Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

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

	June 30, 2024						December 31, 2023
	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	$	243.7	$	1.5	$	(2.7)	$	250.3	$	6.5	$	(1.9)
Interest rate contracts	400.0		4.8		—		400.0		0.9		—
Commodity contracts	56.7		0.1		(2.9)		84.6		2.1		(3.4)
Total	$	700.4	$	6.4	$	(5.6)	$	734.9	$	9.5	$	(5.3)

Schedule of gains and losses, net of tax, reclassified from accumulated other comprehensive income into the income statement for cash flow derivatives designated as hedging 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):

		Three months ended June 30, 2024				Six months ended June 30, 2024
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		Gain (Loss) Reclassified from AOCI into Income		Gain (Loss) Recognized in OCI
Foreign currency contracts	Cost of sales	$	3.9	$	(5.5)	$	8.9	$	(4.2)
Interest rate contracts	Interest expense	1.5		0.1		3.0		3.0
Commodity contracts	Cost of sales	(0.4)		(2.0)		(1.1)		(1.2)
Total		$	5.0	$	(7.4)	$	10.8	$	(2.4)

		Three months ended June 30, 2023				Six months ended June 30, 2023
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		Gain (Loss) Reclassified from AOCI into Income		Gain Recognized in OCI
Foreign currency contracts	Other income, net	$	1.3	$	(0.5)	$	4.5	$	1.9
Interest rate contracts	Interest expense	1.9		5.4		5.1		0.6
Commodity contracts	Cost of sales	(0.4)		0.4		(0.8)		1.4
Total		$	2.8	$	5.3	$	8.8	$	3.9