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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Open Forward Foreign Currency Contract | The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within other current assets in our Consolidated Balance Sheets, were as follows:
As of December 31 | 2023 |  | 2022
Notional amount (U.S. dollar equivalent) | $ | 258.4 |  |  | $ | 136.5 |
Fair value of foreign currency derivative contracts(a) | $ | 3.8 |  |  | $ | 1.7 |
(a) Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments. Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within General and administrative expenses in our Consolidated Statements of Operations, and were as follows:
For the Year Ended December 31 | 2023 |  | 2022
(Loss) gain on foreign currency derivative contracts(b) | $ | (2.5) |  |  | $ | 10.1 |
(b) None of our derivative contracts were designated as hedging instruments under ASC 815, Derivatives & Hedging.

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- Definition Tabular disclosure of contract for foreign currency transaction at fixed rate at future date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480524/946-210-50-6 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B + Details
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