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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024 and December 31, 2023:
|  | Fair Value of Derivative Instruments |
|  | Derivative Assets |  |  | Derivative Liabilities |
(in millions) |  | Balance Sheet Location |  | June 30, 2024 |  |  | December 31, 2023 |  |  | Balance Sheet Location |  | June 30, 2024 |  |  | December 31, 2023 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  | $ | 0.7 |  |  | $ | 0.3 |  |  | Other current liabilities |  | $ | 0.4 |  |  | $ | 1.6 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  |  | 0.6 |  |  |  | 1.0 |  |  | Other current liabilities |  |  | 0.6 |  |  |  | 0.1 |
Foreign exchange contracts |  | Other non-current assets |  |  | 3.8 |  |  |  | 3.2 |  |  | Other non-current liabilities |  |  | 3.8 |  |  |  | 3.2 |
Total derivatives |  |  |  | $ | 5.1 |  |  | $ | 4.5 |  |  |  |  | $ | 4.8 |  |  | $ | 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 and six months ended June 30, 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 June 30, |  |  |  |  | Three months ended June 30, |
(in millions) |  | 2024 |  |  | 2023 |  |  |  |  | 2024 |  |  | 2023 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.6 |  |  | $ | 1.0 |  |  | Cost of products sold |  | $ | (0.5 | ) |  | $ | (0.3 | )
|  | 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) |
|  | Six months ended June 30, |  |  |  |  | Six months ended June 30, |
(in millions) |  | 2024 |  |  | 2023 |  |  |  |  | 2024 |  |  | 2023 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 1.6 |  |  | $ | 0.4 |  |  | Cost of products sold |  | $ | (0.9 | ) |  | $ | (0.8 | )
|  | 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 |  |  | Amount of (Gain) Loss Recognized in Income |
|  |  |  | Three months ended June 30, |  |  | Six months ended June 30, |
(in millions) |  |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Foreign exchange contracts |  | Other expense (income), net |  | $ | (3.4 | ) |  | $ | 1.3 |  |  | $ | (2.1 | ) |  | $ | 3.0 |

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