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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Asset and Liability Derivatives by Balance Sheet Location and Fair Value of Fixed-to-Floating Interest Rate Swaps Designated as a Fair Value Hedge | The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at September 30, 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 |  | $ | 2.9 |  |  | Accrued expenses and other current liabilities |  | $ | 0.2 |
Foreign exchange contracts - net investment hedge | Other assets |  | 3.6 |  |  | Other liabilities |  | 2.8 |
Interest rate contracts - cash flow hedge | Accounts receivable, net |  | 0.4 |  |  | Accrued expenses and other current liabilities |  | — |
Interest rate contracts - cash flow hedge | Other assets |  | 48.8 |  |  | Other liabilities |  | — |
Interest rate contracts - fair value hedge | Other assets |  | — |  |  | Other liabilities |  | 8.0 |
Total derivatives designated as hedges |  |  | $ | 55.7 |  |  |  |  | $ | 11.0 |
Derivatives not designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts | Accounts receivable, net |  | 1.2 |  |  | Accrued expenses and other current liabilities |  | 1.0 |
Total derivatives not designated as hedges |  |  | $ | 1.2 |  |  |  |  | $ | 1.0 |
Total derivatives |  |  | $ | 56.9 |  |  |  |  | $ | 12.0 |
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 assets |  | — |  |  | 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 September 30, 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 |  | $ | 338.5 |  |  | $ | (8.0) |
Schedule of Net Effect Of Derivative Instruments Designated in Hedging Relationships 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 Gain (Loss) Reclassified from AOCL |  | Gain (Loss) Reclassified from AOCL
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives designated as cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.3 |  |  | Other income,(expense) net |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | (0.1) |
Interest rate contracts |  | (2.8) |  |  | 19.7 |  |  | (15.5) |  |  | 47.8 |  |  | Interest expense |  | (6.9) |  |  | (3.0) |  |  | (19.5) |  |  | (4.5) |
Derivatives designated as net investment hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 11.2 |  |  | 0.1 |  |  | 2.9 |  |  | 43.7 |  |  |  |  |  |  |  |  |  |  |
Total gain (loss) |  | $ | 8.4 |  |  | $ | 19.9 |  |  | $ | (12.4) |  |  | $ | 91.8 |  |  |  |  | $ | (6.9) |  |  | $ | (3.0) |  |  | $ | (19.4) |  |  | $ | (4.6) |
Schedule of Effect the Derivative Instruments Not Designated as Cash Flow Hedging Instruments on Net Income | 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 Gain (Loss) Recognized |  | Amount of Gain (Loss) Recognized
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Foreign exchange contracts |  | Other income (expense), net |  | $ | (5.1) |  |  | $ | 0.3 |  |  | $ | (6.2) |  |  | $ | (0.2) |

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