Hedging Transactions and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The fair values of derivative instruments held by the Company are as follows (in millions):

			Derivative Assets (Liabilities)
Hedge Type	Contract Type	Balance Sheet Line	December 31, 2022		December 31, 2021
Derivatives designated as hedging instruments
Cash flow hedges	Foreign exchange contracts	Prepaid and other current assets	$	1.1	$	0.7
Cash flow hedges	Foreign exchange contracts	Other assets and deferred charges	1.3		—
Cash flow hedges	Foreign exchange contracts	Other accrued expenses	(0.8)		(0.2)
Derivatives not designated as hedging instruments
Economic hedges	Foreign exchange contracts	Prepaid and other current assets	0.6		0.3

Derivative Instruments, Gain (Loss)

The pre-tax amount of unrealized (loss) gain recognized in accumulated other comprehensive loss on derivatives designated as hedging instruments is as follows (in millions):

		Years Ended December 31,
Hedge Type	Contract Type	2022		2021		2020
Cash flow hedges	Foreign exchange contracts	$	(3.4)	$	0.5	$	2.6

The table above excludes a tax benefit of $0.6 million for the year ended December 31, 2022 and tax expense of $0.2 million and $0.6 million for the years ended December 31, 2021 and 2020, respectively.

The pre-tax impact of derivatives on the Consolidated Statements of Earnings is as follows (in millions):

		Years Ended December 31,
		2022				2021				2020
Hedge Type	Contract Type	Cost of goods sold		Other (income) expense, net		Cost of goods sold		Other (income) expense, net		Cost of goods sold		Other (income) expense, net
Total amounts per Consolidated Statements of Earnings		$	456.2	$	(0.5)	$	508.6	$	(3.0)	$	490.8	$	1.5
Effect of derivatives designated as hedging instruments
Amount of loss (gain) reclassified from accumulated other comprehensive loss into earnings:
Cash flow hedges	Foreign exchange contracts	4.5		—		(2.1)		—		(1.2)		—
Effect of derivatives not designated as hedging instruments
Amount of loss (gain) recognized in earnings:
Economic hedges	Foreign exchange contracts	—		1.0		—		(1.4)		—		(2.9)