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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

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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.

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-Topic 815
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-Name Accounting Standards Codification
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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
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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.

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