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Derivative Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of Net Investment Hedges on AOCI

The effect of our net investment hedges on AOCI for the three and nine months ended September 30, 2021 and 2020 was as follows:

		Gain (Loss) Recognized in Other Comprehensive Income
		Three Months Ended September 30,								Nine Months Ended September 30,
Instrument		2021				2020				2021				2020
Euro Notes		$	24.6			$	(43.8	)		$	57.0			$	(45.7	)
Cross-currency swaps			1.6				(11.3	)			14.9				(8.9	)

Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCI and Earnings

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings for the three and nine months ended September 30, 2021 and 2020:

												(Loss) Gain Reclassified
		Gain (Loss) Recognized in OCI										from AOCI into Income
		Three Months Ended September 30,								Location of (Loss) Gain Reclassified		Three Months Ended September 30,
Instrument		2021				2020				from AOCI into Income		2021				2020
Cross-currency swaps		$	4.0			$	(3.2	)		Interest and other expenses, net		$	(3.9	)		$	(3.3	)
Foreign currency forward contracts			(0.2	)			—			Selling and administrative expenses			—				—
												(Loss) Gain Reclassified
		Gain (Loss) Recognized in OCI										from AOCI into Income
		Nine Months Ended September 30,								Location of (Loss) Gain Reclassified		Nine Months Ended September 30,
Instrument		2021				2020				from AOCI into Income		2021				2020
Cross-currency swaps		$	0.9			$	1.6			Interest and other expenses, net		$	(0.7	)		$	1.4
Foreign currency forward contracts			(0.2	)			—			Selling and administrative expenses			—				—

Effect of Forward Contracts not Designated as Hedging Instrument

The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2021 was as follows:

		Location of (Loss) Gain		Amount of (Loss) Gain Recognized in Income
Instrument		Recognized in Income		Three Months Ended September 30,								Nine Months Ended September 30,
				2021				2020				2021				2020
Foreign currency forward contracts		Interest and other expenses, net		$	(3.0	)		$	—			$	(8.5	)		$	0.3

Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020:

		Assets
				September 30,				December 31,
		Balance Sheet Location		2021				2020
Instruments designated as cash flow hedges:
Cross-currency swaps		Prepaid expenses and other assets		$	12.5			$	12.1
Instruments not designated as hedges:
Foreign currency forward contracts		Accounts receivable, net			0.1				1.0
Total instruments				$	12.6			$	13.1

		Liabilities
				September 30,				December 31,
		Balance Sheet Location		2021				2020
Instruments designated as net investment hedges:
Euro Notes		Long-term debt		$	1,038.4			$	1,094.5
Cross-currency swaps		Accrued liabilities			15.9				30.5
Instruments designated as cash flow hedges:
Foreign currency forward contracts		Accrued liabilities			0.2				—
Instruments not designated as hedges:
Foreign currency forward contracts		Accrued liabilities			2.1				—
Total instruments				$	1,056.6			$	1,125.0

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- References

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CCC
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL109998896-113959

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CC
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959

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