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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair value of our derivative financial instruments as of March 31, 2024 and December 31, 2023:
|  | Fair Value of Derivative Instruments |
|  | Derivative Assets |  |  | Derivative Liabilities |
(in millions) |  | Balance Sheet Location |  | March 31, 2024 |  |  | December 31, 2023 |  |  | Balance Sheet Location |  | March 31, 2024 |  |  | December 31, 2023 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  | $ | 0.8 |  |  | $ | 0.3 |  |  | Other current liabilities |  | $ | 0.3 |  |  | $ | 1.6 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  |  | 0.8 |  |  |  | 1.0 |  |  | Other current liabilities |  |  | 1.8 |  |  |  | 0.1 |
Foreign exchange contracts |  | Other non-current assets |  |  | 2.1 |  |  |  | 3.2 |  |  | Other non-current liabilities |  |  | 2.1 |  |  |  | 3.2 |
Total derivatives |  |  |  | $ | 3.7 |  |  | $ | 4.5 |  |  |  |  | $ | 4.2 |  |  | $ | 4.9 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables summarize the pre-tax effect of our derivative financial instruments on the condensed consolidated financial statements for the three months ended March 31, 2024 and 2023:
|  | The Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Consolidated Financial Statements |
|  | Amount of Gain (Loss) Recognized in AOCI (Effective Portion) |  |  | Location of (Gain) Loss Reclassified from AOCI to Income |  | Amount of (Gain) Loss Reclassified from AOCI to Income (Effective Portion) |
|  | Three months ended March 31, |  |  |  |  | Three months ended March 31, |
(in millions) |  | 2024 |  |  | 2023 |  |  |  |  | 2024 |  |  | 2023 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 1.0 |  |  | $ | (0.6 | ) |  | Cost of products sold |  | $ | (0.4 | ) |  | $ | (0.5 | )
|  | The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Financial Statements |
|  | Location of (Gain) Loss Recognized in Income on Derivatives |  | Amount of (Gain) Loss Recognized in Income |
|  |  |  | Three months ended March 31, |
(in millions) |  |  |  | 2024 |  |  | 2023 |
Foreign exchange contracts |  | Other expense (income), net |  | $ | 1.3 |  |  | $ | 1.7 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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