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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of fair value and balance sheet location of derivative instruments | The Company had the following notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements and long-term debt designated as net investment hedges and the respective fair value of the financial instruments recorded in the consolidated balance sheets as follows (in millions):
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | Notional (in USD) |  |  | Fair Value |  |  | Notional (in USD) |  |  | Fair Value |
Financial instruments designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  |  |  | $ | 16.9 |  |  |  |  |  | $ | 14.8 |
Other assets |  |  |  |  |  | 15.6 |  |  |  |  |  |  | 23.0 |
Other long-term liabilities |  |  |  |  |  | (18.1 | ) |  |  |  |  |  | (12.2 | )
|  | $ | 385.8 |  |  | $ | 14.4 |  |  | $ | 393.3 |  |  | $ | 25.6 |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | 831.2 |  |  |  | (40.5 | ) |  |  | 807.6 |  |  |  | (17.0 | )
Total financial instruments designated as hedging instruments |  | $ | 1,217.0 |  |  | $ | (26.1 | ) |  | $ | 1,200.9 |  |  | $ | 8.6 |
Financial instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Forward currency contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 27.3 |  |  | $ | 0.1 |  |  | $ | 89.8 |  |  | $ | 0.6 |
Other current liabilities |  |  | 239.7 |  |  |  | (1.1 | ) |  |  | 97.4 |  |  |  | (0.3 | )
Embedded derivatives in purchase and delivery contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 25.9 |  |  |  | 0.8 |  |  |  | 15.3 |  |  |  | 0.1 |
Fixed price commodity contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | — |  |  |  | — |  |  |  | 8.9 |  |  |  | 0.6 |
Other current liabilities |  |  | 10.5 |  |  |  | (0.1 | ) |  |  | — |  |  |  | — |
Total financial instruments not designated as hedging instruments |  | $ | 303.4 |  |  | $ | (0.3 | ) |  | $ | 211.4 |  |  | $ | 1.0 |
Total financial instruments |  | $ | 1,520.4 |  |  | $ | (26.4 | ) |  | $ | 1,412.3 |  |  | $ | 9.6 |
Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments | The following is a summary of the gain (loss) included in the consolidated statements of income and comprehensive income related to the financial instruments described above (in millions):
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | Financial Statement Classification |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Financial instruments not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward currency contracts |  | Interest and other income (expense), net |  | $ | 1.4 |  |  | $ | (2.6 | ) |  | $ | 1.3 |  |  | $ | (4.1 | )
Embedded derivatives in purchase and delivery contracts |  | Interest and other income (expense), net |  |  | 0.4 |  |  |  | 0.1 |  |  |  | 0.7 |  |  |  | — |
|  |  |  |  | 1.8 |  |  |  | (2.5 | ) |  |  | 2.0 |  |  |  | (4.1 | )
Financial instruments designated as cash flow hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Interest and other income (expense), net |  | $ | 2.6 |  |  | $ | (0.6 | ) |  | $ | 4.9 |  |  | $ | (1.6 | )
Financial instruments designated as net investment hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Interest and other income (expense), net |  |  | 2.0 |  |  |  | 2.2 |  |  |  | 4.0 |  |  |  | 4.3 |
|  |  |  |  | 4.6 |  |  |  | 1.6 |  |  |  | 8.9 |  |  |  | 2.7 |
Total |  |  |  | $ | 6.4 |  |  | $ | (0.9 | ) |  | $ | 10.9 |  |  | $ | (1.4 | )
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | Financial Statement Classification |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Financial instruments designated as cash flow hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Accumulated other comprehensive income, net of tax |  | $ | 3.0 |  |  | $ | 3.7 |  |  | $ | (0.4 | ) |  | $ | 15.1 |
|  |  |  |  | 3.0 |  |  |  | 3.7 |  |  |  | (0.4 | ) |  |  | 15.1 |
Financial instruments designated as net investment hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Accumulated other comprehensive income, net of tax |  | $ | (7.1 | ) |  | $ | 14.3 |  |  | $ | (8.3 | ) |  | $ | 15.0 |
Long-term debt |  | Accumulated other comprehensive income, net of tax |  |  | (11.8 | ) |  |  | 23.5 |  |  |  | (17.9 | ) |  |  | 32.5 |
|  |  |  |  | (18.9 | ) |  |  | 37.8 |  |  |  | (26.2 | ) |  |  | 47.5 |
Total |  |  |  | $ | (15.9 | ) |  | $ | 41.5 |  |  | $ | (26.6 | ) |  | $ | 62.6 |

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