $ | — |  |  | $ | (7.3) |  |  | $ | (2.4) |  |  | $ | (10.3) |  |  | $ | (3.2) |
Net Derivatives(2) | $ | 1.0 |  |  | $ | 1.3 |  |  | $ | (2.5) |  |  | $ | — |  |  | $ | (6.0) |  |  | $ | 3.4 |  |  | $ | (7.5) |  |  | $ | 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) | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  |  |  |  |  | September 30, 2023 |  | December 31, 2022
Gross position | $ | 2.8 |  |  | $ | 7.9 |  |  | $ | (7.8) |  |  | $ | (3.2) |  |  |  |  |  |  | $ | (2.5) |  |  | $ | — |
Impact of master netting agreements | (1.0) |  |  | (1.1) |  |  | 1.0 |  |  | 1.1 |  |  |  |  |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 1.8 |  |  | $ | 6.8 |  |  | $ | (6.8) |  |  | $ | (2.1) |  |  |  |  |  |  | $ | (2.5) |  |  | $ | — |
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) | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  |  |  |  |  | September 30, 2023 |  | December 31, 2022
Gross position | $ | 2.8 |  |  | $ | 7.9 |  |  | $ | (7.8) |  |  | $ | (3.2) |  |  |  |  |  |  | $ | (2.5) |  |  | $ | — |
Impact of master netting agreements | (1.0) |  |  | (1.1) |  |  | 1.0 |  |  | 1.1 |  |  |  |  |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 1.8 |  |  | $ | 6.8 |  |  | $ | (6.8) |  |  | $ | (2.1) |  |  |  |  |  |  | $ | (2.5) |  |  | $ | — |
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) | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  |  |  |  |  | September 30, 2023 |  | December 31, 2022
Gross position | $ | 2.8 |  |  | $ | 7.9 |  |  | $ | (7.8) |  |  | $ | (3.2) |  |  |  |  |  |  | $ | (2.5) |  |  | $ | — |
Impact of master netting agreements | (1.0) |  |  | (1.1) |  |  | 1.0 |  |  | 1.1 |  |  |  |  |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 1.8 |  |  | $ | 6.8 |  |  | $ | (6.8) |  |  | $ | (2.1) |  |  |  |  |  |  | $ | (2.5) |  |  | $ | — |
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 September 30, |  | Nine Months Ended September 30,
(In millions) | Condensed Consolidated Statements of Operations |  | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Cost of sales |  | $ | 1.0 |  |  | $ | 3.1 |  |  | $ | 2.9 |  |  | $ | 7.4 |
Treasury locks | Interest expense, net |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Sub-total cash flow hedges |  |  | 1.0 |  |  | 3.1 |  |  | 3.0 |  |  | 7.5 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Other expense, net |  | (1.1) |  |  | 1.7 |  |  | 5.6 |  |  | 3.8 |
Total |  |  | $ | (0.1) |  |  | $ | 4.8 |  |  | $ | 8.6 |  |  | $ | 11.3 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration