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Derivatives and Hedging (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets | The following table summarizes the fair value of our derivative instruments as well as the location of the asset and/or liability on the condensed consolidated balance sheets as of the periods presented below (in millions):
| Balance Sheet Location |  | Fair Value of Asset Derivatives
| September 30, 2024 |  | December 31, 2023
Derivatives designated as cash flow hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Other current assets |  | $ | 0.5 |  |  | $ | — |
Interest rate swap contract | Other current assets |  | 1.8 |  |  | 5.2 |
Total |  |  | $ | 2.3 |  |  | $ | 5.2 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Other current assets |  | 0.7 |  |  | 0.2 |
Total asset position |  | $ | 3.0 |  |  | $ | 5.4 |
| Balance Sheet Location |  | Fair Value of Liability Derivatives
| September 30, 2024 |  | December 31, 2023
Derivatives designated as cash flow hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Accounts payable and accrued expenses |  | $ | 0.8 |  |  | $ | — |
Interest rate swap contracts | Other long-term liabilities |  | $ | 3.4 |  |  | $ | 2.6 |
|  |  | $ | 4.2 |  |  | $ | 2.6 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Accounts payable and accrued expenses |  | 4.5 |  |  | 4.5 |
Total liability position |  | $ | 8.7 |  |  | $ | 7.1 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following tables summarize the net effect of all cash flow hedges for each of our derivative contracts on the condensed consolidated financial statements for the periods presented (in millions):
|  | (Loss)/Gain Recognized in Other Comprehensive Income
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments |  | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign currency forward contracts |  | $ | (3.0) |  |  | $ | 1.8 |  |  | $ | 4.2 |  |  | $ | 8.9 |
Interest rate swap contracts |  | (10.8) |  |  | 8.5 |  |  | 1.7 |  |  | 18.4 |
|  | $ | (13.8) |  |  | $ | 10.3 |  |  | $ | 5.9 |  |  | $ | 27.3 |
|  |  |  | Gain Reclassified from Other Comprehensive Income into Earnings
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments |  | Statement of Operations Location |  | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign currency forward contracts |  | Cost of Products |  | $ | 1.9 |  |  | $ | 1.9 |  |  | $ | 5.6 |  |  | $ | 4.3 |
Interest rate swap contracts |  | Interest Expense |  | 2.7 |  |  | 2.7 |  |  | 8.2 |  |  | 5.5 |
|  |  |  | $ | 4.6 |  |  | $ | 4.6 |  |  | $ | 13.8 |  |  | $ | 9.8 |
Schedule of Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type | The following table summarizes the location of net gains for each type of our derivative contracts recognized in the condensed consolidated statements of operations for the periods presented (in millions):
|  | Location of Net (Loss)/Gain Recognized in Income on Derivative Instruments |  | Net (Loss)/Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Foreign currency forward contracts |  | Other income, net |  | $ | (19.7) |  |  | $ | 10.9 |  |  | $ | 9.5 |  |  | $ | 29.0 |

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