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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives by Balance Sheet Location | The following table presents the fair value of asset and liability derivatives and the respective locations on the unaudited Condensed Consolidated Balance Sheets at September 30, 2022 (in millions):
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts - net investment hedge | Accounts receivable, net |  | $ | 4.9 |  |  | Accrued expenses and other current liabilities |  | $ | 0.2 |
Foreign exchange contracts - net investment hedge | Other assets |  | 35.9 |  |  | Other liabilities |  | — |
Interest rate contracts - cash flow hedge | Accounts receivable, net |  | 0.2 |  |  | Accrued expenses and other current liabilities |  | — |
Interest rate contracts - cash flow hedge | Other assets |  | 40.2 |  |  | Other liabilities |  | — |
Interest rate contracts - fair value hedge | Other assets |  | 6.8 |  |  |  |  |
Total derivatives designated as hedges |  |  | $ | 88.0 |  |  |  |  | $ | 0.2 |
Derivatives not designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts | Accounts receivable, net |  | 0.7 |  |  | Accrued expenses and other current liabilities |  | 6.2 |
Total derivatives not designated as hedges |  |  | $ | 0.7 |  |  |  |  | $ | 6.2 |
Total derivatives |  |  | $ | 88.7 |  |  |  |  | $ | 6.4 |
The following table presents the fair value of asset and liability derivatives and the respective locations on the Condensed Consolidated Balance Sheets at December 31, 2021 (in millions):
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts - net investment hedge | Accounts receivable, net |  | $ | 1.6 |  |  | Accrued expenses and other current liabilities |  | $ | — |
Foreign exchange contracts - net investment hedge | Other assets |  | — |  |  | Other liabilities |  | 9.8 |
Interest rate contracts - cash flow hedge | Accounts receivable, net |  | 0.2 |  |  | Accrued expenses and other current liabilities |  | — |
Interest rate contracts - cash flow hedge | Other assets |  | 3.3 |  |  | Other liabilities |  | 2.1 |
Total derivatives designated as hedges |  |  | $ | 5.1 |  |  |  |  | $ | 11.9 |
Derivatives not designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts | Accounts receivable, net |  | 0.2 |  |  | Accounts payable |  | 0.6 |
Total derivatives not designated as hedges |  |  | $ | 0.2 |  |  |  |  | $ | 0.6 |
Total derivatives |  |  | $ | 5.3 |  |  |  |  | $ | 12.5 |
The following table presents the fair value of fixed-to-floating interest rate swaps designated as a fair value hedge of our Notes and the respective location on the unaudited Condensed Consolidated Balance Sheets at September 30, 2022 (in millions):
| Balance Sheet Location |  | Carrying Amount of Hedged Item |  | Cumulative Amount of Adjustment Included in Carrying Amount
Interest rate contracts - fair value hedge | Long-term debt |  | $ | 352.4 |  |  | $ | 6.8 |
Schedule of Net Effect Of Derivative Instruments | The following table provides the net effect that derivative instruments designated in hedging relationships had on Accumulated other comprehensive loss, net of tax and results of operations (in millions):
Derivatives Designated in Hedging Relationships |  | Unrealized Gain/(Loss) Recognized in AOCI on Derivatives, Net of Tax |  | Location of Loss Reclassified from AOCI |  | Loss Reclassified from AOCI
|  | Three Months Ended |  | Nine Months Ended |  |  |  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30, |  |  |  | September 30, |  | September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  | 2022 |  | 2021 |  | 2022 |  | 2021
Derivatives designated as cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | — |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | (0.1) |  |  | Net sales |  | $ | — |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | (1.3) |
Foreign exchange contracts |  | 0.1 |  |  | (0.4) |  |  | 0.3 |  |  | (0.5) |  |  | Other income, net |  | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.7) |
Interest rate contracts |  | 19.7 |  |  | 1.9 |  |  | 47.8 |  |  | 3.9 |  |  | Interest expense |  | (3.0) |  |  | — |  |  | (4.5) |  |  | — |
Derivatives designated as net investment hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 0.1 |  |  | 1.9 |  |  | 43.7 |  |  | 7.1 |  |  |  |  |  |  |  |  |  |  |
Total gain/(loss) |  | $ | 19.9 |  |  | $ | 3.2 |  |  | $ | 91.8 |  |  | $ | 10.4 |  |  |  |  | $ | (3.0) |  |  | $ | (0.4) |  |  | $ | (4.6) |  |  | $ | (2.0) |
Derivative Instruments Effect on AOCI and Results of Operations | The following table provides the effect that derivative instruments not designated as cash flow hedging instruments had on Net income/(loss) (in millions):
Derivatives Not Designated as Cash Flow Hedging Instruments |  | Location of Gain/(Loss) Recognized in Income |  | Amount of Gain/(Loss) Recognized in Income/(Loss)
|  |  |  | Three Months Ended |  | Nine Months Ended
|  |  |  | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Foreign exchange contracts |  | Other income, net |  | $ | 0.3 |  |  | $ | (0.3) |  |  | $ | (0.2) |  |  | $ | (0.6) |

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