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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2024
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):
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | 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 |  |  |  |  | $ | 12.8 |  |  |  |  |  | $ | 12.0 |
Other assets |  |  |  |  |  | 11.6 |  |  |  |  |  |  | 8.3 |
Other long-term liabilities |  |  |  |  |  | (17.8 | ) |  |  |  |  |  | (26.8 | )
|  | $ | 274.5 |  |  | $ | 6.6 |  |  | $ | 378.3 |  |  | $ | (6.5 | )
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | 1,078.7 |  |  |  | (19.1 | ) |  |  | 876.0 |  |  |  | (85.3 | )
Total financial instruments designated as hedging instruments |  | $ | 1,353.2 |  |  | $ | (12.5 | ) |  | $ | 1,254.3 |  |  | $ | (91.8 | )
Financial instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Forward currency contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 1,008.9 |  |  | $ | 11.4 |  |  | $ | 177.8 |  |  | $ | 1.3 |
Other current liabilities |  |  | 357.0 |  |  |  | (1.5 | ) |  |  | 311.7 |  |  |  | (0.6 | )
Embedded derivatives in purchase and delivery contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 2.1 |  |  |  | — |  |  |  | 25.6 |  |  |  | 1.2 |
Other current liabilities |  |  | 8.7 |  |  |  | (0.2 | ) |  |  | 0.1 |  |  |  | — |
Fixed price commodity contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 6.3 |  |  |  | 0.4 |  |  |  | 8.4 |  |  |  | 0.3 |
Total financial instruments not designated as hedging instruments |  | $ | 1,383.0 |  |  | $ | 10.1 |  |  | $ | 523.6 |  |  | $ | 2.2 |
Total financial instruments |  | $ | 2,736.2 |  |  | $ | (2.4 | ) |  | $ | 1,777.9 |  |  | $ | (89.6 | )
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 March 31, |  |
|  | Financial Statement Classification |  | 2024 |  |  | 2023 |  |
Financial instruments not designated as hedging instruments |  |  |  |  |  |  |  |  |
Forward currency contracts |  | Interest and other income (expense), net |  | $ | 2.0 |  |  | $ | (0.1 | ) |
Embedded derivatives in purchase and delivery contracts |  | Interest and other income (expense), net |  |  | (1.3 | ) |  |  | (0.3 | ) |
|  |  |  |  | 0.7 |  |  |  | (0.4 | ) |
Financial instruments designated as cash flow hedging instruments |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Interest and other income (expense), net |  | $ | 2.7 |  |  | $ | 2.3 |  |
Financial instruments designated as net investment hedging instruments |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Interest and other income (expense), net |  |  | 1.5 |  |  |  | 2.0 |  |
|  |  |  |  | 4.2 |  |  |  | 4.3 |  |
Total |  |  |  | $ | 4.9 |  |  | $ | 3.9 |  |
|  |  |  | Three Months Ended March 31, |  |
|  | Financial Statement Classification |  | 2024 |  |  | 2023 |  |
Financial instruments designated as cash flow hedging instruments |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Accumulated other comprehensive income, net of tax |  | $ | 1.4 |  |  | $ | (3.4 | ) |
|  |  |  |  | 1.4 |  |  |  | (3.4 | ) |
Financial instruments designated as net investment hedging instruments |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Accumulated other comprehensive income, net of tax |  | $ | 10.2 |  |  | $ | (1.2 | ) |
Long-term debt |  | Accumulated other comprehensive income, net of tax |  |  | 50.5 |  |  |  | (6.1 | ) |
|  |  |  |  | 60.7 |  |  |  | (7.3 | ) |
Total |  |  |  | $ | 62.1 |  |  | $ | (10.7 | ) |

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