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Derivative Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2022 and 2021 was as follows:
|  | Gain (Loss) Recognized in Other Comprehensive Income |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Instrument |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Euro Notes |  | $ | 52.5 |  |  | $ | (11.3 | ) |  | $ | 79.8 |  |  | $ | 32.4 |
Cross-currency swaps |  |  | 8.3 |  |  |  | (7.2 | ) |  |  | 11.2 |  |  |  | 13.3 |
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 six months ended June 30, 2022 and 2021:
|  | Gain (Loss) Recognized in OCI |  |  |  |  | Gain (Loss) Reclassified from AOCI into Income |
|  | Three Months Ended June 30, |  |  | Location of Gain (Loss) Reclassified |  | Three Months Ended June 30, |
Instrument |  | 2022 |  |  | 2021 |  |  | from AOCI into Income |  | 2022 |  |  | 2021 |
Cross-currency swaps |  | $ | 3.3 |  |  | $ | 2.2 |  |  | Interest and other expenses, net |  | $ | (3.0 | ) |  | $ | (2.0 | )
Foreign currency forward contracts |  |  | (0.2 | ) |  |  | — |  |  | Selling and administrative expenses |  |  | (0.3 | ) |  |  | — |
Forward starting interest swap |  |  | 2.0 |  |  |  | — |  |  | Interest and other expenses, net |  |  | — |  |  |  | — |
|  | Gain (Loss) Recognized in OCI |  |  |  |  | Gain (Loss) Reclassified from AOCI into Income |
|  | Six Months Ended June 30, |  |  | Location of Gain (Loss) Reclassified |  | Six Months Ended June 30, |
Instrument |  | 2022 |  |  | 2021 |  |  | from AOCI into Income |  | 2022 |  |  | 2021 |
Cross-currency swaps |  | $ | 2.3 |  |  | $ | (3.1 | ) |  | Interest and other expenses, net |  | $ | (2.1 | ) |  | $ | 3.2 |
Foreign currency forward contracts |  |  | (0.3 | ) |  |  | — |  |  | Selling and administrative expenses |  |  | (0.3 | ) |  |  | — |
Forward starting interest swap |  |  | 2.0 |  |  |  | — |  |  | Interest and other expenses, net |  |  | — |  |  |  | — |
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 and six months ended June 30, 2022 and 2021:
|  | Location of Gain (Loss) |  | Amount of Gain (Loss) Recognized in Income |
Instrument |  | Recognized in Income |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Intercompany CHF note |  | Interest and other expenses, net |  | $ | (5.1 | ) |  | $ | — |  |  | $ | (7.7 | ) |  | $ | — |
Cross-currency swaps |  | Interest and other expenses, net |  |  | 4.7 |  |  |  | — |  |  |  | 7.3 |  |  |  | — |
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 six months ended June 30, 2022 was as follows:
|  | Location of Gain (Loss) |  | Amount of Gain (Loss) Recognized in Income |
Instrument |  | Recognized in Income |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Foreign currency forward contracts |  | Interest and other expenses, net |  | $ | (8.4 | ) |  | $ | 1.4 |  |  | $ | (13.2 | ) |  | $ | (5.5 | )
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 June 30, 2022 and December 31, 2021:
|  | Assets |
|  |  |  | June 30, |  |  | December 31, |
|  | Balance Sheet Location |  | 2022 |  |  | 2021 |
Instruments designated as cash flow hedges: |  |  |  |  |  |  |  |
Cross-currency swaps |  | Accounts Receivable, net |  | $ | 4.7 |  |  | $ | 24.7 |
Instruments designated as fair value hedges: |  |  |  |  |  |  |  |
Cross-currency swaps |  | Accounts Receivable, net |  |  | 7.3 |  |  |  | — |
Instruments not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Accounts Receivable, net |  |  | 0.1 |  |  |  | — |
Total instruments |  |  |  | $ | 12.1 |  |  | $ | 24.7 |
|  | Liabilities |
|  |  |  | June 30, |  |  | 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 |  | $ | 419.2 |  |  | $ | 454.4 |
Euro Notes due in 2026 |  | Long-term debt |  |  | 521.2 |  |  |  | 565.2 |
Cross-currency swaps |  | Accrued liabilities |  |  | 12.3 |  |  |  | 24.2 |
Instruments designated as cash flow hedges: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Accrued liabilities |  |  | 0.5 |  |  |  | 0.2 |
Instruments not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Accrued liabilities |  |  | 0.8 |  |  |  | 5.5 |
Total instruments |  |  |  | $ | 954.0 |  |  | $ | 1,049.5 |

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