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Derivatives and Hedging Activities (Tables)
9 Months Ended
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 HedgeNet Investment HedgeNon-Designated as Hedging InstrumentsTotal
(In millions)September 30, 2024December 31, 2023September 30,
2024
December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 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 AssetsOther Current LiabilitiesOther Non-current Liabilities
(In millions)September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 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 AssetsOther Current LiabilitiesOther Non-current Liabilities
(In millions)September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 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 AssetsOther Current LiabilitiesOther Non-current Liabilities
(In millions)September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 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 onThree Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)Condensed Consolidated Statements of Operations2024202320242023
Derivatives designated as hedging instruments:
    
Cash Flow Hedges:    
Foreign currency forward contractsCost of sales$(1.0)$1.0 $(0.2)$2.9 
Treasury locksInterest 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 contractsOther expense, net(5.1)(1.1)(14.6)5.6 
Total$(6.1)$(0.1)$(14.7)$8.6