Derivatives (Tables)

12 Months Ended

Dec. 31, 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 as of December 31 consisted of the following:

	Derivative Assets					Derivative Liabilities
	Balance Sheet Location	December 31, 2022		December 31, 2021		Balance Sheet Location	December 31, 2022		December 31, 2021
Derivatives designated as cash flow hedges:
Foreign currency forward contracts	Other current assets	$	—	$	—	Other current liabilities	$	—	$	10.4
Interest rate swaps	Other current assets	0.8		—		Other current liabilities	—		—
Interest rate swaps	Other assets	—		—		Other liabilities	1.8		—
Derivatives designated as fair value hedges:
Cross-currency swaps	Other current assets	1.4		—		Other current liabilities	—		—
Cross-currency swaps	Other assets	0.8		—		Other liabilities	—		—
Derivatives designated as net investment hedges:
Cross-currency swaps	Other current assets	1.2		—		Other current liabilities	—		—
Cross-currency swaps	Other assets	0.5		—		Other liabilities	—		—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts(a)	Other current assets	0.1		0.3		Other current liabilities	0.3		0.4

(a)Contracts that mature within the next 12 months are included in other current assets and other current liabilities for asset derivatives and liabilities derivatives, respectively, on our consolidated balance sheets. Contracts with maturities greater than 12 months are included in other assets and other liabilities for asset derivatives and liability derivatives, respectively, in our consolidated balance sheets. Amounts included in our consolidated balance sheets are recorded net where a right of offset exists with the same derivative counterparty.

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 derivative instruments are recorded and the effects of derivative instruments activity on these line items for the years ended December 31, 2022 and December 31, 2021:

	2022				2021
	Total		Amount of Gain (Loss) on Cash Flow Hedge Activity		Total		Amount of Gain (Loss) on Cash Flow Hedge Activity
Derivatives designated as cash flow hedges:
Net sales	$	1,092.2	$	—	$	1,090.8	$	(0.4)
Interest expense, net	(7.1)		0.7		(7.3)		2.4
Net foreign currency transaction loss	(1.2)		4.7		(0.7)		12.7
Derivatives designated as fair value hedges:
Interest expense, net	(7.1)		0.9		(7.3)		—
Net foreign currency transaction loss	(1.2)		2.0		(0.7)		—
Derivatives designated as net investment hedges
Interest expense, net	(7.1)		0.7		(7.3)		—

The effect of derivative instruments designated as hedges and derivative instruments not designated as hedges in our consolidated statements of income for the three years ended December 31 were as follows:

	2022		2021		2020
Derivatives designated as cash flow hedges:
Net gain (loss) recognized in other comprehensive (loss) income, net of tax(a)	$	3.1	$	10.8	$	(7.4)
Net loss reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to net sales	—		(0.3)		(0.1)
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest income	0.5		1.9		2.0
Net gain (loss) reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to net foreign currency transaction losses	3.6		9.7		(11.6)
Derivatives designated as fair value hedges:
Net gain recognized in other comprehensive loss, net of tax	2.7		—		—
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net	0.9		—		—
Derivatives designated as net investment hedges:
Net gain recognized in other comprehensive loss, net of tax	4.2		—		—
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net	0.7		—		—
Derivatives not designated as hedging instruments:
Net gain (loss) recognized in income(b)	$	1.0	$	2.5	$	(5.0)

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

(b)Classified in net foreign currency transaction losses.