Hedging Transactions and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, gain (loss)

The following table summarizes the notional values as of December 31, 2024 and 2023 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, 2024 and 2023 ($ in millions):

	Notional Amount		Gain Recognized in OCI
Year Ended December 31, 2024
Foreign currency denominated debt	$	362.4	$	24.0
Foreign currency contract	150.0		9.2
Total	$	512.4	$	33.2

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

Schedule of notional amounts of outstanding derivative positions

The following table summarizes the notional values as of December 31, 2024 and 2023 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, 2024 and 2023 ($ in millions):

	Notional Amount		Gain Recognized in OCI
Year Ended December 31, 2024
Foreign currency denominated debt	$	362.4	$	24.0
Foreign currency contract	150.0		9.2
Total	$	512.4	$	33.2

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

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

The Company’s derivative instrument, as well as its non-derivative debt instrument designated and qualifying as net investment hedges, were classified as of December 31, 2024 and 2023, in the Company’s Consolidated Balance Sheets as follows ($ in millions):

	2024		2023
Derivative assets:
Other long-term assets	$	5.9	$	—
Derivative liabilities:
Other long-term liabilities	$	—	$	3.3
Nonderivative hedging instruments:
Long-term debt	$	362.4	$	386.4