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Derivatives and Hedging (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets | The following table summarizes the fair value of the Company’s derivative instruments as well as the location of the asset and/or liability on the consolidated condensed balance sheets as of March 31, 2022 and December 31, 2021 (in millions):
| Balance Sheet Location |  | Fair Value of Asset Derivatives
| March 31, 2022 |  | December 31, 2021
Derivatives designated as cash flow hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Other current assets |  | $ | 1.3 |  |  | $ | 0.1 |
Interest rate hedge contracts | Other assets |  | 1.0 |  |  | — |
Total |  |  | $ | 2.3 |  |  | $ | 0.1 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Other current assets |  | 6.6 |  |  | 0.2 |
Total asset position |  | $ | 8.9 |  |  | $ | 0.3 |
| Balance Sheet Location |  | Fair Value of Liability Derivatives
| March 31, 2022 |  | December 31, 2021
Derivatives designated as cash flow hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Accounts payable and accrued expenses |  | $ | 0.3 |  |  | $ | — |
Interest rate hedge contracts | Accounts payable and accrued expenses |  | 1.5 |  |  | 4.1 |
Interest rate hedge contracts | Other long-term liabilities |  | — |  |  | 4.6 |
|  |  | 1.8 |  |  | 8.7 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Accounts payable and accrued expenses |  | 1.2 |  |  | 0.2 |
Total liability position |  | $ | 3.0 |  |  | $ | 8.9 |
Summary of the Net Effect of All Cash Flow Hedges | The following tables summarize the net effect of all cash flow hedges on the consolidated condensed financial statements for the three months ended March 31, 2022 and 2021 (in millions):
|  |  |  |  |  | Gain Recognized in Other Comprehensive Income
|  |  |  | Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments |  |  |  |  |  | 2022 |  | 2021
Foreign currency forward contracts |  |  |  |  |  | $ | 1.0 |  |  | $ | 2.2 |
Interest rate hedge agreements |  |  |  |  |  | 7.1 |  |  | 2.7 |
|  |  |  |  |  | $ | 8.1 |  |  | $ | 4.9 |
|  |  |  |  |  | Gain/(Loss) Reclassified from Other Comprehensive Income into Earnings
|  |  |  | Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments |  |  |  |  |  | 2022 |  | 2021
Foreign currency forward contracts |  |  |  |  |  | $ | 0.4 |  |  | $ | (0.3) |
Interest rate hedge agreements |  |  |  |  |  | (1.2) |  |  | (1.2) |
|  |  |  |  |  | $ | (0.8) |  |  | $ | (1.5) |
Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type | The following table summarizes the location of net gains and losses in the consolidated condensed statements of operations that were recognized during the three months ended March 31, 2022 and 2021, respectively, in addition to the derivative contract type (in millions):
|  | Location of Net Gain Recognized in Income on Derivative Instruments |  |  |  |  |  | Amount of Net Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments |  |  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Foreign currency forward contracts |  | Other income, net |  |  |  |  |  | $ | 13.2 |  |  | $ | 10.6 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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