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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 (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 |  | $ | 4.0 |  |  | Accrued expenses and other current liabilities |  | $ | 0.2 |
Foreign exchange contracts - net investment hedge | Other assets |  | — |  |  | Other liabilities |  | 10.2 |
Interest rate contracts - cash flow hedge | Accounts receivable, net |  | 0.5 |  |  | Accrued expenses and other current liabilities |  | — |
Interest rate contracts - cash flow hedge | Other assets |  | 25.4 |  |  | Other liabilities |  | — |
Interest rate contracts - fair value hedge |  |  |  |  | Other liabilities |  | 5.0 |
Total derivatives designated as hedges |  |  | $ | 29.9 |  |  |  |  | $ | 15.4 |
Derivatives not designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts | Accounts receivable, net |  | 0.3 |  |  | Accrued expenses and other current liabilities |  | 0.2 |
Total derivatives not designated as hedges |  |  | $ | 0.3 |  |  |  |  | $ | 0.2 |
Total derivatives |  |  | $ | 30.2 |  |  |  |  | $ | 15.6 |
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 fixed-to-floating interest rate swaps designated as a fair value hedge of our Notes and the respective balance sheet location at March 31, 2023 (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 |  | $ | 341.0 |  |  | $ | (5.0) |
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 AOCL on Derivatives, Net of Tax |  | Location of Loss Reclassified from AOCL |  |  |  |  |  | Loss Reclassified from AOCL
|  |  |  | Three Months Ended March 31, |  |  |  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2023 |  | 2022 |  |  |  |  |  |  |  | 2023 |  | 2022
Derivatives designated as cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  | $ | — |  |  | $ | (0.1) |  |  | Other income, net |  |  |  |  |  | $ | — |  |  | $ | (0.1) |
Interest rate contracts |  |  |  |  |  | (17.2) |  |  | 21.7 |  |  | Interest expense |  |  |  |  |  | (5.8) |  |  | (1.0) |
Derivatives designated as net investment hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  | (5.6) |  |  | 13.6 |  |  |  |  |  |  |  |  |  |  |
Total gain/(loss) |  |  |  |  |  | $ | (22.8) |  |  | $ | 35.2 |  |  |  |  |  |  |  |  | $ | (5.8) |  |  | $ | (1.1) |
Schedule of Derivative Instruments Effect on AOCI and Results of Operations | The following table provides the effect the 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 Loss Recognized |  |  |  |  |  | Amount of Loss Recognized
|  |  |  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  | 2023 |  | 2022
Foreign exchange contracts |  | Other income, net |  |  |  |  |  | $ | — |  |  | $ | (1.1) |

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