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Derivative and Hedging Designated Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative and Designated Hedging Instruments 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):
|  | September 30, 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 |  |  |  |  | $ | 9.0 |  |  |  |  |  | $ | 12.0 |
Other assets |  |  |  |  |  | 4.5 |  |  |  |  |  |  | 8.3 |
Other long-term liabilities |  |  |  |  |  | (26.8 | ) |  |  |  |  |  | (26.8 | )
|  | $ | 267.0 |  |  | $ | (13.3 | ) |  | $ | 378.3 |  |  | $ | (6.5 | )
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | 1,562.4 |  |  |  | (118.0 | ) |  |  | 876.0 |  |  |  | (85.3 | )
Total financial instruments designated as hedging instruments |  | $ | 1,829.4 |  |  | $ | (131.3 | ) |  | $ | 1,254.3 |  |  | $ | (91.8 | )
Financial instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Forward currency contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 677.9 |  |  | $ | 1.0 |  |  | $ | 177.8 |  |  | $ | 1.3 |
Other current liabilities |  |  | 240.7 |  |  |  | (1.1 | ) |  |  | 311.7 |  |  |  | (0.6 | )
Embedded derivatives in purchase and delivery contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 18.9 |  |  |  | 0.5 |  |  |  | 25.6 |  |  |  | 1.2 |
Other current liabilities |  |  | 1.3 |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
Fixed price commodity contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 3.2 |  |  |  | 0.2 |  |  |  | 8.4 |  |  |  | 0.3 |
Total financial instruments not designated as hedging instruments |  | $ | 942.0 |  |  | $ | 0.6 |  |  | $ | 523.6 |  |  | $ | 2.2 |
Total financial instruments |  | $ | 2,771.4 |  |  | $ | (130.7 | ) |  | $ | 1,777.9 |  |  | $ | (89.6 | )
T
Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments | he following is a summary of the gain (loss) included in the consolidated statements of income and comprehensive income related to derivative and designated hedging financial instruments (in millions):
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | Financial Statement Classification |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Financial instruments not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward currency contracts |  | Interest and other income (expense), net |  | $ | (9.0 | ) |  | $ | (5.5 | ) |  | $ | (14.1 | ) |  | $ | (4.2 | )
Embedded derivatives in purchase and delivery contracts |  | Interest and other income (expense), net |  |  | 0.4 |  |  |  | (0.6 | ) |  |  | (0.7 | ) |  |  | 0.1 |
|  |  |  |  | (8.6 | ) |  |  | (6.1 | ) |  |  | (14.8 | ) |  |  | (4.1 | )
Financial instruments designated as cash flow hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | Interest and other income (expense), net |  | $ | 2.6 |  |  | $ | 2.7 |  |  | $ | 7.9 |  |  | $ | 7.6 |
Financial instruments designated as net investment hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Interest and other income (expense), net |  |  | 1.3 |  |  |  | 2.0 |  |  |  | 4.2 |  |  |  | 6.0 |
|  |  |  |  | 3.9 |  |  |  | 4.7 |  |  |  | 12.1 |  |  |  | 13.6 |
Total |  |  |  | $ | (4.7 | ) |  | $ | (1.4 | ) |  | $ | (2.7 | ) |  | $ | 9.5 |
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | Financial Statement Classification |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Financial instruments designated as cash flow hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | Accumulated other comprehensive income, net of tax |  | $ | (5.2 | ) |  | $ | 0.5 |  |  | $ | (4.7 | ) |  | $ | 0.1 |
|  |  |  |  | (5.2 | ) |  |  | 0.5 |  |  |  | (4.7 | ) |  |  | 0.1 |
Financial instruments designated as net investment hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | Accumulated other comprehensive income, net of tax |  | $ | (9.3 | ) |  | $ | 5.5 |  |  | $ | 0.6 |  |  | $ | (2.8 | )
Long-term debt |  | Accumulated other comprehensive income, net of tax |  |  | (68.9 | ) |  |  | 15.5 |  |  |  | (24.7 | ) |  |  | (2.4 | )
|  |  |  |  | (78.2 | ) |  |  | 21.0 |  |  |  | (24.1 | ) |  |  | (5.2 | )
Total |  |  |  | $ | (83.4 | ) |  | $ | 21.5 |  |  | $ | (28.8 | ) |  | $ | (5.1 | )

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