Derivatives (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

The fair value of derivative instruments on our consolidated balance sheets was as follows:

	Derivative Assets					Derivative Liabilities
	Balance Sheet Location	September 30, 2022		December 31, 2021		Balance Sheet Location	September 30, 2022		December 31, 2021
Derivatives designated as cash flow hedges:
Foreign currency forward contracts	Other current assets	$	—	$	—	Other current liabilities	$	—	$	10.4
Derivatives designated as fair value hedges:
Cross-currency swaps	Other current assets	1.6		—		Other current liabilities	—		—
Cross-currency swaps	Other assets	6.5		—		Other liabilities	—		—
Derivatives designated as net investment hedges:
Cross-currency swaps	Other current assets	1.2		—		Other current liabilities	—		—
Cross-currency swaps	Other assets	5.4		—		Other liabilities	—		—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	2.7	$	0.3	Other current liabilities	$	—	$	0.4

Schedule of Effects of Derivatives Designated as Hedging Instruments

The following tables include the amounts in the consolidated statements of income in which the effects of derivatives designated as hedging instruments are recorded:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
	Total		Amount of Gain (Loss) on Hedging Activity		Total		Amount of Gain (Loss) on Hedging  Activity		Total		Amount of Gain (Loss) on Hedging Activity		Total		Amount of Gain (Loss) on Hedging Activity
Derivatives designated as cash flow hedges:
Net sales	$	262.9	$	—	$	272.0	$	—	$	801.2	$	—	$	814.4	$	(0.3)
Interest expense, net	(2.2)		—		(0.6)		0.6		(3.7)		0.7		(6.6)		1.7
Net foreign currency transaction (loss) gain	—		—		(0.7)		4.1		(0.4)		4.7		(0.2)		9.5
Derivatives designated as fair value hedges:
Interest expense, net	(2.2)		0.4		(0.6)		—		(3.7)		0.8		(6.6)		—
Net foreign currency transaction (loss) gain	—		5.6		(0.7)		—		(0.4)		9.9		(0.2)		—
Derivatives designated as net investment hedges:
Interest expense, net	$	(2.2)	$	0.3	$	(0.6)	$	—	$	(3.7)	$	0.6	$	(6.6)	$	—

The effect of derivative instruments designated as hedges and derivative instruments not designated as hedges in our consolidated statements of income was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Derivatives designated as cash flow hedges:
Net gain recognized in other comprehensive loss, net of tax(a)	$	—	$	3.4	$	3.8	$	8.1
Net loss reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to net sales	—		—		—		(0.2)
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net	—		0.4		0.5		1.3
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to net foreign currency transaction gain	—		3.2		3.6		7.3
Derivatives designated as fair value hedges:
Net gain recognized in other comprehensive loss, net of tax(a)	0.2		—		1.4		—
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net	0.3		—		0.6		—
Derivatives designated as net investment hedges:
Net gain recognized in other comprehensive loss, net of tax(a)	3.9		—		7.8		—
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net	0.3		—		0.5		—
Derivatives not designated as hedging instruments:
Net gain recognized in income(b)	$	4.0	$	0.8	$	6.6	$	2.2

(a)Net change in the fair value of the effective portion classified in other comprehensive loss.

(b)Classified in net foreign currency transaction loss.