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Derivatives and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

December 31, 2023

Sales hedges

U.S. dollars

Euros

Canadian Dollars

Japanese Yen

Contract totals/£m

23.5

3.4

0.3

0.2

Maturity dates

01/24 to 02/24

01/24 to 03/24

01/24 to 02/24

01/24 to 02/24

Exchange rates

$1.2159 to $1.2760

€1.1432 to €1.1494

$1.6843

¥179.3673 to ¥185.6455

Purchase hedges

U.S. dollars

Euros

Canadian dollars

Australian dollars

Chinese yuan

Contract totals/£m

0.4

0.8

11.0

0.9

1.4

Maturity dates

02/24 to 03/24

01/24

01/24 to 02/24

01/24

01/24

Exchange rates

$1.2155 to $1.2614

€1.1577 to €1.1535

$1.7199 to $1.6840

1.8719

¥9.0433 to ¥9.0440

December 31, 2022

Sales hedges

U.S. dollars

Euros

Canadian Dollars

Contract totals/£m

13.4

12.8

0.1

Maturity dates

01/23 to 03/23

01/23 to 03/23

01/24

Exchange rates

$1.1207 to $1.2083

€1.1234 to €1.1468

$1.6320

Purchase hedges

U.S. dollars

Euros

Canadian dollars

Australian dollars

Chinese yuan

Contract totals/£m

9.2

2.6

9.5

1.0

1.6

Maturity dates

01/23 to 04/23

01/23 to 04/23

01/23

01/23

01/23 to 03/23

Exchange rates

$1.1040 to $1.2084

€1.1437 to €1.2240

$1.6796 to $1.6239

$1.7787

¥8.3906 to ¥8.4126

Schedule of Fair Values of the Financial Instruments

The fair values of the financial instruments of the Company at December 31, 2023 and 2022, were analyzed using the hierarchy as follows:

						December 31, 2023
			In millions			Total						Level 1						Level 2						Level 3
			Derivative financial assets:
			Foreign currency contract assets			$	0.4					$	—					$	0.4					$	—
			Interest bearing loans and borrowings:
			Loan Notes due 2026			25.0						—						25.0						—
			Revolving credit facility			43.1						—						43.1						—
			Bank overdraft			4.6						—						4.6						—

						December 31, 2022
			In millions			Total						Level 1						Level 2						Level 3
			Derivative financial assets:
			Foreign currency contract assets			$	0.7					$	—					$	0.7					$	—
			Derivative financial liabilities:
			Foreign currency contract liabilities			0.4						—						0.4						—
			Interest bearing loans and borrowings:
			Loan Notes due 2023			25.0						—						25.0						—
			Loan Notes due 2026			25.0						—						25.0						—
			Revolving credit facility			31.9						—						31.9						—

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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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.

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