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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Activity Related to Cash Flow Hedges Recorded in Accumulated Other Comprehensive Loss | The following activity related to cash flow hedges was recorded in Accumulated other comprehensive income (loss) as of December 31:
| Accumulated Unrealized Derivative
| Gains (Losses)
| 2023 |  | 2022
(in millions) | Pre-tax |  | After-tax |  | Pre-tax |  | After-tax
Beginning balance | $ | 56.5 |  |  | $ | 36.0 |  |  | $ | 21.6 |  |  | $ | 9.9 |
Net change in value of outstanding hedges | (3.9) |  |  | (3.3) |  |  | 62.0 |  |  | 46.1 |
Net amount recognized into earnings | (13.6) |  |  | (9.6) |  |  | (27.1) |  |  | (20.0) |
Ending balance | $ | 39.0 |  |  | $ | 23.1 |  |  | $ | 56.5 |  |  | $ | 36.0 |
Fair Values Of Derivative Instruments | As of December 31, 2023 and December 31, 2022, the fair values of the Company’s derivative instruments were:
(in millions) |  | Fair Value
Asset Derivatives |  | December 31, 2023 |  | December 31, 2022
Derivatives Designated as Cash Flow Hedges |  |  |  |
Foreign exchange contracts |  | $ | 4.1 |  |  | $ | 15.2 |
Commodity contracts |  | 0.9 |  |  | 0.3 |
Total |  | $ | 5.0 |  |  | $ | 15.5 |
Other Hedging Activity |  |  |  |
Foreign exchange contracts |  | $ | 0.2 |  |  | $ | 0.6 |
Liability Derivatives |  |  |  |
Derivatives Designated as Cash Flow Hedges |  |  |  |
Foreign exchange contracts |  | $ | 6.1 |  |  | $ | 8.0 |
Commodity contracts |  | 0.8 |  |  | 1.1 |
Total |  | $ | 6.9 |  |  | $ | 9.1 |
Derivatives Designated as Net Investment Hedges |  |  |  |
Cross-currency swaps |  | $ | 5.0 |  |  | $ | — |
Other Hedging Activity |  |  |  |
Foreign exchange contracts |  | $ | 1.8 |  |  | $ | 0.8 |
Effect of Derivative Instruments on the Consolidated Statement of Operations | The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive income (loss) was as follows:
(in millions) |  |
Derivatives Designated as Cash Flow Hedging Instruments |  | December 31, 2023 |  | December 31, 2022
Interest-rate contracts |  | $ | — |  |  | $ | 5.3 |
Foreign exchange contracts |  | 3.2 |  |  | 30.6 |
Commodity contracts |  | (2.1) |  |  | (2.1) |
Total |  | $ | 1.1 |  |  | $ | 33.8 |
Derivatives Designated as Net Investment Hedging Instruments |  |  |  |
Cross-currency swaps |  | $ | (5.0) |  |  | $ | 28.2 |
The amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into earnings was as follows:
(in millions) |  |  |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedging Instruments |  | Location of Gain (Loss) |  |  |  |  |  | December 31, 2023 |  | December 31, 2022
Interest-rate contracts |  | Interest expense |  |  |  |  |  | $ | (0.1) |  |  | $ | (0.3) |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | 16.8 |  |  | 26.0 |
Commodity contracts |  | Cost of sales |  |  |  |  |  | (3.1) |  |  | 1.4 |
Total |  |  |  |  |  |  |  | $ | 13.6 |  |  | $ | 27.1 |
Derivatives Designated as Fair Value Hedging Instruments |  |  |  |  |  |  |  |  |  |
Interest-rate contracts |  | Interest expense |  |  |  |  |  | $ | 0.4 |  |  | $ | 0.7 |
Other Hedging Activity |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | $ | (2.8) |  |  | $ | 1.0 |
Foreign exchange contracts |  | Other income (expense), net |  |  |  |  |  | 0.6 |  |  | 0.9 |
Total |  |  |  |  |  |  |  | $ | (2.2) |  |  | $ | 1.9 |

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