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Derivatives (Tables)

9 Months Ended

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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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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-Topic 815
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-Section 50
-Paragraph 4C
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-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4A
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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