Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives by Balance Sheet Location

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2023 (in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts - net investment hedge	Accounts receivable, net	$	0.9	Accrued expenses and other current liabilities	$	—
Foreign exchange contracts - net investment hedge	Other assets	—		Other liabilities	18.4
Interest rate contracts - cash flow hedge	Accounts receivable, net	—		Accrued expenses and other current liabilities	—
Interest rate contracts - cash flow hedge	Other assets	10.9		Other liabilities	—
Interest rate contracts - fair value hedge	Other assets	—		Other liabilities	4.9
Total derivatives designated as hedges		$	11.8		$	23.3

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	1.7	Accrued expenses and other current liabilities	$	1.5
Total derivatives not designated as hedges		1.7			1.5
Total derivatives		$	13.5		$	24.8

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2022 (in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts - net investment hedge	Accounts receivable, net	$	2.4	Accrued expenses and other current liabilities	$	0.2
Foreign exchange contracts - net investment hedge	Other assets	1.1		Other liabilities	4.7
Interest rate contracts - cash flow hedge	Accounts receivable, net	0.6		Accrued expenses and other current liabilities	—
Interest rate contracts - cash flow hedge	Other assets	38.1		Other liabilities	—
Interest rate contracts - fair value hedge	Other assets	—		Other liabilities	6.7
Total derivatives designated as hedges		$	42.2		$	11.6

Derivatives not designated as hedges:

Foreign exchange contracts	Accounts receivable, net	$	2.6	Accrued expenses and other current liabilities	$	2.0
Total derivatives not designated as hedges		2.6			2.0
Total derivatives		$	44.8		$	13.6

The following table presents the fair value of fixed-to-floating interest rate swaps designated as a fair value hedge of our Notes and the respective balance sheet location at December 31, 2023 (in millions):


	Balance Sheet Location	Carrying Amount of Hedged Item		Cumulative Amount of Adjustment Included in Carrying Amount
Interest rate contracts - fair value hedge	Long-term debt	$	341.9	$	(4.9)

Refer to Note 14. Debt for further information on the Notes.

Schedule of Derivatives by Income Statement Location

The following table provides the net effect that derivative instruments designated in hedging relationships had on Accumulated other comprehensive income (loss), net of tax and results of operations (in millions):


Derivatives Designated in Hedging Relationships	Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax						Location of Gain (Loss) Reclassified from AOCI	Gain (Loss) Reclassified from AOCI, Net of Tax
	For the Years Ended December 31,							For the Years Ended December 31,
	2023		2022		2021			2023		2022		2021
Derivatives designated as cash flow hedge
Foreign exchange contracts	$	—	$	3.4	$	(0.2)	Net sales	$	—	$	—	$	(1.7)
Foreign exchange contracts	(0.2)		(0.2)		1.2		Other income (expense), net	(0.2)		(0.2)		(0.2)
Interest rate contracts	6.4		32.2		5.1		Interest expense	21.7		(10.7)		(3.2)
Derivatives designated as investment hedge
Foreign exchange contracts	(11.1)		39.6		6.6		Income from discontinued operations	8.9		—		—
Total	$	(4.9)	$	75.0	$	12.7		$	30.4	$	(10.9)	$	(5.1)

Schedule of Effect of Derivative Instruments Not Designated As Hedging Instruments

The following table provides the effect derivative instruments not designated as hedging instruments had on Net income (loss) (in millions):


Derivatives Not Designated as Cash Flow Hedging Instruments	Location of Gain (Loss) Recognized	Amount of Gain (Loss) Recognized
		For the Years Ended December 31,
		2023		2022		2021



Foreign exchange contracts	Other income (expense), net	$	0.8	$	3.6	$	(1.9)