DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Forward Contracts

The Company had the following currency forward contracts outstanding (notional amounts expressed in terms of the dollar value of the hedged currency with maturities extending through November 2024):

	June 30, 2023		December 31, 2022
Chinese Renminbi	$	229.3	$	173.8
Mexican Peso	176.3		215.2
Euro	298.9		159.6
Indian Rupee	49.2		33.1
Australian Dollar	3.0		—
Swedish Krona	6.9		—
British Pound	12.8		2.1
Czech Koruna	1.6		—

The Company had the following commodity forward contracts outstanding (with maturities extending through December 2024) to hedge forecasted purchases of commodities (notional amounts expressed in terms of the dollar value of the hedged item):

	June 30, 2023		December 31, 2022
Copper	$	53.0	$	89.4
Aluminum	2.2		4.0

Schedule of Fair Values of Derivative Instruments

Fair values of derivative instruments as of June 30, 2023 and December 31, 2022 were:

	June 30, 2023
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	9.9	$	—	$	—
Currency Contracts	23.2		2.1		4.1		0.3
Commodity Contracts	0.8		—		3.9		0.3
Not Designated as Hedging Instruments:
Currency Contracts	0.3		—		0.7		—
Commodity Contracts	—		—		0.2		—
Total Derivatives	$	24.3	$	12.0	$	8.9	$	0.6

	December 31, 2022
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Other Accrued Expenses		Other Noncurrent Liabilities
Designated as Hedging Instruments:
Interest Rate Swap Contracts	$	—	$	7.9	$	—	$	—
Currency Contracts	12.3		0.9		4.8		—
Commodity Contracts	0.9		0.3		10.2		—
Not Designated as Hedging Instruments:
Currency Contracts	0.7		—		—		—
Commodity Contracts	—		—		0.4		—
Total Derivatives	$	13.9	$	9.1	$	15.4	$	—

Schedule of Cash Flow Hedging Instruments

Derivatives Designated as Cash Flow Hedging Instruments

The effect of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income were:

	Three Months Ended
	June 30, 2023								June 30, 2022
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$	(5.3)	$	4.4	$	5.8	$	4.9	$	(35.6)	$	(6.0)	$	(1.8)	$	(43.4)
Amounts Reclassified from Other Comprehensive Income (Loss):
(Loss) Gain Recognized in Cost of Sales	(2.8)		2.0		—		(0.8)		4.4		2.4		—		6.8
Gain Recognized in Interest Expense	—		—		1.5		1.5		—		—		—		—
	Six Months Ended
	June 30, 2023								June 30, 2022
	Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total		Commodity Forwards		Currency Forwards		Interest Rate Swaps		Total
Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$	0.2	$	24.7	$	2.1	$	27.0	$	(22.2)	$	4.4	$	8.8	$	(9.0)
Amounts Reclassified from Other Comprehensive Income (Loss):
Gain Recognized in Net Sales	—		—		—		—		—		0.1		—		0.1
(Loss) Gain Recognized in Cost of Sales	(7.8)		4.0		—		(3.8)		9.6		5.4		—		15.0
Gain (Loss) Recognized in Interest Expense	—		—		2.8		2.8		—		—		(0.3)		(0.3)

Derivatives Not Designated as Cash Flow Hedging Instruments:

The effect of derivative instruments not designated as cash flow hedges on the Condensed Consolidated Statements of Income were:

	Three Months Ended
	June 30, 2023				June 30, 2022
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
Loss recognized in Cost of Sales	$	(0.1)	$	—	$	(1.2)	$	—
(Loss) Gain recognized in Operating Expenses	—		(10.6)		—		3.5
	Six Months Ended
	June 30, 2023				June 30, 2022
	Commodity Forwards		Currency Forwards		Commodity Forwards		Currency Forwards
Gain (Loss) recognized in Cost of Sales	$	0.1	$	—	$	(0.6)	$	—
(Loss) Gain recognized in Operating Expenses	—		(12.5)		—		5.0

Schedule of Derivatives Under Enforceable Master Netting Agreements

The following table presents the derivative assets and derivative liabilities presented on a net basis under enforceable master netting agreements:

	June 30, 2023
	Gross Amounts as Presented in the Condensed Consolidated Balance Sheet		Derivative Contract Amounts Subject to Right of Offset		Derivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts	$	23.5	$	(2.7)	$	20.8
Derivative Commodity Contracts	0.8		(0.7)		0.1
Other Noncurrent Assets:
Derivative Currency Contracts	2.1		(0.1)		2.0
Other Accrued Expenses:
Derivative Currency Contracts	4.8		(2.7)		2.1
Derivative Commodity Contracts	4.1		(1.1)		3.0
Other Noncurrent Liabilities:
Derivative Currency Contracts	0.3		(0.1)		0.2
Derivative Commodity Contracts	0.3		—		0.3

	December 31, 2022
	Gross Amounts as Presented in the Condensed Consolidated Balance Sheet		Derivative Contract Amounts Subject to Right of Offset		Derivative Contracts as Presented on a Net Basis
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts	$	13.0	$	(2.5)	$	10.5
Derivative Commodity Contracts	0.9		(0.9)		—
Other Noncurrent Assets:
Derivative Currency Contracts	0.9		—		0.9
Derivative Commodity Contracts	0.3		—		0.3
Other Accrued Expenses:
Derivative Currency Contracts	4.8		(2.5)		2.3
Derivative Commodity Contracts	10.6		(0.9)		9.7