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Derivatives (Tables)

12 Months Ended

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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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

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-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
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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

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-Publisher FASB
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