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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of open foreign currency contracts | The notional and fair values of the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions):
|  | December 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 |  | $ | 250.3 |  |  | $ | 6.5 |  |  | $ | (1.9) |  |  | $ | 154.0 |  |  | $ | 8.4 |  |  | $ | — |
Interest rate contracts |  | 400.0 |  |  | 0.9 |  |  | — |  |  | 550.0 |  |  | 5.9 |  |  | — |
Commodity contracts |  | 84.6 |  |  | 2.1 |  |  | (3.4) |  |  | — |  |  | — |  |  | — |
Total |  | $ | 734.9 |  |  | $ | 9.5 |  |  | $ | (5.3) |  |  | $ | 704.0 |  |  | $ | 14.3 |  |  | $ | — |
Schedule of carrying values of derivative 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):
|  | For the Year Ended December 31, 2023
Derivatives Designated as Cash Flow Hedges | Location of Gain Reclassified from Accumulated OCI into Income | Gain Reclassified from AOCI into Income |  | Loss Recognized in OCI
Foreign exchange contracts | Other (income) expense, net | $ | 22.7 |  |  | $ | (4.0) |
Interest rate contracts | Interest expense | 8.8 |  |  | (3.8) |
Commodity contracts | Cost of sales | 0.8 |  |  | (1.0) |
Total |  | $ | 32.3 |  |  | $ | (8.8) |
|  | For the Year Ended December 31, 2022
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
Foreign exchange contracts | Other (income) expense, net | $ | 14.3 |  |  | $ | 4.9 |
Interest rate contracts | Interest expense | 1.0 |  |  | 10.5 |
Commodity contracts | Cost of sales | (0.3) |  |  | (0.5) |
Total |  | $ | 15.0 |  |  | $ | 14.9 |

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- Definition Tabular disclosure of contract for right to buy or sell asset at fixed price by fixed date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480524/946-210-50-6 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: 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 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: 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 + Details
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