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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Asset and Liabilities Derivatives | The following table represents the fair value of our asset and liability derivatives:
|  | Asset Derivatives |  | Liability Derivatives |  |
|  |  |  | June 30, 2023 |  | December 31, 2022 |  |  |  | June 30, 2023 |  | December 31, 2022 |  |
Derivatives designated as net investment hedge |  | Balance Sheet Location |  | Fair Value |  | Fair Value |  | Balance Sheet Location |  | Fair Value |  | Fair Value |  |
Foreign Exchange Collar Contracts (1) |  | Other assets |  | $ | — |  |  | $ | — |  |  | Other long-term liabilities |  | $ | 4.6 |  |  | $ | 2.7 |  |  |
Total derivatives designated as net investment hedge |  |  |  | — |  |  | — |  |  |  |  | 4.6 |  |  | 2.7 |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Contracts |  | Other current assets |  | 3.6 |  |  | — |  |  | Other current liabilities |  | 3.5 |  |  | — |  |  |
Foreign Currency Contracts |  | Other assets |  | 0.3 |  |  | — |  |  | Other long-term liabilities |  | 0.3 |  |  | — |  |  |
Total derivatives not designated as hedges |  |  |  | 3.9 |  |  | — |  |  |  |  | 3.8 |  |  | — |  |  |
Total derivatives |  |  |  | $ | 3.9 |  |  | $ | — |  |  |  |  | $ | 8.4 |  |  | $ | 2.7 |  |  |
_______________ (1)Represents foreign exchange swaps and foreign exchange options.
Schedule of Accumulated Other Comprehensive Loss | The following table represents the net effect derivative instruments designated in hedging relationships had on accumulated other comprehensive loss on the condensed consolidated statements of operations and comprehensive income (loss):
|  | Unrealized loss recognized in accumulated other comprehensive loss on derivatives, net of taxes
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Derivatives designated as net investment hedge |  | 2023 |  | 2022 |  | 2023 |  | 2022
Foreign Exchange Collar Contracts (1) (2) |  | $ | 0.7 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | — |
_______________ (1)Our designated derivative instruments are highly effective. As such, there were no gains or losses recognized immediately in income related to hedge ineffectiveness during the six months ended June 30, 2023. (2)Represents amount excluded from effectiveness testing. Our Foreign Exchange Collar Contracts are designated with terms based on the spot rate of the euro. Future changes in the components related to the spot change on the notional will be recorded in other comprehensive income and remain there until the hedged subsidiaries are substantially liquidated. All coupon payments are classified in interest expense, net in the condensed consolidated statements of operations and comprehensive income (loss), and the initial value of excluded components currently recorded in accumulated other comprehensive loss as a foreign currency translation adjustment are amortized to interest expense, net over the remaining term of the Foreign Exchange Contract. The following table represents the effect that derivative instruments not designated as hedges had on net income:
|  |  | Amount of gain (loss) recognized in income
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Derivatives not designated as hedges | Location of gain (loss) recognized in income |  | 2023 |  | 2022 |  | 2023 |  | 2022
Foreign Currency Contracts | Foreign currency (loss) gain |  | $ | (2.0) |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | — |
Schedule of Interest Rate Derivatives | The following table represents interest income, included within interest expense, net on the condensed consolidated statements of operations and comprehensive income (loss) related to amounts excluded from the assessment of hedge effectiveness for derivative instruments designated as net investment hedges:
|  | Amount of gain recognized in income on derivative (amount excluded from effectiveness testing)
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Derivatives designated as net investment hedge |  | 2023 |  | 2022 |  | 2023 |  | 2022
Foreign Exchange Collar Contracts (1) (2) |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |
_______________ (1)Represents foreign exchange swaps and foreign exchange options. (2)Represents amount excluded from effectiveness testing. Our Foreign Exchange Collar Contracts are designated with terms based on the spot rate of the euro. Future changes in the components related to the spot change on the notional will be recorded in other comprehensive income and remain there until the hedged subsidiaries are substantially liquidated. All coupon payments are classified in interest expense, net in the condensed consolidated statements of operations and comprehensive income (loss), and the initial value of excluded components currently recorded in accumulated other comprehensive loss as a foreign currency translation adjustment are amortized to interest expense, net over the remaining term of the Foreign Exchange Contract.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CCC -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CCC + Details
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