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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

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:

			June 30, 2024
			Notional Amount						Fair Value Other Current Assets						Fair Value Other Assets						Fair Value Other Current Liabilities						Fair Value Other Long-Term Liabilities
Derivatives designated as net investment hedge
Foreign Exchange Collar Contracts (1)			$	313.9					$	—					$	—					$	—					$	6.1
Derivatives not designated as hedges
Foreign Currency Contracts			$	401.7					$	1.8					$	—					$	2.8					$	0.1
			December 31, 2023
			Notional Amount						Fair Value Other Current Assets						Fair Value Other Assets						Fair Value Other Current Liabilities						Fair Value Other Long-Term Liabilities
Derivatives designated as net investment hedge
Foreign Exchange Collar Contracts (1)			$	320.8					$	—					$	—					$	—					$	6.0
Derivatives not designated as hedges
Foreign Currency Contracts			$	393.5					$	1.8					$	0.1					$	2.7					$	—

_________

(1)Represents foreign exchange swaps and foreign exchange options.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table represents the net effect derivative instruments designated in hedging relationships had on accumulated other comprehensive (loss) income on the condensed consolidated statements of operations and comprehensive income (loss):

			Three Months Ended June 30,												Six Months Ended June 30,
Derivatives designated as net investment hedge			2024						2023						2024						2023
Foreign Exchange Collar Contracts (1) (2)			$	(0.1)					$	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, 2024 and 2023.

(2)Represents foreign exchange swaps and foreign exchange options.

The following table represents the effect that derivative instruments not designated as hedges had on net income:

									Three Months Ended June 30,												Six Months Ended June 30,
Derivatives not designated as hedges			Location of loss (gain) recognized in income						2024						2023						2024						2023
Foreign Currency Contracts			Other expense, net						$	0.7					$	(2.0)					$	3.8					$	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:

			Three Months Ended June 30,												Six Months Ended June 30,
Derivatives designated as net investment hedge			2024						2023						2024						2023
Foreign Exchange Collar Contracts (1) (2)			$	0.4					$	0.4					$	0.8					$	0.8

_______________

(1)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.

(2)Represents foreign exchange swaps and foreign exchange options.

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- References

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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

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-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

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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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

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