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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of Net Investment Hedges on AOCI

The effect of our net investment hedges on AOCL for the year ended December 31, 2024, and 2023 was as follows:

		Gain (Loss) Recognized in Other Comprehensive Income
		Year Ended December 31,
Instrument		2024				2023
Euro Notes		$	61.5			$	(30.0	)
Cross-currency swaps			36.2				(47.7	)

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

The following table presents the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2024, and 2023:

												Gain (Loss) Reclassified
		Gain (Loss) Recognized in OCI										from AOCL into Income
		Year Ended December 31,								Location of Gain Reclassified		Year Ended December 31,
Instrument		2024				2023				from AOCL into Income		2024				2023
Forward starting interest swap			—				—			Interest and other expenses, net			0.3				0.3

Effect of Forward Contracts not Designated as Hedging Instrument consolidated statement of operations

The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the year ended December 31, 2024 was as follows:

		Location of Gain		Gain (Loss) Recognized in Income
Instrument		Recognized in Income		Year Ended December 31,
				2024				2023
Foreign currency forward contracts		Interest and other expenses, net		$	(1.7	)		$	4.7

Schedule of fair value hedges instruments

The following tables present the impact that the fair value hedges had on our Consolidated Statement of Operations for the year ended December 31, 2024 and 2023:

		Gain (Loss) Recognized in OCI										Gain (Loss) Recognized in Income
		Year Ended December 31,								Location of Gain (Loss)		Year Ended December 31,
Instrument		2024				2023				Recognized in Income		2024				2023
Intercompany CHF notes		$	—			$	—			Interest and other expenses, net		$	3.8			$	(21.0	)
Cross-currency swaps			0.9				(3.8	)		Interest and other expenses, net			(3.8	)			21.0

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 December 31, 2024, and 2023:

		Assets
				December 31,				December 31,
		Balance Sheet Location		2024				2023
Instruments designated as fair value hedges:
Cross-currency swaps		Accounts Receivable, net			10.3				31.7
Instruments designated as net investment hedges:
Cross-currency swaps		Accounts Receivable, net			7.8				—
Instruments not designated as hedges:
Foreign currency forward contracts		Accounts Receivable, net			—				6.7
Total instruments				$	18.1			$	38.4

		Liabilities
				December 31,				December 31,
		Balance Sheet Location		2024				2023
Instruments designated as net investment hedges:
Euro Notes due in 2026		Long-term debt			516.6				550.0
Euro Notes due in 2027		Long-term debt			411.8				438.2
Cross-currency swaps		Accrued liabilities			44.8				73.3
Instruments not designated as hedges:
Foreign currency forward contracts		Accrued liabilities			0.7				2.3
Total instruments				$	973.9			$	1,063.8

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