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Derivative and Hedging Designated Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative and Designated Hedging Instruments Disclosure [Abstract] |
Schedule of fair value and balance sheet location of derivative instruments |
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Notional (in USD) |  |  | Fair Value |  |  | Notional (in USD) |  |  | Fair Value |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cross-currency swap agreements |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | — |  |  | $ | 9.5 |  |  | $ | — |  |  | $ | 10.7 |
Other assets |  |  | — |  |  |  | 4.4 |  |  |  | — |  |  |  | 11.1 |
Other long-term liabilities |  |  | — |  |  |  | (19.1 | ) |  |  | — |  |  |  | (17.2 | )
|  | $ | 259.5 |  |  | $ | (5.2 | ) |  | $ | 263.3 |  |  | $ | 4.6 |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | 1,493.6 |  |  |  | (49.3 | ) |  |  | 1,453.0 |  |  |  | (8.5 | )
Total derivatives designated as hedging instruments |  | $ | 1,753.1 |  |  | $ | (54.5 | ) |  | $ | 1,716.3 |  |  | $ | (3.9 | )
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Forward currency contracts |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 521.2 |  |  | $ | 3.0 |  |  | $ | 841.9 |  |  | $ | 6.0 |
Other current liabilities |  |  | 432.7 |  |  |  | (0.6 | ) |  |  | 78.6 |  |  |  | (0.5 | )
Total derivatives not designated as hedging instruments |  |  | 953.9 |  |  |  | 2.4 |  |  |  | 920.5 |  |  |  | 5.5 |
Total derivatives |  | $ | 2,707.0 |  |  | $ | (52.1 | ) |  | $ | 2,636.8 |  |  | $ | 1.6 |
The following is a summary of the gain (loss) included in Interest and other income (expense), net in t he consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):
Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments |
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Derivatives not designated as hedging instruments |  |  |  |  |  |
Forward currency contracts |  | $ | 4.2 |  |  | $ | 2.0 |
Embedded derivatives in purchase and delivery contracts |  |  | 0.2 |  |  |  | (1.3 | )
|  |  | 4.4 |  |  |  | 0.7 |
Derivatives designated as cash flow hedging instruments |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | $ | 1.9 |  |  | $ | 2.7 |
Derivatives designated as net investment hedging instruments |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | $ | 1.3 |  |  | $ | 1.5 |
|  |  | 3.2 |  |  |  | 4.2 |
Total |  | $ | 7.6 |  |  | $ | 4.9 |
The following is a summary of the gain (loss) included in Accumulated other comprehensive income, net of tax in the consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Derivatives designated as cash flow hedging instruments |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | $ | (2.1 | ) |  | $ | 1.4 |
|  |  | (2.1 | ) |  |  | 1.4 |
Derivatives designated as net investment hedging instruments |  |  |  |  |  |
Interest rate cross-currency swap agreements |  | $ | (5.4 | ) |  | $ | 10.2 |
Long-term debt |  |  | (31.1 | ) |  |  | 50.5 |
|  |  | (36.5 | ) |  |  | 60.7 |
Total |  | $ | (38.6 | ) |  | $ | 62.1 |

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