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Derivative Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
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 months ended March 31, 2022 and 2021 was as follows:
|  | Gain Recognized in Other Comprehensive Income |
|  | Three Months Ended March 31, |
Instrument |  | 2022 |  |  | 2021 |
Euro Notes |  | $ | 27.3 |  |  | $ | 43.7 |
Cross-currency swaps |  |  | 2.9 |  |  |  | 20.5 |
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 months ended March 31, 2022 and 2021:
|  | Loss Recognized in OCI |  |  |  |  | Gain Reclassified from AOCI into Income |
|  | Three Months Ended March 31, |  |  | Location of Gain Reclassified |  | Three Months Ended March 31, |
Instrument |  | 2022 |  |  | 2021 |  |  | from AOCI into Income |  | 2022 |  |  | 2021 |
Cross-currency swaps |  | $ | (1.0 | ) |  | $ | (5.3 | ) |  | Interest and other expenses, net |  | $ | 0.9 |  |  | $ | 5.2 |
Schedule of fair value hedges instruments | The following tables present the impact that the fair value hedges had on our Consolidated Statement of Income for the three months ended March 31, 2022 and 2021:
|  | Location of Gain (Loss) |  | Amount of Gain (Loss) Recognized in Income |
Instrument |  | Recognized in Income |  | Three Months Ended March 31, |
|  |  |  | 2022 |  |  | 2021 |
Intercompany CHF note |  | Interest and other expenses, net |  | $ | (2.6 | ) |  | $ | — |
Cross-currency swaps |  | Interest and other expenses, net |  |  | 2.6 |  |  |  | — |
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 months ended March 31, 2022 was as follows:
|  | Location of Loss |  | Amount of Loss Recognized in Income |
Instrument |  | Recognized in Income |  | Three Months Ended March 31, |
|  |  |  | 2022 |  |  | 2021 |
Foreign currency forward contracts |  | Interest and other expenses, net |  | $ | (4.8 | ) |  | $ | (6.9 | )
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 March 31, 2022 and December 31, 2021:
|  | Assets |
|  |  |  | March 31, |  |  | December 31, |
|  | Balance Sheet Location |  | 2022 |  |  | 2021 |
Instruments designated as cash flow hedges: |  |  |  |  |  |  |  |
Cross-currency swaps |  | Prepaid expenses and other assets |  | $ | 3.7 |  |  | $ | 24.7 |
Instruments designated as fair value hedges: |  |  |  |  |  |  |  |
Cross-currency swaps |  | Prepaid expenses and other assets |  |  | 2.5 |  |  |  | — |
Total instruments |  |  |  | $ | 6.2 |  |  | $ | 24.7 |
|  | Liabilities |
|  |  |  | March 31, |  |  | December 31, |
|  | Balance Sheet Location |  | 2022 |  |  | 2021 |
Instruments designated as net investment hedges: |  |  |  |  |  |  |  |
Euro Notes due in 2022 |  | Short-term borrowings and current maturities of long-term debt |  | $ | 442.5 |  |  | $ | 454.4 |
Euro Notes due in 2026 |  | Long-term debt |  |  | 550.2 |  |  |  | 565.2 |
Cross-currency swaps |  | Accrued liabilities |  |  | 22.6 |  |  |  | 24.2 |
Instruments not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Accrued liabilities |  |  | 10.2 |  |  |  | 5.5 |
Total instruments |  |  |  | $ | 1,025.5 |  |  | $ | 1,049.3 |

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