Derivatives (Tables)

3 Months Ended

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)