Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values Of Derivative Instruments

As of December 31, 2024 and December 31, 2023, the fair values of the Company’s derivative instruments were:

(in millions)	Fair Value
Asset Derivatives	December 31, 2024		December 31, 2023
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	13.2	$	4.1
Commodity contracts	0.8		0.9
Total	$	14.0	$	5.0
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	5.1	$	—
Other Hedging Activity
Foreign exchange contracts	$	3.0	$	0.2
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	5.8	$	6.1
Commodity contracts	0.4		0.8
Total	$	6.2	$	6.9
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	—	$	5.0
Other Hedging Activity
Foreign exchange contracts	$	3.2	$	1.8

Effect of Derivative Instruments on the Consolidated Statement of Operations

The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive income (loss) was as follows: 

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	December 31, 2024		December 31, 2023
Foreign exchange contracts	$	13.8	$	3.2
Commodity contracts	(0.3)		(2.1)
Total	$	13.5	$	1.1
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps	$	11.8	$	(5.0)

The amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into earnings was as follows:

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	Location of Gain (Loss)	December 31, 2024		December 31, 2023
Interest-rate contracts	Interest expense	$	0.1	$	(0.1)
Foreign exchange contracts	Cost of sales	2.9		16.8
Commodity contracts	Cost of sales	(1.0)		(3.1)
Total		$	2.0	$	13.6

The amount of gain (loss) on derivatives recognized directly into earnings was as follows:

(in millions)
Derivatives Designated as Fair Value Hedging Instruments	Location of Gain (Loss)	December 31, 2024		December 31, 2023
Interest-rate contracts	Interest expense	$	—	$	0.4
Other Hedging Activity
Foreign exchange contracts	Cost of sales	$	7.7	$	(2.8)
Foreign exchange contracts	Other income (expense), net	(6.1)		0.6
Total		1.6		(2.2)