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Financial Instruments and Derivative Financial Instruments - USD ($) $ in Millions | 3 Months Ended |
--- | --- | ---
Mar. 31, 2024 | Dec. 31, 2023
Derivative [Line Items] |  |
Long-term Debt | $ 448.1 | $ 466.7
Long-term Debt, Fair Value | $ 447.3 | 464.0
Discussion of Objectives for Using Interest Rate Derivative Instruments | The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month Secured Overnight Financing Rate ("SOFR"). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. |
Interest Rate Derivatives, at Fair Value, Net | $ 13.6 | 11.9
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 6.5 |
Foreign Exchange Contract [Member] |  |
Derivative [Line Items] |  |
Discussion of Objectives for Using Foreign Currency Derivative Instruments | The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. |
Derivative, Notional Amount | $ 600.0 | 900.0
Derivative, Fair Value, Net | 24.0 | 12.2
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (26.1) |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] |  |
Derivative [Line Items] |  |
Derivative, Notional Amount | $ 180.0 | $ 180.0
Derivative, Average Fixed Interest Rate | 1.65% | 1.65%
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Bolzoni [Member] |  |
Derivative [Line Items] |  |
Derivative, Notional Amount | $ 6.2 | $ 7.5
Derivative, Average Fixed Interest Rate | 0.56% | 0.51%
Secured Debt [Member] |  |
Derivative [Line Items] |  |
Long-term Debt, Gross | $ 225.0 |

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