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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2021
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 (in millions) and the respective fair value of the instruments recorded in the consolidated balance sheets as follows (in millions):

 
 
  
Notional
(in USD)
 
  
December 31,
2021
 
  
Notional
(in USD)
 
  
December 31,
2020
 
Derivatives designated as hedging instruments
  
      
  
      
  
      
  
      
Interest rate cross-currency swap agreements
  
      
  
      
  
      
  
      
Other current assets
  
      
  
$
6.4
 
  
      
  
$
7.6
 
Other current liabilities
  
      
  
 
(5.8
) 
  
      
  
 
(4.3
) 
Other long-term liabilities
  
      
  
 
(18.1
) 
  
      
  
 
(57.2
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
$
504.3
 
  
$
(17.5
) 
  
$
505.0
 
  
$
(53.9
) 
Long-term debt
  
      
  
      
  
      
Long-term Debt
  
 
825.8
 
  
 
(35.1
) 
  
 
335.5
 
  
 
(37.6
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total derivatives designated as hedging instruments
  
$
1,330.1
 
  
$
(52.6
) 
  
$
840.5
 
  
$
(91.5
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
  
      
  
      
  
      
  
      
Forward currency contracts
  
      
  
      
  
      
  
      
Other current assets
  
$
157.7
 
  
$
0.7
 
  
$
175.8
 
  
$
2.1
 
Other current liabilities
  
 
23.0
 
  
 
(0.3
) 
  
 
102.5
 
  
 
(0.4
) 
Embedded derivatives in purchase and delivery
contracts
  
      
  
      
  
      
  
      
Other current assets
  
 
8.5
 
  
 
0.2
 
  
 
12.3
 
  
 
0.1
 
Fixed price commodity contracts
  
      
  
      
  
      
  
      
Other current assets
  
 
5.5
 
  
 
0.4
 
  
 
8.8
 
  
 
3.1
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total derivatives not designated as hedging instruments
  
$
194.7
 
  
$
1.0
 
  
$
299.4
 
  
$
4.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives
  
$
1,524.8
 
  
$
(51.6
) 
  
$
1,139.9
 
  
$
(86.6
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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 th
e
 consolidated statements of income and comprehensive income related to
the
derivative instruments described above (in millions):
 
 
  
 
  
Years Ended December 31,
 
 
  
Financial Statement Classification
  
2021
 
  
2020
 
  
2019
 
Derivatives not designated as hedging instruments
  
  
  
      
  
      
  
      
Forward currency contracts
  
Interest and other income (expense), net

   $ (5.5 )    $ 2.1     $ 3.0  
Embedded derivatives in purchase and delivery contracts
  
 Interest and other income
 
(expense), net		  
 		   0.1       0.5       —    
       
 
 
    
 
 
    
 
 
  

        (5.4 )      2.6       3.0  
Derivatives designated as cash flow hedging
instruments
  
  
 
      
 
      
 
      
Interest rate cross-currency swap agreements
  
Interest and other income
 
(expense), net
 
 
(4.7
) 
 
 
(3.0
) 
 
 
—  
 
 
  
  
  
 
 
 
  
 
 
 
  
 
 
 
Derivatives designated as net investment hedging instruments
  
  
  
      
  
      
  
      
Interest rate cross-currency swap agreements
  
Interest and other income (expense), net
  
 
10.2
 
  
 
10.1
 
  
 
0.6
 
 
  
  
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
  
  
$
0.1
 
  
$
9.7
 
  
$
3.6
 
 
  
  
  
 
 
 
  
 
 
 
  
 
 
 
 

 
  
 
  
Years Ended December 31,
 
 
  
Financial Statement Classification
  
2021
 
  
2020
 
  
2019
 
Derivatives designated as cash flow hedging instruments
  
  
  
      
  
      
  
      
Interest rate cross-currency swap agreements
  
Accumulated other
 
comprehensive income,
 
net of tax
 
$
15.0
 
  
$
(20.4
) 
 
$
2.0
 
Derivatives designated as net investment hedging
instruments
    
 
      
  
      
 
      
Interest rate cross-currency swap agreements
  
Accumulated other
 
comprehensive income,
 
net of tax
 
 
25.6
 
  
 
(26.7
) 
 
 
(8.8
) 
Long-term debt
  
Accumulated other
 
comprehensive income,
 
net of tax
     10.8       (28.7 )     (8.9 )
     
 
 
 
 
  
 
 
 
 
 
 
 
     
 
 
36.4
 
  
 
(55.4
) 
 
 
(17.7
) 
     
 
 
 
 
  
 
 
 
 
 
 
 
Total
    
 
$
51.4
 
  
$
(75.8
) 
 
$
(15.7
)