Hedging Transactions And Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, gain (loss)

The following table summarizes the notional values as of December 31, 2023 and 2022 and pretax impact of changes in the fair values of instruments designated as net investment and cash flow hedges in accumulated other comprehensive loss (“OCI”) for the years ended December 31, 2023 and 2022 ($ in millions):

	Notional Amount		Loss Recognized in OCI
Year Ended December 31, 2023
Foreign currency denominated debt	$	386.4	$	(8.9)
Foreign currency contracts	150.0		(3.3)
Total	$	536.4	$	(12.2)

Year Ended December 31, 2022	Notional Amount		Gain Recognized in OCI
Foreign currency denominated debt	$	222.7	$	13.8
Foreign currency contracts	—		68.5
Interest rate contracts	—		2.2
Total	$	222.7	$	84.5

Schedule of notional amounts of outstanding derivative positions

The following table summarizes the notional values as of December 31, 2023 and 2022 and pretax impact of changes in the fair values of instruments designated as net investment and cash flow hedges in accumulated other comprehensive loss (“OCI”) for the years ended December 31, 2023 and 2022 ($ in millions):

	Notional Amount		Loss Recognized in OCI
Year Ended December 31, 2023
Foreign currency denominated debt	$	386.4	$	(8.9)
Foreign currency contracts	150.0		(3.3)
Total	$	536.4	$	(12.2)

Year Ended December 31, 2022	Notional Amount		Gain Recognized in OCI
Foreign currency denominated debt	$	222.7	$	13.8
Foreign currency contracts	—		68.5
Interest rate contracts	—		2.2
Total	$	222.7	$	84.5

Schedule of derivative instruments in statement of financial position, fair value

The Company’s derivative instruments, as well as its non-derivative debt instruments designated and qualifying as net investment hedges, were classified as of December 31, 2023 and 2022, in the Company’s Consolidated Balance Sheets as follows ($ in millions):

	2023		2022
Derivative liabilities:
Other long-term liabilities	$	3.3	$	—
Nonderivative hedging instruments:
Long-term debt	$	386.4	$	222.7