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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of 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, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.6 |  |  | $ | 4.9 |  |  | $ | 2.7 |  |  | $ | 5.1 |
Total Derivative Assets | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.6 |  |  | $ | 4.9 |  |  | $ | 2.7 |  |  | $ | 5.1 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | (2.5) |  |  | $ | (2.7) |  |  | $ | — |  |  | $ | — |  |  | $ | (2.9) |  |  | $ | (1.6) |  |  | $ | (5.4) |  |  | $ | (4.3) |
Cross-currency swaps | — |  |  | — |  |  | (17.5) |  |  | (19.9) |  |  | — |  |  | — |  |  | (17.5) |  |  | (19.9) |
Total Derivative Liabilities | $ | (2.5) |  |  | $ | (2.7) |  |  | $ | (17.5) |  |  | $ | (19.9) |  |  | $ | (2.9) |  |  | $ | (1.6) |  |  | $ | (22.9) |  |  | $ | (24.2) |
Net Derivatives(1) | $ | (2.4) |  |  | $ | (2.5) |  |  | $ | (17.5) |  |  | $ | (19.9) |  |  | $ | (0.3) |  |  | $ | 3.3 |  |  | $ | (20.2) |  |  | $ | (19.1) |
(1)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, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023 |  |  |  |  |  | September 30, 2024 |  | December 31, 2023
Gross position | $ | 2.7 |  |  | $ | 5.1 |  |  | $ | (5.4) |  |  | $ | (4.3) |  |  |  |  |  |  | $ | (17.5) |  |  | $ | (19.9) |
Impact of master netting agreements | (1.6) |  |  | (1.1) |  |  | 1.6 |  |  | 1.1 |  |  |  |  |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 1.1 |  |  | $ | 4.0 |  |  | $ | (3.8) |  |  | $ | (3.2) |  |  |  |  |  |  | $ | (17.5) |  |  | $ | (19.9) |
Schedule of 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, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023 |  |  |  |  |  | September 30, 2024 |  | December 31, 2023
Gross position | $ | 2.7 |  |  | $ | 5.1 |  |  | $ | (5.4) |  |  | $ | (4.3) |  |  |  |  |  |  | $ | (17.5) |  |  | $ | (19.9) |
Impact of master netting agreements | (1.6) |  |  | (1.1) |  |  | 1.6 |  |  | 1.1 |  |  |  |  |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 1.1 |  |  | $ | 4.0 |  |  | $ | (3.8) |  |  | $ | (3.2) |  |  |  |  |  |  | $ | (17.5) |  |  | $ | (19.9) |
Schedule of 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, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023 |  |  |  |  |  | September 30, 2024 |  | December 31, 2023
Gross position | $ | 2.7 |  |  | $ | 5.1 |  |  | $ | (5.4) |  |  | $ | (4.3) |  |  |  |  |  |  | $ | (17.5) |  |  | $ | (19.9) |
Impact of master netting agreements | (1.6) |  |  | (1.1) |  |  | 1.6 |  |  | 1.1 |  |  |  |  |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheets | $ | 1.1 |  |  | $ | 4.0 |  |  | $ | (3.8) |  |  | $ | (3.2) |  |  |  |  |  |  | $ | (17.5) |  |  | $ | (19.9) |
Schedule of 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 (Loss) Gain Recognized in Earnings on Derivatives
| Location of (Loss) Gain Recognized on |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | Condensed Consolidated Statements of Operations |  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Cost of sales |  | $ | (1.0) |  |  | $ | 1.0 |  |  | $ | (0.2) |  |  | $ | 2.9 |
Treasury locks | Interest expense, net |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Sub-total cash flow hedges |  |  | (1.0) |  |  | 1.0 |  |  | (0.1) |  |  | 3.0 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Other expense, net |  | (5.1) |  |  | (1.1) |  |  | (14.6) |  |  | 5.6 |
Total |  |  | $ | (6.1) |  |  | $ | (0.1) |  |  | $ | (14.7) |  |  | $ | 8.6 |

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