XML 46 R36.htm IDEA: XBRL DOCUMENT
v3.24.3

Derivatives (Tables) | 9 Months Ended
--- | ---
Sep. 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 September 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 |  | $ | 2.1 |  |  | Accrued expenses and other current liabilities |  | $ | 6.9 |
Foreign exchange contracts | Other assets |  | — |  |  | Other liabilities |  | 16.7 |
Interest rate contracts | Accounts receivable, net |  | — |  |  | Accrued expenses and other current liabilities |  | — |
Interest rate contracts | Other assets |  | 2.8 |  |  | Other liabilities |  | 2.2 |
Total derivatives designated as hedges |  |  | $ | 4.9 |  |  |  |  | $ | 25.8 |
Derivatives not designated as hedges: |  |  |  |  |  |  |
Foreign exchange contracts | Accounts receivable, net |  | 1.8 |  |  | Accrued expenses and other current liabilities |  | 1.9 |
Total derivatives not designated as hedges |  |  | $ | 1.8 |  |  |  |  | $ | 1.9 |
Total derivatives |  |  | $ | 6.7 |  |  |  |  | $ | 27.7 |
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 Loss
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives designated as cash flow hedge |  |  |  |  |  |  |
Amounts included in assessment of effectiveness | $ | (11.0) |  |  | $ | 13.5 |  |  | $ | 2.8 |  |  | $ | 27.5 |
Derivatives designated as net investment hedge |  |  |  |  |  |  |
Amounts included in assessment of effectiveness | (18.7) |  |  | 15.4 |  |  | (6.1) |  |  | (10.9) |
Total loss | $ | (29.7) |  |  | $ | 28.9 |  |  | $ | (3.3) |  |  | $ | 16.6 |
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 September 30, |  | Nine Months Ended September 30,
|  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Effect of cash flow hedges |  |  |  |  |  |  |  |  |  |
Amount reclassified from Accumulated other comprehensive income (loss) to income |  | Interest expense |  | $ | 6.0 |  |  | $ | 6.9 |  |  | $ | 18.5 |  |  | $ | 19.5 |
Effect of net investment hedges |  |  |  |  |  |  |  |  |  |
Amount excluded from assessment of hedge effectiveness |  | Interest expense |  | 1.8 |  |  | 3.3 |  |  | 5.6 |  |  | 8.0 |
Effect of fair value hedges |  |  |  |  |  |  |  |  |  |
Hedged item |  | Interest expense |  | 0.9 |  |  | 2.3 |  |  | 2.9 |  |  | 3.7 |
Derivative designated as hedges |  | Interest expense |  | (0.9) |  |  | (2.3) |  |  | (2.9) |  |  | (3.7) |
Effect of non-designated hedges |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other income |  | 0.8 |  |  | (5.1) |  |  | 3.7 |  |  | (6.2) |
Total gain |  |  |  | $ | 8.6 |  |  | $ | 5.1 |  |  | $ | 27.8 |  |  | $ | 21.3 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration