Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 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):

	December 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			$	12.0				$	14.8
Other assets				8.3					23.0
Other long-term liabilities				(26.8	)				(12.2	)
	$	378.3	$	(6.5	)	$	393.3	$	25.6
Long-term debt
Long-term debt		876.0		(85.3	)		807.6		(17.0	)
Total derivatives designated as hedging instruments	$	1,254.3	$	(91.8	)	$	1,200.9	$	8.6
Derivatives not designated as hedging instruments
Forward currency contracts
Other current assets	$	177.8	$	1.3		$	89.8	$	0.6
Other current liabilities		311.7		(0.6	)		97.4		(0.3	)
Embedded derivatives in purchase and delivery contracts
Other current assets		25.6		1.2			15.3		0.1
Other current liabilities		0.1		—			—		—
Fixed price commodity contracts
Other current assets		8.4		0.3			8.9		0.6
Total derivatives not designated as hedging instruments	$	523.6	$	2.2		$	211.4	$	1.0
Total derivatives	$	1,777.9	$	(89.6	)	$	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):

		Year Ended December 31,
	Financial Statement Classification	2023		2022			2021
Derivatives not designated as    hedging instruments
Forward currency contracts	Interest and other income (expense), net	$	12.4	$	(3.2	)	$	(5.5	)
Embedded derivatives in purchase and delivery contracts	Interest and other income (expense), net		1.1		(0.1	)		0.1
			13.5		(3.3	)		(5.4	)
Derivatives designated as cash flow    hedging instruments
Interest rate cross-currency swap agreements	Interest and other income (expense), net		10.4		0.1			(4.7	)
Derivatives designated as net    investment hedging instruments
Interest rate cross-currency swap agreements	Interest and other income (expense), net		7.9		8.5			10.2
Total		$	31.8	$	5.3		$	0.1

		Year Ended December 31,
	Financial Statement Classification	2023			2022		2021
Derivatives designated as cash flow hedging instruments
Interest rate cross-currency swap agreements	Accumulated other comprehensive income, net of tax	$	(5.5	)	$	21.2	$	15.0
Derivatives designated as net investment hedging instruments
Interest rate cross-currency swap agreements	Accumulated other comprehensive income, net of tax		(19.5	)		9.1		25.6
Long-term debt	Accumulated other comprehensive income, net of tax		(52.1	)		13.9		10.8
			(71.6	)		23.0		36.4
Total		$	(77.1	)	$	44.2	$	51.4