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Derivatives and Hedging | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVES AND HEDGING | DERIVATIVES AND HEDGING 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. In February 2020, the Company settled its $400.0 million U.S. Dollar to Euro cross currency swap contract entered into on May 9, 2019 to hedge the Company’s net investment in its European operations. At the time of the settlement, an unrealized gain of $11.8 million, net of tax, was recognized in AOCI. The following table summarizes the balance sheet location of the cross currency swaps. See Note 18 for additional information on the fair value of these contracts.
| December 31, |  | December 31, |  | December 31,
| 2022 |  | 2021 |  | 2020
Other assets | $ | 9.1 |  |  | $ | — |  |  | $ | — |
Other accruals | — |  |  | — |  |  | 31.0 |
Other long-term liabilities | — |  |  | 36.5 |  |  | 54.8 |
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 gains (losses) for the years ended December 31:
| 2022 |  | 2021 |  | 2020
Gain (loss) | $ | 45.2 |  |  | $ | 49.3 |  |  | $ | (71.7) |
Tax effect | (11.1) |  |  | (12.2) |  |  | 17.7 |
Gain (loss), net of taxes | $ | 34.1 |  |  | $ | 37.1 |  |  | $ | (54.0) |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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