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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:

December 31,
(In millions)20242023
2025 Senior Unsecured Notes
Carrying value(a)
$— 400.0 
Fair value— 382.0 
2027 Senior Unsecured Notes
Carrying value$600.0 600.0 
Fair value558.7 554.6 
2029 Senior Unsecured Notes
Carrying value$400.0 — 
Fair value399.0 — 
2032 Senior Unsecured Notes
Carrying value$400.0 — 
Fair value397.2 — 
(a)The 2025 Senior Unsecured Notes were redeemed in the third quarter of 2024 (see Note 15).
Derivatives Not Designated as Hedging Instruments
The fair value of these contracts were recognized in the consolidated balance sheet as follows:


Twelve Months Ended December 31,
(In millions)20242023
Prepaid expenses and other
$19.0 8.7 
Accrued liabilities
(10.1)(9.8)
Net asset (liability)
$8.9 (1.1)
Amounts under these contracts were recognized in other operating income (expense) as follows:

Twelve Months Ended December 31,
(In millions)202420232022
Derivative instrument gains (losses) included in other operating income (expense)(a)
$(11.0)21.3 42.0 
(a)Derivative instrument losses in 2024 and derivative instrument gains in 2023 were driven primarily by the impacts of forward currency contracts to hedge exposure to the Mexican peso. Derivative instrument gains in 2022 were primarily attributable to the impacts of forward currency contracts to hedge exposure to the euro.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of these contracts were recognized in the consolidated balance sheet as follows:

Twelve Months Ended December 31,
(In millions)20242023
Euro net investment hedge(a)
Prepaid expenses and other
$5.7 5.6 
Other noncurrent liabilities
(21.7)(40.2)
Zero cost collar
Other noncurrent asset
$3.1 0.1 
Hong Kong dollar net investment hedge(b)
Prepaid expenses and other
$0.1 0.1 
Net asset (liability)
$(12.8)(34.4)
(a)At December 31, 2024, swaps with a total notional value of $215 million will terminate in May 2026 and have a weighted average maturity of 1.1 years. Swaps with a total notional value of $185 million will terminate in April 2031 and have a weighted average maturity of 5.3 years.
(b)At December 31, 2024, the total notional value was $55 million with a weighted average maturity of 0.9 years.
The fair values of our interest rate swaps were recognized in the consolidated balance sheet as follows:


December 31,
(In millions)20242023
$400 million notional - June 2027 maturity(a)
Prepaid expenses and other
$— 5.4 
Other noncurrent assets
— 0.3 
$200 million notional - June 2027 maturity(a)
Prepaid expenses and other
$— 5.8 
Other noncurrent assets
— 6.4 
$175 million notional - June 2027 maturity(a)
Prepaid expenses and other
$— 1.9 
Other noncurrent liabilities
— (1.8)
$400 million notional - January 2024 maturity
Prepaid expenses and other$— 1.1 
(a)These interest rate swaps were terminated in the fourth quarter of 2024 and we received approximately $19 million in cash proceeds upon termination. The cash proceeds for terminating the swaps were reported as cash flows from operating activities.
Schedule of Interest Rate Derivatives
The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:

Twelve Months Ended December 31,
(In millions)202420232022
Cross currency swaps designated as net investment hedges
$(4.6)(5.2)(5.8)
Amounts under these contracts were recognized in interest expense as follows:

Twelve Months Ended December 31,
(In millions)202420232022
Impact to interest expense - (benefit) cost
$(17.7)(19.9)2.2 
Derivative Instruments, Gain (Loss)
Before final settlement occurred in the fourth quarter of 2023, amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows:

Twelve Months Ended December 31,
(In millions)202420232022
Derivative instrument losses included in other operating income (expense)
$— (7.9)(8.9)
Offsetting transaction gains
— 7.9 8.9 
Derivative instrument losses included in interest expense— (0.8)(1.3)
  Net derivative instrument losses
$— (8.7)(10.2)