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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivatives by Balance Sheet Location | The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 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 |  | $ | 2.4 |  |  | Accrued expenses and other current liabilities |  | $ | 0.2 |
Foreign exchange contracts - net investment hedge | Other assets |  | 1.1 |  |  | Other liabilities |  | 4.7 |
Interest rate contracts - cash flow hedge | Accounts receivable, net |  | 0.6 |  |  | Accrued expenses and other current liabilities |  | — |
Interest rate contracts - cash flow hedge | Other assets |  | 38.1 |  |  | Other liabilities |  | — |
Interest rate contracts - fair value hedge |  |  |  |  | Other liabilities |  | 6.7 |
Total derivatives designated as hedges |  |  | $ | 42.2 |  |  |  |  | $ | 11.6 |
Derivatives not designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts | Accounts receivable, net |  | $ | 2.7 |  |  | Accrued expenses and other current liabilities |  | $ | 2.1 |
Total derivatives not designated as hedges |  |  | 2.7 |  |  |  |  | 2.1 |
Total derivatives |  |  | $ | 44.9 |  |  |  |  | $ | 13.7 |
The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations 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 balance sheet location at December 31, 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 |  | $ | 339.0 |  |  | $ | (6.7) |
Refer to Note 14. Debt for further information on the Notes.
Schedule of Derivatives by Income Statement Location | 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 AOCL on Derivatives, Net of Tax |  | Location of (Loss) Gain Reclassified from AOCL |  | (Loss) Gain Reclassified from AOCL, Net of Tax
|  | For the Years Ended December 31, |  |  |  | For the Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020 |  |  |  | 2022 |  | 2021 |  | 2020
Derivatives designated as cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 3.4 |  |  | $ | (0.2) |  |  | $ | (5.3) |  |  | Net sales |  | $ | — |  |  | $ | (1.7) |  |  | $ | (3.4) |
Foreign exchange contracts |  | (0.2) |  |  | 1.2 |  |  | 1.4 |  |  | Other income (expense), net |  | (0.2) |  |  | (0.2) |  |  | 1.4 |
Interest rate contracts |  | 32.2 |  |  | 5.1 |  |  | (7.7) |  |  | Interest expense |  | (10.7) |  |  | (3.2) |  |  | — |
Derivatives designated as investment hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 39.6 |  |  | 6.6 |  |  | (14.2) |  |  | Other income (expense), net |  | — |  |  | — |  |  | — |
Total |  | $ | 75.0 |  |  | $ | 12.7 |  |  | $ | (25.8) |  |  |  |  | $ | (10.9) |  |  | $ | (5.1) |  |  | $ | (2.0) |
Schedule of Effect of Derivative Instruments Not Designated As Hedging Instruments | The following table provides the effect derivative instruments not designated as hedging instruments had on Net income (in millions):
Derivatives Not Designated as Cash Flow Hedging Instruments |  | Location of Gain (Loss) Recognized |  | Amount of Gain (Loss) Recognized
|  |  |  | For the Years Ended December 31,
|  |  |  | 2022 |  | 2021 |  | 2020
Foreign exchange contracts |  | Other income (expense), net |  | $ | 4.2 |  |  | $ | (2.2) |  |  | $ | 0.1 |

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