v3.24.0.1
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Instruments
The following table details the fair value of our derivative instruments included on our Consolidated Balance Sheets. 
Cash Flow HedgeNet Investment HedgeNon-Designated as Hedging InstrumentsTotal
 December 31,December 31,December 31,December 31,
(In millions)20232022202320222023202220232022
Derivative Assets        
Foreign currency forward contracts$0.2 $2.1 $— $— $4.9 $5.8 $5.1 $7.9 
Total Derivative Assets$0.2 $2.1 $— $— $4.9 $5.8 $5.1 $7.9 
Derivative Liabilities        
Foreign currency forward contracts
$(2.7)$(0.8)$— $— $(1.6)$(2.4)$(4.3)$(3.2)
Cross-currency swaps— — (19.9)— — — (19.9)— 
Total Derivative Liabilities(1)
$(2.7)$(0.8)$(19.9)$— $(1.6)$(2.4)$(24.2)$(3.2)
Net Derivatives(2)
$(2.5)$1.3 $(19.9)$— $3.3 $3.4 $(19.1)$4.7 
 
     
(1)Excludes €400.0 million of euro-denominated debt that was repaid in February 2023 ($426.0 million equivalent at December 31, 2022), which was designated as a net investment hedge. See Note 14, "Debt and Credit Facilities," for additional details.
(2)The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
 Other Current AssetsOther Current LiabilitiesOther Non-current Liabilities
 December 31,December 31,December 31,
(In millions)202320222023202220232022
Gross position$5.1 $7.9 $(4.3)$(3.2)$(19.9)$— 
Impact of master netting agreements
(1.1)(1.1)1.1 1.1 — — 
Net amounts recognized on the Consolidated Balance Sheets
$4.0 $6.8 $(3.2)$(2.1)$(19.9)$— 
Offsetting Assets The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
 Other Current AssetsOther Current LiabilitiesOther Non-current Liabilities
 December 31,December 31,December 31,
(In millions)202320222023202220232022
Gross position$5.1 $7.9 $(4.3)$(3.2)$(19.9)$— 
Impact of master netting agreements
(1.1)(1.1)1.1 1.1 — — 
Net amounts recognized on the Consolidated Balance Sheets
$4.0 $6.8 $(3.2)$(2.1)$(19.9)$— 
Offsetting Liabilities The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
 Other Current AssetsOther Current LiabilitiesOther Non-current Liabilities
 December 31,December 31,December 31,
(In millions)202320222023202220232022
Gross position$5.1 $7.9 $(4.3)$(3.2)$(19.9)$— 
Impact of master netting agreements
(1.1)(1.1)1.1 1.1 — — 
Net amounts recognized on the Consolidated Balance Sheets
$4.0 $6.8 $(3.2)$(2.1)$(19.9)$— 
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations
The following table details the effect of our derivative instruments on our Consolidated Statements of Operations. 
Location of Gain (Loss) Recognized onAmount of Gain (Loss) Recognized in
Earnings on Derivatives
 Consolidated Statements of OperationsYear Ended December 31,
(In millions)202320222021
Derivatives designated as hedging instruments:   
Cash Flow Hedges:   
Foreign currency forward contractsCost of sales$4.2 $10.9 $(1.9)
Treasury locksInterest expense, net0.1 0.1 0.1 
Sub-total cash flow hedges4.3 11.0 (1.8)
Derivatives not designated as hedging instruments:   
Foreign currency forward and option contractsOther expense, net12.0 7.8 6.0 
Total$16.3 $18.8 $4.2