XML 267 R34.htm IDEA: XBRL DOCUMENT
v3.23.1

Derivative and hedging activities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of March 31, 2023, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
(dollars in millions) |  |  |  |
Interest rate derivative |  | Number of instruments |  | Notional
Interest rate swaps |  | 1 |  | $ | 750.0 |
As of March 31, 2023, we had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations:
(value in millions) |  |  |  |  |  |
Foreign currency derivative |  | Number of instruments |  | Notional sold |  | Notional purchased
Cross-currency swaps |  | 1 |  |  | € | 732.1 |  |  | $ | 750.0 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of cash flow hedge accounting on AOCI for the three months ended March 31, 2023 and March 31, 2022.
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging relationships |  | Amount of gain or (loss) recognized in OCI on Derivative |  | Location of gain or (loss) reclassified from AOCI into income |  | Amount of gain or (loss) reclassified from AOCI into income
|  | Three months ended March 31, |  |  |  |  |  | Three months ended March 31, |  |
|  | 2023 |  | 2022 |  |  |  |  |  |  |  | 2023 |  | 2022 |  |  |  |
Interest rate products |  | (3.5) |  |  | — |  |  |  |  |  |  | Interest income |  | 3.1 |  |  | — |  |  |  |  |
Total |  | $ | (3.5) |  |  | $ | — |  |  |  |  |  |  |  |  | $ | 3.1 |  |  | $ | — |  |  |  |  |
Derivative Instruments, Gain (Loss) | The table below presents the effect of our derivative financial instruments on the statement of operations for the three months ended March 31, 2023 and March 31, 2022.
|  |  |  |  |  | Three months ended March 31, |  |  |  |  |  |  |  |
|  |  |  |  |  | 2023 |  |  |  |  | 2022 |  |  |  |  |  |  |  |  |  |
(in millions) |  |  |  |  |  | Interest income (expense) |  |  |  |  |  |  |  | Interest income (expense) |  |  |  |  |  |  |  |  |  |  |  |
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded |  |  |  |  |  | $ | (73.7) |  |  |  |  |  |  |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain reclassified from AOCI into income |  |  |  |  |  | $ | 3.1 |  |  |  |  |  |  |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2023 and December 31, 2022:
| Derivative assets |  | Derivative liabilities
| March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022
(in millions) | Balance sheet location |  | Fair value |  | Balance sheet location |  | Fair value |  | Balance sheet location |  | Fair value |  | Balance sheet location |  | Fair value
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products | Other current assets |  | $ | 19.7 |  |  | Other current assets |  | $ | 26.2 |  |  | Other current liabilities |  | $ | — |  |  | Other current liabilities |  | $ | — |
Foreign exchange products | Other current assets |  | — |  |  | Other current assets |  | — |  |  | Other current liabilities |  | (31.8) |  |  | Other current liabilities |  | (21.4) |
Total |  |  | $ | 19.7 |  |  |  |  | $ | 26.2 |  |  |  |  | $ | (31.8) |  |  |  |  | $ | (21.4) |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location | The amount of loss (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income is presented below:
(in millions) | Three months ended March 31, |  |
2023 |  | 2022 |  |  |  |
Net investment hedges | $ | 7.5 |  |  | $ | (11.0) |  |  |  |  |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three months ended March 31, 2023 and March 31, 2022.
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging relationships |  | Amount of gain or (loss) recognized in OCI on Derivative |  |  |  |  |  | Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) |  | Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
|  | Three months ended March 31, |  |  |  |  |  |  |  | Three months ended March 31,
|  | 2023 |  | 2022 |  |  |  |  |  |  |  |  |  | 2023 |  | 2022
Cross currency swaps |  | $ | (7.2) |  |  | $ | — |  |  |  |  |  |  |  |  | Interest income |  | $ | 3.2 |  |  | $ | — |
Total |  | $ | (7.2) |  |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 3.2 |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfNetInvestmentHedgesInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfNetInvestmentHedgesStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration