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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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 |  | $ | 0.9 |  |  | Accrued expenses and other current liabilities |  | $ | 0.4 |
Foreign exchange contracts | Other assets |  | 0.5 |  |  | Other liabilities |  | 4.2 |
Interest rate contracts | Other assets |  | 17.1 |  |  | Other liabilities |  | 5.4 |
Total derivatives designated as hedges |  |  | $ | 18.5 |  |  |  |  | $ | 10.0 |
Derivatives not designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts | Accounts receivable, net |  | 0.4 |  |  | Accrued expenses and other current liabilities |  | — |
Total derivatives not designated as hedges |  |  | $ | 0.4 |  |  |  |  | $ | — |
Total derivatives |  |  | $ | 18.9 |  |  |  |  | $ | 10.0 |
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 | 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 | Gains (losses) on derivatives designated as cash flow and net investment hedges recognized in other comprehensive income (loss) 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives designated as cash flow hedge |  |  |  |  |  |  |
Amounts included in assessment of effectiveness | $ | 3.6 |  |  | $ | 22.2 |  |  | $ | 13.8 |  |  | $ | 14.0 |
Derivatives designated as net investment hedge |  |  |  |  |  |  |
Amounts included in assessment of effectiveness | 3.9 |  |  | (4.3) |  |  | 12.6 |  |  | (10.9) |
Total gain | $ | 7.5 |  |  | $ | 17.9 |  |  | $ | 26.4 |  |  | $ | 3.1 |
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 Gains (Losses) Recognized
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Effect of cash flow hedges |  |  |  |  |  |  |  |  |  |
Amount reclassified from Accumulated other comprehensive income (loss) to income |  | Interest expense |  | $ | 6.2 |  |  | $ | 6.8 |  |  | $ | 12.5 |  |  | $ | 12.6 |
Effect of net investment hedges |  |  |  |  |  |  |  |  |  |
Amount excluded from assessment of hedge effectiveness |  | Interest expense |  | 1.8 |  |  | 2.2 |  |  | 3.8 |  |  | 4.6 |
Effect of fair value hedges |  |  |  |  |  |  |  |  |  |
Hedged item |  | Interest expense |  | 0.9 |  |  | 0.7 |  |  | 2.0 |  |  | (22.5) |
Derivative designated as hedges |  | Interest expense |  | (0.9) |  |  | (0.7) |  |  | (2.0) |  |  | 22.5 |
Effect of non-designated hedges |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other income |  | 1.2 |  |  | (1.1) |  |  | 2.9 |  |  | (1.1) |
Total gain |  |  |  | $ | 9.2 |  |  | $ | 7.9 |  |  | $ | 19.2 |  |  | $ | 16.1 |

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