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Derivative Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 and 2023 was as follows:
|  | Gain (Loss) Recognized in Other Comprehensive Income |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Instrument |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Euro Notes |  | $ | (37.8 | ) |  | $ | 30.6 |  |  | $ | (8.8 | ) |  | $ | 11.9 |
Cross-currency swaps |  |  | (26.8 | ) |  |  | 6.5 |  |  |  | 1.9 |  |  |  | (10.6 | )
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, 2024 and 2023:
|  | Gain (Loss) Recognized in OCI |  |  |  |  | Gain (Loss) Reclassified from AOCI into Income |
|  | Three Months Ended September 30, |  |  | Location of Gain (Loss) Reclassified |  | Three Months Ended September 30, |
Instrument |  | 2024 |  |  | 2023 |  |  | from AOCI into Income |  | 2024 |  |  | 2023 |
Forward starting interest swap |  | $ | — |  |  | $ | — |  |  | Interest and other expenses, net |  | $ | 0.1 |  |  | $ | 0.1 |
|  | Gain (Loss) Recognized in OCI |  |  |  |  | Gain (Loss) Reclassified from AOCI into Income |
|  | Nine Months Ended September 30, |  |  | Location of Gain (Loss) Reclassified |  | Nine Months Ended September 30, |
Instrument |  | 2024 |  |  | 2023 |  |  | from AOCI into Income |  | 2024 |  |  | 2023 |
Forward starting interest swap |  |  | — |  |  |  | — |  |  | Interest and other expenses, net |  |  | 0.3 |  |  |  | 0.3 |
Schedule of fair value hedges instruments | The following tables present the impact that the fair value hedges had on OCI and earnings for the three and nine months ended September 30, 2024 and 2023:
|  | Gain (Loss) Recognized in OCI |  |  |  |  | Gain (Loss) Recognized in Income |
|  | Three Months Ended September 30, |  |  | Location of Gain (Loss) |  | Three Months Ended September 30, |
Instrument |  | 2024 |  |  | 2023 |  |  | Recognized in Income |  | 2024 |  |  | 2023 |
Intercompany CHF notes |  | $ | — |  |  | $ | — |  |  | Interest and other expenses, net |  | $ | (7.4 | ) |  | $ | (3.3 | )
Cross-currency swaps |  |  | (2.6 | ) |  |  | (0.5 | ) |  | Interest and other expenses, net |  |  | 7.4 |  |  |  | 3.3 |
|  | Gain (Loss) Recognized in OCI |  |  |  |  | Gain (Loss) Recognized in Income |
|  | Nine Months Ended September 30, |  |  | Location of Gain (Loss) |  | Nine Months Ended September 30, |
Instrument |  | 2024 |  |  | 2023 |  |  | Recognized in Income |  | 2024 |  |  | 2023 |
Intercompany CHF notes |  | $ | — |  |  | $ | — |  |  | Interest and other expenses, net |  | $ | 4.5 |  |  | $ | (7.4 | )
Cross-currency swaps |  |  | (2.1 | ) |  |  | (2.2 | ) |  | Interest and other expenses, net |  |  | (4.5 | ) |  |  | 7.4 |
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, 2024 and 2023 was as follows:
|  |  |  | Gain (Loss) Recognized in Income |
|  | Location of Gain (Loss) |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Instrument |  | Recognized in Income |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Foreign currency forward contracts |  | Interest and other expenses, net |  | $ | 9.2 |  |  | $ | (7.3 | ) |  | $ | (0.6 | ) |  | $ | (4.3 | )
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, 2024 and December 31, 2023:
|  | Assets |
|  |  |  | September 30, |  |  | December 31, |
|  | Balance Sheet Location |  | 2024 |  |  | 2023 |
Instruments designated as fair value hedges: |  |  |  |  |  |  |  |
Cross-currency swaps |  | Accounts Receivable, net |  |  | 7.3 |  |  |  | 31.7 |
Instruments not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Accounts Receivable, net |  |  | 0.1 |  |  |  | 6.7 |
Total instruments |  |  |  | $ | 7.4 |  |  | $ | 38.4 |
|  | Liabilities |
|  |  |  | September 30, |  |  | December 31, |
|  | Balance Sheet Location |  | 2024 |  |  | 2023 |
Instruments designated as net investment hedges: |  |  |  |  |  |  |  |
Euro Notes due in 2026 |  | Long-term debt |  |  | 555.5 |  |  |  | 550.0 |
Euro Notes due in 2027 |  | Long-term debt |  |  | 442.7 |  |  |  | 438.2 |
Cross-currency swaps |  | Accrued liabilities |  |  | 71.1 |  |  |  | 73.3 |
Instruments not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Accrued liabilities |  |  | 0.4 |  |  |  | 2.3 |
Total instruments |  |  |  | $ | 1,069.7 |  |  | $ | 1,063.8 |

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