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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Financial Instruments Used to Manage Currency Exchange and Interest Rate Risk

The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.

			Notional Amount
			As of December 31,
			2022						2021
			(in millions)
Foreign currency forward exchange contracts			$	1,678.4					$	1,498.8
Cross currency swap contracts			300.0						300.0

Schedule of Location and Fair Value Amounts of Derivative Instruments

The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets (in millions):

									Fair Value
									As of December 31,
			Balance Sheet Location						2022						2021
Derivatives designated as hedging instruments
Assets
Foreign currency contracts			Other current assets						$	24.9					$	36.2
Cross currency swap contracts			Other assets						$	40.6					$	19.1
Liabilities
Foreign currency contracts			Accrued and other liabilities						$	20.7					$	3.9
Foreign currency contracts			Other liabilities						$	6.5					$	—

Schedule of Effect of Master-Netting Agreements and Rights of Offset, Assets

The following table presents the effect of master-netting agreements and rights of offset on the consolidated balance sheets (in millions):

																					Gross Amounts Not Offset in the Consolidated Balance Sheet
									Gross Amounts Offset in the Consolidated Balance Sheet						Net Amounts Presented in the Consolidated Balance Sheet
December 31, 2022			Gross Amounts																		Financial Instruments						Cash Collateral Received						Net Amount
Derivative Assets
Foreign currency contracts			$	24.9					$	—					$	24.9					$	(12.0)					$	—					$	12.9
Cross currency swap contracts			$	40.6					$	—					$	40.6					$	—					$	—					$	40.6
Derivative Liabilities
Foreign currency contracts			$	27.2					$	—					$	27.2					$	(12.0)					$	—					$	15.2
December 31, 2021
Derivative Assets
Foreign currency contracts			$	36.2					$	—					$	36.2					$	(2.8)					$	—					$	33.4
Cross currency swap contracts			$	19.1					$	—					$	19.1					$	—					$	—					$	19.1
Derivative Liabilities
Foreign currency contracts			$	3.9					$	—					$	3.9					$	(2.8)					$	—					$	1.1

Schedule of Effect of Master-Netting Agreements and Rights of Offset, Liabilities

The following table presents the effect of master-netting agreements and rights of offset on the consolidated balance sheets (in millions):

																					Gross Amounts Not Offset in the Consolidated Balance Sheet
									Gross Amounts Offset in the Consolidated Balance Sheet						Net Amounts Presented in the Consolidated Balance Sheet
December 31, 2022			Gross Amounts																		Financial Instruments						Cash Collateral Received						Net Amount
Derivative Assets
Foreign currency contracts			$	24.9					$	—					$	24.9					$	(12.0)					$	—					$	12.9
Cross currency swap contracts			$	40.6					$	—					$	40.6					$	—					$	—					$	40.6
Derivative Liabilities
Foreign currency contracts			$	27.2					$	—					$	27.2					$	(12.0)					$	—					$	15.2
December 31, 2021
Derivative Assets
Foreign currency contracts			$	36.2					$	—					$	36.2					$	(2.8)					$	—					$	33.4
Cross currency swap contracts			$	19.1					$	—					$	19.1					$	—					$	—					$	19.1
Derivative Liabilities
Foreign currency contracts			$	3.9					$	—					$	3.9					$	(2.8)					$	—					$	1.1

Schedule of Effect of Derivative Instruments

The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated statements of operations and consolidated statements of comprehensive income:

						Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)												Location of Gain or (Loss) Reclassified from Accumulated OCI into Income						Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
																					2022															2021						2022						2021
						(in millions)																					(in millions)
Cash flow hedges
Foreign currency contracts						$	81.7					$	56.7					Cost of sales						$	88.4					$	(23.0)
																		Selling, general, and administrative expenses						$	—					$	(0.6)

						Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)												Location of Gain or (Loss) Reclassified from Accumulated OCI into Income						Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from  Effectiveness Testing)
						2022						2021												2022						2021
						(in millions)																		(in millions)
Net investment hedges
Cross currency swap contracts						$	21.6					$	18.4					Interest expense						$	7.0					$	6.4

The cross currency swap contracts have an expiration date of June 15, 2028. At maturity of the cross currency swap contracts, the Company will deliver the notional amount of €257.2 million and will receive $300.0 million from the counterparties. The Company will receive semi-annual interest payments from the counterparties based on a fixed interest rate until maturity of the agreements.

									Amount of Gain or (Loss) Recognized in Income on Derivative
			Location of Gain or (Loss) Recognized in Income on Derivative
									2022						2021						2020
									(in millions)
Fair value hedges
Foreign currency contracts			Other income, net						$	(3.9)					$	11.6					$	(1.4)

									Amount of Gain or (Loss) Recognized in Income on Derivative
			Location of Gain or (Loss) Recognized in Income on Derivative
									2022						2021						2020
									(in millions)
Derivatives not designated as hedging instruments
Foreign currency contracts			Other income, net						$	44.0					$	27.4					$	(15.1)

Schedule of the Effect of Fair Value and Cash Flow Hedge

The following tables present the effect of fair value and cash flow hedge accounting on the consolidated statements of operations:

			Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
			Twelve Months Ended December 31, 2022
			Cost of sales						Selling, general, and administrative expenses												Other Income, net
Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded						$	(1,080.4)								$	(1,567.6)														$	2.6
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items			—						—												5.5
Derivatives designated as hedging instruments			—						—												(5.5)
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach			—						—												1.6
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income			88.4						—												—

			Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
			Twelve Months Ended December 31, 2021
			Cost of sales						Selling, general, and administrative expenses												Other Income, net
Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded						$	(1,248.9)								$	(1,493.7)														$	12.7
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items			—						—												(9.0)
Derivatives designated as hedging instruments			—						—												9.0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach			—						—												2.6
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income			(23.0)						(0.6)												—

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