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Derivatives and Hedging (Tables)

3 Months Ended

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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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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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

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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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