Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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 financial instruments recorded in the consolidated balance sheets as follows (in millions):

	March 31, 2024					December 31, 2023
	Notional (in USD)		Fair Value			Notional (in USD)		Fair Value
Financial instruments designated as hedging instruments:
Interest rate cross-currency swap agreements
Other current assets			$	12.8				$	12.0
Other assets				11.6					8.3
Other long-term liabilities				(17.8	)				(26.8	)
	$	274.5	$	6.6		$	378.3	$	(6.5	)
Long-term debt
Long-term debt		1,078.7		(19.1	)		876.0		(85.3	)
Total financial instruments designated as hedging instruments	$	1,353.2	$	(12.5	)	$	1,254.3	$	(91.8	)
Financial instruments not designated as hedging instruments:
Forward currency contracts
Other current assets	$	1,008.9	$	11.4		$	177.8	$	1.3
Other current liabilities		357.0		(1.5	)		311.7		(0.6	)
Embedded derivatives in purchase and delivery contracts
Other current assets		2.1		—			25.6		1.2
Other current liabilities		8.7		(0.2	)		0.1		—
Fixed price commodity contracts
Other current assets		6.3		0.4			8.4		0.3
Total financial instruments not designated as hedging instruments	$	1,383.0	$	10.1		$	523.6	$	2.2
Total financial instruments	$	2,736.2	$	(2.4	)	$	1,777.9	$	(89.6	)

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 financial instruments described above (in millions):

		Three Months Ended March 31,
	Financial Statement Classification	2024			2023
Financial instruments not designated as hedging instruments
Forward currency contracts	Interest and other income (expense), net	$	2.0		$	(0.1	)
Embedded derivatives in purchase and delivery contracts	Interest and other income (expense), net		(1.3	)		(0.3	)
			0.7			(0.4	)
Financial instruments designated as cash flow hedging instruments
Interest rate cross-currency swap agreements	Interest and other income (expense), net	$	2.7		$	2.3
Financial instruments designated as net investment hedging instruments
Interest rate cross-currency swap agreements	Interest and other income (expense), net		1.5			2.0
			4.2			4.3
Total		$	4.9		$	3.9
		Three Months Ended March 31,
	Financial Statement Classification	2024			2023
Financial instruments designated as cash flow hedging instruments
Interest rate cross-currency swap agreements	Accumulated other comprehensive income, net of tax	$	1.4		$	(3.4	)
			1.4			(3.4	)
Financial instruments designated as net investment hedging instruments
Interest rate cross-currency swap agreements	Accumulated other comprehensive income, net of tax	$	10.2		$	(1.2	)
Long-term debt	Accumulated other comprehensive income, net of tax		50.5			(6.1	)
			60.7			(7.3	)
Total		$	62.1		$	(10.7	)