Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

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	June 30, 2023		December 31, 2022		Balance Sheet Location	June 30, 2023		December 31, 2022
Derivatives designated as cash flow hedges:
Interest rate swaps	Other current assets	$	1.4	$	0.8	Other current liabilities	$	—	$	—
Interest rate swaps	Other assets	—		—		Other liabilities	0.9		1.8
Derivatives designated as fair value hedges:
Cross-currency swaps	Other current assets	1.5		1.4		Other current liabilities	—		—
Cross-currency swaps	Other assets	—		0.8		Other liabilities	1.5		—
Derivatives designated as net investment hedges:
Cross-currency swaps	Other current assets	1.4		1.2		Other current liabilities	—		—
Cross-currency swaps	Other assets	—		0.5		Other liabilities	1.7		—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	0.5	$	0.1	Other current liabilities	$	0.5	$	0.3

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 June 30,
	2023				2022
	Total		Gain (Loss) on Hedging		Total		Gain (Loss) on Hedging
Derivatives designated as cash flow hedges:
Interest expense, net	$	(4.0)	$	0.2	$	(1.2)	$	—
Net foreign currency transaction gain (loss)	1.0		—		(1.0)		0.2
Derivatives designated as fair value hedges:
Interest expense, net	(4.0)		0.2		(1.2)		0.4
Net foreign currency transaction gain (loss)	1.0		(0.4)		(1.0)		4.3
Derivatives designated as net investment hedges:
Interest expense, net	$	(4.0)	$	0.3	$	(1.2)	$	0.3

	Six Months Ended June 30,
	2023				2022
	Total		Gain (Loss) on Hedging		Total		Gain (Loss) on Hedging
Derivatives designated as cash flow hedges:
Net sales	$	627.5	$	—	$	538.3	$	—
Interest expense, net	(7.7)		0.3		(1.5)		0.7
Net foreign currency transaction gain (loss)	0.9		—		(0.4)		4.7
Derivatives designated as fair value hedges:
Interest expense, net	(7.7)		1.4		(1.5)		0.4
Net foreign currency transaction gain (loss)	0.9		0.8		(0.4)		4.3
Derivatives designated as net investment hedges:
Interest expense, net	$	(7.7)	$	1.2	$	(1.5)	$	0.3

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Derivatives designated as cash flow hedges:
Net gain recognized in other comprehensive income, net of tax(a)	$	2.3	$	—	$	1.4	$	3.8
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net	0.2		—		0.3		0.5
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to net foreign currency transaction gain (loss)	—		0.1		—		3.6
Derivatives designated as fair value hedges:
Net (loss) gain recognized in other comprehensive income (loss), net of tax(a)	(0.7)		4.7		—		4.7
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net	0.3		0.3		0.6		0.3
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to net foreign currency transaction gain (loss)	—		3.3		—		3.3
Derivatives designated as net investment hedges:
Net (loss) gain recognized in other comprehensive income (loss), net of tax(a)	(1.0)		—		(1.1)		—
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net	0.3		0.2		0.5		0.2
Derivatives not designated as hedging instruments:
Net gain recognized in income(b)	$	0.1	$	4.2	$	0.9	$	2.6

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

(b)Classified in net foreign currency transaction gain (loss).