XML 47 R35.htm IDEA: XBRL DOCUMENT
v3.23.1

Derivatives and Hedging (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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 our derivative instruments as well as the location of the asset and/or liability on the condensed consolidated balance sheets as of March 31, 2023 and consolidated balance sheets as of December 31, 2022 (in millions):
| Balance Sheet Location |  | Fair Value of Asset Derivatives
| March 31, 2023 |  | December 31, 2022
Derivatives designated as cash flow hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Other current assets |  | $ | 1.2 |  |  | $ | 0.1 |
Interest rate swap contract | Other current assets |  | — |  |  | 4.4 |
Interest rate swap contract | Other assets |  | — |  |  | 2.8 |
Total |  |  | $ | 1.2 |  |  | $ | 7.3 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Other current assets |  | 2.2 |  |  | 0.1 |
Total asset position |  | $ | 3.4 |  |  | $ | 7.4 |
| Balance Sheet Location |  | Fair Value of Liability Derivatives
| March 31, 2023 |  | December 31, 2022
Derivatives designated as cash flow hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Accounts payable and accrued expenses |  | $ | 1.3 |  |  | $ | 2.6 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Accounts payable and accrued expenses |  | 4.6 |  |  | 2.8 |
Total liability position |  | $ | 5.9 |  |  | $ | 5.4 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following tables summarize the net effect of all cash flow hedges for each of our derivative contracts on the condensed consolidated financial statements for the three months ended March 31, 2023 and 2022 (in millions):
|  |  |  |  |  | Gain (Loss) Recognized in Other Comprehensive Income
|  |  |  | Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments |  |  |  |  |  | 2023 |  | 2022
Foreign currency forward contracts |  |  |  |  |  | $ | 2.4 |  |  | $ | 1.0 |
Interest rate swap contract |  |  |  |  |  | (0.9) |  |  | 7.1 |
|  |  |  |  |  | $ | 1.5 |  |  | $ | 8.1 |
|  |  |  |  |  | Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
|  |  |  | Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments |  |  |  |  |  | 2023 |  | 2022
Foreign currency forward contracts |  |  |  |  |  | $ | 1.3 |  |  | $ | 0.4 |
Interest rate swap contract |  |  |  |  |  | 0.9 |  |  | (1.2) |
|  |  |  |  |  | $ | 2.2 |  |  | $ | (0.8) |
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 for each type of our derivative contracts recognized in the condensed consolidated statements of operations during the three months ended March 31, 2023 and 2022, respectively (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,
|  |  |  |  | 2023 |  | 2022
Foreign currency forward contracts |  | Other income, net |  |  |  |  |  | $ | 2.9 |  |  | $ | 13.2 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration