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Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and consolidated balance sheets as of December 31, 2022 (in millions):

			Balance Sheet Location						Fair Value of Asset Derivatives
									September 30, 2023						December 31, 2022
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts			Other current assets						$	2.7					$	0.1
Interest rate swap contract			Other current assets						7.7						4.4
Interest rate swap contract			Other assets						8.5						2.8
Total									$	18.9					$	7.3
Derivatives not designated as hedging instruments:
Foreign currency forward contracts			Other current assets						9.7						0.1
Total asset position									$	28.6					$	7.4

			Balance Sheet Location						Fair Value of Liability Derivatives
									September 30, 2023						December 31, 2022
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts			Accounts payable and accrued expenses						$	—					$	2.6
Derivatives not designated as hedging instruments:
Foreign currency forward contracts			Accounts payable and accrued expenses						0.8						2.8
Total liability position									$	0.8					$	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 and nine months ended September 30, 2023 and 2022 (in millions):

						Gain Recognized in Other Comprehensive Income
						Three Months Ended September 30,												Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments						2023						2022						2023						2022
Foreign currency forward contracts						$	1.8					$	0.7					$	8.9					$	4.4
Interest rate swap contracts						8.5						4.8						18.4						13.6
						$	10.3					$	5.5					$	27.3					$	18.0

						Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
						Three Months Ended September 30,												Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments						2023						2022						2023						2022
Foreign currency forward contracts						$	1.9					$	1.3					$	4.3					$	2.8
Interest rate swap contracts						2.7						(0.2)						5.5						(2.2)
						$	4.6					$	1.1					$	9.8					$	0.6

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 and nine months ended September 30, 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 September 30,												Nine Months Ended September 30,
												2023						2022						2023						2022
Foreign currency forward contracts						Other income, net						$	10.9					$	19.7					$	29.0					$	58.3

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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.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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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

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

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