Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.24.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Activity Related to Cash Flow Hedges Recorded in Accumulated Other Comprehensive Loss
The following activity related to cash flow hedges was recorded in Accumulated other comprehensive income (loss) as of December 31:
Accumulated Unrealized Derivative
Gains (Losses)
2023 2022
(in millions) Pre-tax After-tax Pre-tax After-tax
Beginning balance $ 56.5  $ 36.0  $ 21.6  $ 9.9 
Net change in value of outstanding hedges (3.9) (3.3) 62.0  46.1 
Net amount recognized into earnings (13.6) (9.6) (27.1) (20.0)
Ending balance $ 39.0  $ 23.1  $ 56.5  $ 36.0 
Fair Values Of Derivative Instruments
As of December 31, 2023 and December 31, 2022, the fair values of the Company’s derivative instruments were:
(in millions) Fair Value
Asset Derivatives
December 31, 2023
December 31, 2022
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts $ 4.1  $ 15.2 
Commodity contracts 0.9  0.3 
Total $ 5.0  $ 15.5 
Other Hedging Activity
Foreign exchange contracts $ 0.2  $ 0.6 
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts $ 6.1  $ 8.0 
Commodity contracts 0.8  1.1 
Total $ 6.9  $ 9.1 
Derivatives Designated as Net Investment Hedges
Cross-currency swaps $ 5.0  $ — 
Other Hedging Activity
Foreign exchange contracts $ 1.8  $ 0.8 
Effect of Derivative Instruments on the Consolidated Statement of Operations
The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive income (loss) was as follows: 
(in millions)
Derivatives Designated as Cash Flow Hedging Instruments
December 31, 2023
December 31, 2022
Interest-rate contracts $ —  $ 5.3 
Foreign exchange contracts 3.2  30.6 
Commodity contracts (2.1) (2.1)
Total $ 1.1  $ 33.8 
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps $ (5.0) $ 28.2 
The amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into earnings was as follows:
(in millions)
Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss)
December 31, 2023
December 31, 2022
Interest-rate contracts Interest expense $ (0.1) $ (0.3)
Foreign exchange contracts Cost of sales 16.8  26.0 
Commodity contracts Cost of sales (3.1) 1.4 
Total $ 13.6  $ 27.1 
Derivatives Designated as Fair Value Hedging Instruments
Interest-rate contracts Interest expense $ 0.4  $ 0.7 
Other Hedging Activity
Foreign exchange contracts Cost of sales $ (2.8) $ 1.0 
Foreign exchange contracts Other income (expense), net 0.6  0.9 
Total $ (2.2) $ 1.9