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DERIVATIVES AND HEDGING
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
Net Investment Hedges
The Company has two U.S. Dollar to Euro cross currency swap contracts to hedge the Company's net investment in its European operations. During the term of the contracts, the Company will pay fixed-rate interest in Euros and receive fixed-rate interest in U.S. Dollars, thereby effectively converting a portion of the Company's U.S. Dollar denominated fixed-rate debt to Euro denominated fixed-rate debt. At December 31, 2021, the contracts had a notional value of $500.0 million and $244.0 million, respectively, and maturity dates of June 1, 2024 and June 1, 2027, respectively. In April 2022, the Company settled a portion of the $244.0 million contract, which reduced the outstanding notional value to $162.7 million. An immaterial loss was recognized in AOCI at the time of settlement.
The following table summarizes the balance sheet location of the cross currency swaps. See Note 13 for additional information on the fair value of these contracts.
September 30,December 31,September 30,
202220212021
Other assets$56.4 $— $— 
Other accruals— — 16.4 
Other long-term liabilities— 36.5 27.4 
The changes in fair value of the cross currency swap contracts are recognized in the foreign currency translation adjustments component of AOCI. The following table summarizes the unrealized gains for the three and nine months ended September 30, 2022 and 2021.
Three Months EndedNine Months Ended
September 30,September 30,September 30,September 30,
2022202120222021
Unrealized gains$41.0 $19.4 $92.5 $42.0 
Tax effect(10.1)(4.9)(22.7)(10.4)
Unrealized gains, net of taxes$30.9 $14.5 $69.8 $31.6 
Derivatives Not Designated as Hedging Instruments
The Company enters into foreign currency option and forward contracts with maturity dates less than twelve months primarily to hedge against value changes in foreign currency. The total notional value of foreign currency forward contracts outstanding at September 30, 2022 was $194.5 million. At September 30, 2022, the Company recorded a $3.1 million liability in Other accruals to recognize the fair value of these outstanding foreign currency contracts. There were no material foreign currency option and forward contracts outstanding at December 31, 2021 and September 30, 2021. The related gains and losses are recorded in Other expense (income) - net. See Note 15.