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Derivatives (Tables)

9 Months Ended

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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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

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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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