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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The notional and fair values of the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions):
| March 31, 2023 |  | December 31, 2022
| Notional Value (in U.S. Dollars) |  | Fair Value — Assets |  | Fair Value — Liabilities |  | Notional Value (in U.S. Dollars) |  | Fair Value — Assets |  | Fair Value — Liabilities
Foreign currency contracts | $ | 223.4 |  |  | $ | 12.2 |  |  | $ | (0.6) |  |  | $ | 154.0 |  |  | $ | 8.4 |  |  | $ | — |
Interest rate contracts | 550.0 |  |  | 1.4 |  |  | (1.8) |  |  | 550.0 |  |  | 5.9 |  |  | — |
Commodity contracts | 11.5 |  |  | 1.4 |  |  | (0.5) |  |  | — |  |  | — |  |  | — |
Total | $ | 784.9 |  |  | $ | 15.0 |  |  | $ | (2.9) |  |  | $ | 704.0 |  |  | $ | 14.3 |  |  | $ | — |
Schedule of gains and losses, net of tax, reclassified from accumulated other comprehensive income into the income statement for cash flow derivatives designated as hedging instruments | The amounts of gains and losses related to the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions):
Derivatives Designated as Cash Flow Hedges | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Gain (Loss) Reclassified from AOCI into Income |  | Gain (Loss) Recognized in OCI
Three months ended March 31, |  | Three months ended March 31,
2023 |  | 2022 |  | 2023 |  | 2022
Commodity contracts | Cost of sales | (0.4) |  |  | — |  |  | 1.0 |  |  | — |
Foreign exchange contracts | Cost of sales | 1.8 |  |  | 0.3 |  |  | 4.0 |  |  | 3.3 |
Interest rate contracts | Interest expense | 3.2 |  |  | (1.9) |  |  | (4.8) |  |  | 6.6 |
Foreign exchange contracts | Other (income) expense, net | $ | 1.4 |  |  | $ | 0.9 |  |  | $ | (1.6) |  |  | $ | (1.6) |
Total |  | $ | 6.0 |  |  | $ | (0.7) |  |  | $ | (1.4) |  |  | $ | 8.3 |

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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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- 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
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