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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Outstanding Financial Instruments

The fair values of outstanding derivative financial instruments as of December 31, 2024 and December 31, 2023 were as follows:

 

 

Prepaid and Other Current Assets

 

Other Assets

 

Current Liabilities

 

Non-Current Liabilities

 

(In millions)

December 31, 2024

 

December 31, 2023

 

December 31, 2024

 

December 31, 2023

 

December 31, 2024

 

December 31, 2023

 

December 31, 2024

 

December 31, 2023

 

Derivative Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Foreign currency forward exchange contracts

$

1.5

 

$

4.8

 

$

0.1

 

$

5.5

 

$

6.8

 

$

3.2

 

$

5.2

 

$

 

  Undesignated hedges

 

 

 

 

 

 

 

 

 

0.1

 

 

1.4

 

 

 

 

 

  Commodity swaps

 

 

0.5

 

 

 

0.2

 

 

1.1

 

 

1.5

 

 

0.3

 

 

0.2

 

  Cross currency and interest rate swap

 

13.9

 

 

4.3

 

 

 

 

3.7

 

 

 

 

 

 

 

 

 

Total Derivative Products

$

15.4

 

$

9.6

 

$

0.1

 

$

9.4

 

$

8.0

 

$

6.1

 

$

5.5

 

$

0.2

 

Schedule of Change in Fair Value of Foreign Currency Forward Exchange Contracts Under Hedge Designations

The activity, net of tax, in accumulated other comprehensive loss related to foreign currency forward exchange contracts for the years ended December 31, 2024, 2023 and 2022 was as follows:

 

2024

 

2023

 

2022

 

Unrealized gain (loss) at beginning of period, net of tax

$

5.2

 

$

(10.5

)

$

(3.5

)

Loss reclassified to net sales

 

1.1

 

 

8.0

 

 

14.0

 

(Decrease) increase in fair value

 

(14.2

)

 

7.7

 

 

(21.0

)

Unrealized gain (loss) at end of period, net of taxes

$

(7.9

)

$

5.2

 

$

(10.5

)