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Financial Instruments and Risk Management
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments and Risk Management Financial Instruments and Risk Management
Net Investment Hedges
In the third quarter of 2022, we terminated our fixed-to-fixed cross-currency interest rate swaps, accounted for as net investment hedges. During the three months ended March 31, 2023 and 2022, we recognized net interest income associated with this financial instrument of zero and $0.2 million, respectively.
Cash Flow Hedges
Foreign Currency Exchange Risk Management
As of March 31, 2023, there were $14.1 million open foreign currency derivative contracts. The fair value of the designated foreign currency hedge contracts was an asset (liability) of $(0.7) million and $(0.5) million at March 31, 2023 and December 31, 2022, respectively.
Commodity Price Risk Management
As of March 31, 2023, we had 1.6 million and 0.4 million mm BTUS (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity swap contracts and zero cost collar option contracts, respectively, designated as cash flow hedges. As of March 31, 2023, open commodity contracts hedge forecasted transactions until March 2024. The fair value of the outstanding designated natural gas commodity hedge contracts as of March 31, 2023 and December 31, 2022, was a net asset (liability) of $(2.8) million and $(1.6) million, respectively.
Interest Rate Risk Management 
During 2022, we had floating-to-fixed interest rate swaps effectively converting a portion of our floating rate debt to a fixed rate. In the second quarter of 2022, we terminated the interest rate swap instruments.
Effect of Cash Flow and Net Investment Hedge Accounting on AOCI
In millionsAmount of Gain (Loss) Recognized in AOCIAmount of Gain (Loss) Reclassified from AOCI into Net incomeLocation of Gain (Loss) Reclassified from AOCI in Net income
Three Months Ended March 31,
2023202220232022
Cash flow hedging derivatives
Currency exchange contracts$(0.1)$0.5 $(0.2)$0.2 Net sales
Natural gas contracts(2.9)4.1 0.5 1.3 Cost of sales
Interest rate swap contracts— 3.7 — — Interest expense, net
Total$(3.0)$8.3 $0.3 $1.5 
In millionsAmount of Gain (Loss) Recognized in AOCIAmount of Gain (Loss) Recognized in Income on Derivative
(Amount Excluded from Effectiveness Testing)		Location of Gain or (Loss) Recognized in Income on Derivative
(Amount Excluded from
Effectiveness Testing)
Three Months Ended March 31,
2023202220232022
Net investment hedging derivative
Currency exchange contracts (1)
$— $1.7 $— $— Interest expense, net
Total$— $1.7 $— $— 
__________
(1) Reclassifications from AOCI to Net Income were zero for all periods presented. Gains and losses would be reclassified from AOCI to Other (income) expense, net.
Within the next twelve months, we expect to reclassify $5.0 million of net gains from AOCI to income, before taxes.
Fair Value Measurements
The following information is presented for derivative assets and liabilities that are recorded in the condensed consolidated balance sheets at fair value measured on a recurring basis. There were no transfers of assets and liabilities that are recorded at fair value between Level 1 and Level 2 during the periods reported. There were no nonrecurring fair value measurements related to derivative assets and liabilities on the condensed consolidated balance sheets as of March 31, 2023, or December 31, 2022.
March 31, 2023
In millions
Level 1(1)
Level 2(2)
Level 3(3)
Total
Assets:
Currency exchange contracts (4)
$— $0.9 $— $0.9 
Total assets$— $0.9 $— $0.9 
Liabilities:
Currency exchange contracts(5)
$— $1.6 $— $1.6 
Natural gas contracts (5)
— 2.8 — 2.8 
Total liabilities$— $4.4 $— $4.4 
December 31, 2022
In millions
Level 1(1)
Level 2(2)
Level 3(3)
Total
Liabilities:
Natural gas contracts (5)
$— $1.6 $— $1.6 
Currency exchange contracts (5)
— 0.5 — 0.5 
Total liabilities$— $2.1 $— $2.1 
__________
(1) Quoted prices in active markets for identical assets.
(2) Quoted prices for similar assets and liabilities in active markets.
(3) Significant unobservable inputs.
(4) Included within "Other current assets" on the condensed consolidated balance sheet.
(5) Included within "Accrued expenses" on the condensed consolidated balance sheet.