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Derivatives and Hedging (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Derivative Instruments
The following table summarizes our outstanding derivative instruments on a gross basis, all of which are considered Level 2 financial instruments:
Notional Amount
Fair Value of Derivative Assets(2)
Fair Value of Derivative Liabilities(2)
 September 30, 2023December 31, 2022September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Cash flow hedges:
Foreign exchange forward contracts$479.9 $364.7 $7.8 $9.4 $1.2 $2.0 
Cross-currency swaps(1)
538.5 549.7 10.3 15.8 — 2.2 
Interest rate swaps1,964.9 1,980.5 187.7 173.0 — — 
Net investment hedges:
Cross-currency swaps(1)
690.3 704.6 13.3 20.3 — 0.7 
Total hedges$3,673.6 $3,599.5 $219.1 $218.5 $1.2 $4.9 
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(1)The notional values of the cross-currency swaps have been translated from Euros to U.S. dollars at the foreign currency rates in effect of approximately 1.06 and 1.07 as of September 30, 2023 and December 31, 2022, respectively.
(2)In our balance sheets, all derivative assets are recorded within prepaid expenses and other current assets and all derivative liabilities are recorded within accrued expenses and other current liabilities.
Summary of the Gains (Losses) Recognized within Earnings Related to Derivative Instruments
The following table summarizes the effect of our hedging relationships on accumulated other comprehensive income (AOCI):
Unrealized Gains (Losses) Recognized in Other Comprehensive Income
 Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Cash flow hedges:
Foreign exchange forward contracts(1)
$8.7 $24.2 $(7.2)$48.0 
Cross-currency swaps(7.8)(0.5)(12.4)42.9 
Interest rate swaps15.6 78.2 14.4 171.3 
Net investment hedges:
Cross-currency swaps12.3 43.7 (7.0)65.3 
Total hedges$28.8 $145.6 $(12.2)$327.5 
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(1)Amounts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
The following tables summarize the locations and amounts of gains (losses) recognized within earnings related to our hedging relationships:
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
RevenueInterest ExpenseOther Income (Expense), NetRevenueInterest ExpenseOther Income (Expense), Net
Cash flow hedges:
Foreign exchange forward contracts:
Reclassified from AOCI into income$3.8 $— $— $2.3 $— $— 
Cross-currency swaps:
Reclassified from AOCI into income(1)
— 2.4 17.4 — 2.7 35.2 
Interest rate swaps:
Reclassified from AOCI into income— 17.8 — — 2.4 — 
Net investment hedges:
Cross-currency swaps:
Reclassified from AOCI into income— 3.1 — — 3.6 — 
Total hedges$3.8 $23.3 $17.4 $2.3 $8.7 $35.2 
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(1)The amounts reflected in other income (expense), net include $(17.4) million and $(34.9) million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by cross-currency swaps during the three months ended September 30, 2023 and 2022, respectively.
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
RevenueInterest ExpenseOther Income (Expense), NetRevenueInterest ExpenseOther Income (Expense), Net
Cash flow hedges:
Foreign exchange forward contracts:
Reclassified from AOCI into income$13.5 $— $— $0.9 $— $— 
Cross-currency swaps:
Reclassified from AOCI into income(1)
— 7.2 6.8 — 12.3 88.0 
Interest rate swaps:
Reclassified from AOCI into income— 48.3 — — (13.6)— 
Net investment hedges:
Cross-currency swaps:
Reclassified from AOCI into income— 9.4 — — 7.9 — 
Total hedges$13.5 $64.9 $6.8 $0.9 $6.6 $88.0 
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(1)The amounts reflected in other income (expense), net include $(6.9) million and $(87.8) million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by cross-currency swaps during the nine months ended September 30, 2023 and 2022, respectively.