Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

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):

	March 31, 2023					December 31, 2022
	Notional (in USD)		Fair Value			Notional (in USD)		Fair Value
Derivatives designated as hedging instruments:
Interest rate cross-currency swap agreements
Other current assets			$	15.5				$	14.8
Other assets				15.6					23.0
Other long-term liabilities				(11.5	)				(12.2	)
	$	389.5	$	19.6		$	393.3	$	25.6
Long-term debt
Long-term debt		815.7		(25.0	)		807.6		(17.0	)
Total derivatives designated as hedging instruments	$	1,205.2	$	(5.4	)	$	1,200.9	$	8.6
Derivatives not designated as hedging instruments:
Forward currency contracts
Other current assets	$	139.1	$	1.3		$	89.8	$	0.6
Other current liabilities		126.8		(0.3	)		97.4		(0.3	)
Embedded derivatives in purchase and delivery contracts
Other current assets		1.4		0.6			15.3		0.1
Other current liabilities		27.9		(0.2	)		—		—
Fixed price commodity contracts
Other current assets		5.3		0.9			8.9		0.6
Total derivatives not designated as hedging instruments	$	300.5	$	2.3		$	211.4	$	1.0
Total derivatives	$	1,505.7	$	(3.1	)	$	1,412.3	$	9.6

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 March 31,
	Financial Statement Classification	2023			2022
Derivatives not designated as hedging instruments
Forward currency contracts	Interest and other income (expense), net	$	(0.1	)	$	(1.5	)
Embedded derivatives in purchase and delivery contracts	Interest and other income (expense), net		(0.3	)		(0.1	)
			(0.4	)		(1.6	)
Derivatives designated as cash flow hedging instruments
Interest rate cross-currency swap agreements	Interest and other income (expense), net	$	2.3		$	(1.0	)
Derivatives designated as net investment hedging instruments
Interest rate cross-currency swap agreements	Interest and other income (expense), net		2.0			2.1
			4.3			1.1
Total		$	3.9		$	(0.5	)
		Three Months Ended March 31,
	Financial Statement Classification	2023			2022
Derivatives designated as cash flow hedging instruments
Interest rate cross-currency swap agreements	Accumulated other comprehensive income, net of tax	$	(3.4	)	$	11.4
			(3.4	)		11.4
Derivatives designated as net investment hedging instruments
Interest rate cross-currency swap agreements	Accumulated other comprehensive income, net of tax	$	(1.2	)	$	0.7
Long-term debt	Accumulated other comprehensive income, net of tax		(6.1	)		9.0
			(7.3	)		9.7
Total		$	(10.7	)	$	21.1