Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of open foreign currency contracts

The notional and fair values of the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions):

	December 31, 2023						December 31, 2022
	Notional Value (in U.S. Dollars)		Fair Value - Assets		Fair Value - Liabilities		Notional Value (in U.S. Dollars)		Fair Value - Assets		Fair Value - Liabilities
Foreign currency contracts	$	250.3	$	6.5	$	(1.9)	$	154.0	$	8.4	$	—
Interest rate contracts	400.0		0.9		—		550.0		5.9		—
Commodity contracts	84.6		2.1		(3.4)		—		—		—
Total	$	734.9	$	9.5	$	(5.3)	$	704.0	$	14.3	$	—

Schedule of carrying values of derivative instruments

The amounts of gains and losses related to the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions):

		For the Year Ended December 31, 2023
Derivatives Designated as Cash Flow Hedges	Location of Gain Reclassified from Accumulated OCI into Income	Gain Reclassified from AOCI into Income		Loss Recognized in OCI
Foreign exchange contracts	Other (income) expense, net	$	22.7	$	(4.0)
Interest rate contracts	Interest expense	8.8		(3.8)
Commodity contracts	Cost of sales	0.8		(1.0)
Total		$	32.3	$	(8.8)

		For the Year Ended December 31, 2022
Derivatives Designated as Cash Flow Hedges	Location of Gain (Loss) Reclassified from Accumulated OCI into Income	Gain (Loss) Reclassified from AOCI into Income		Gain (Loss) Recognized in OCI
Foreign exchange contracts	Other (income) expense, net	$	14.3	$	4.9
Interest rate contracts	Interest expense	1.0		10.5
Commodity contracts	Cost of sales	(0.3)		(0.5)
Total		$	15.0	$	14.9