Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value and balance sheet location of derivative instruments

The Company had the following notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements and long-term debt designated as net investment hedges and the respective fair value of the instruments recorded in the consolidated balance sheets as follows (in millions):

	September 30, 2022					December 31, 2021
	Notional (in USD)		Fair Value			Notional (in USD)		Fair Value
Derivatives designated as hedging instruments:
Interest rate cross-currency swap agreements
Other current assets			$	15.2				$	6.4
Other assets				42.0					—
Other current liabilities				—					(5.8	)
Other long-term liabilities				(5.8	)				(18.1	)
	$	397.0	$	51.4		$	504.3	$	(17.5	)
Long-term debt
Long-term debt		753.0		37.6			825.8		(35.1	)
Total derivatives designated as hedging instruments	$	1,150.0	$	89.0		$	1,330.1	$	(52.6	)
Derivatives not designated as hedging instruments:
Forward currency contracts
Other current assets	$	30.7	$	0.1		$	157.7	$	0.7
Other current liabilities		100.8		(1.2	)		23.0		(0.3	)
Embedded derivatives in purchase and delivery contracts
Other current assets		12.5		0.3			8.5		0.2
Fixed price commodity contracts
Other current assets		—		—			5.5		0.4
Other current liabilities		7.8		(1.1	)		—		—
Total derivatives not designated as hedging instruments	$	151.8	$	(1.9	)	$	194.7	$	1.0
Total derivatives	$	1,301.8	$	87.1		$	1,524.8	$	(51.6	)

Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments

The following is a summary of the gain (loss) included in the consolidated statements of income and comprehensive income related to the derivative instruments described above (in millions):

		Three Months Ended September 30,						Nine Months Ended September 30,
	Financial Statement Classification	2022			2021			2022			2021
Derivatives not designated as hedging instruments
Forward currency contracts	Interest and other income (expense), net	$	(2.8	)	$	(0.9	)	$	(6.9	)	$	(4.8	)
Embedded derivatives in purchase and delivery contracts	Interest and other income (expense), net		0.1			0.1			0.1			(0.3	)
			(2.7	)		(0.8	)		(6.8	)		(5.1	)
Derivatives designated as cash flow hedging instruments
Interest rate cross-currency swap agreements	Interest and other income (expense), net	$	0.3		$	(1.2	)	$	(1.3	)	$	(3.5	)
Derivatives designated as net investment hedging instruments
Interest rate cross-currency swap agreements	Interest and other income (expense), net		2.2			2.6			6.5			7.6
			2.5			1.4			5.2			4.1
Total		$	(0.2	)	$	0.6		$	(1.6	)	$	(1.0	)
		Three Months Ended September 30,						Nine Months Ended September 30,
	Financial Statement Classification	2022			2021			2022			2021
Derivatives designated as cash flow hedging instruments
Interest rate cross-currency swap agreements	Accumulated other comprehensive income, net of tax	$	7.5		$	0.9		$	22.6		$	11.5
			7.5			0.9			22.6			11.5
Derivatives designated as net investment hedging instruments
Interest rate cross-currency swap agreements	Accumulated other comprehensive income, net of tax	$	12.4		$	7.4		$	27.4		$	25.6
Long-term debt	Accumulated other comprehensive income, net of tax		23.0			2.2			55.5			22.2
			35.4			9.6			82.9			47.8
Total		$	42.9		$	10.5		$	105.5		$	59.3