Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 (in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	0.5	Accrued expenses and other current liabilities	$	0.2
Foreign exchange contracts	Other assets	—		Other liabilities	7.9
Interest rate contracts	Accounts receivable, net	—		Accrued expenses and other current liabilities	—
Interest rate contracts	Other assets	17.3		Other liabilities	5.6
Total derivatives designated as hedges		$	17.8		$	13.7

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	1.2		Accrued expenses and other current liabilities	1.2
Total derivatives not designated as hedges		$	1.2		$	1.2
Total derivatives		$	19.0		$	14.9

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 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	Accounts receivable, net	$	0.9	Accrued expenses and other current liabilities	$	—
Foreign exchange contracts	Other assets	—		Other liabilities	18.4
Interest rate contracts	Accounts receivable, net	—		Accrued expenses and other current liabilities	—
Interest rate contracts	Other assets	10.9		Other liabilities	4.9
Total derivatives designated as hedges		$	11.8		$	23.3

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	1.7		Accrued expenses and other current liabilities	1.5
Total derivatives not designated as hedges		$	1.7		$	1.5
Total derivatives		$	13.5		$	24.8

Schedule of Net Effect Of Derivative Instruments Designated in Hedging Relationships by Income Statement Location

ains (losses) on derivatives designated as cash flow and net investment hedges recognized in other comprehensive income (loss) (OCI) are summarized below (in millions) on a pretax basis:


Derivatives Designated in Hedging Relationships	Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss)
	Three Months Ended March 31,
	2024		2023
Derivatives designated as cash flow hedge
Amounts included in assessment of effectiveness	$	10.2	$	(8.3)
Derivatives designated as net investment hedge
Amounts included in assessment of effectiveness	8.7		(6.6)
Total gain (loss)	$	18.9	$	(14.9)

Schedule of Effect the Derivative Instruments Not Designated as Cash Flow Hedging Instruments on Net Income

Gains (losses) on derivatives within the Condensed Consolidated Statement of Income (Loss) were as follows (in millions):


	Location of Gains (Losses)	Amount of Gain (Loss) Recognized
		Three Months Ended March 31,
		2024		2023
Effect of cash flow hedges
Amount reclassified from Accumulated other comprehensive income (loss) to income	Interest expense	$	6.3	$	5.8
Effect of net investment hedges
Amount excluded from assessment of hedge effectiveness	Interest expense	2.0		2.5
Effect of fair value hedges
Hedged item	Interest expense	1.1		0.6
Derivative designated as hedges	Interest expense	(1.1)		(0.6)
Effect of non-designated hedges
Foreign exchange contracts	Other income	1.7		—
Total gain		$	10.0	$	8.3