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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of outstanding derivative positions
The following table presents the notional amounts of the Company’s derivative instruments by type, excluding interest rate swap contracts that are not yet effective:
(in millions)June 30, 2023December 31, 2022
Designated Derivatives:
Interest rate swap contracts$1,050.0 $650.0 
Cross currency swap contracts381.0 381.0 
Undesignated Derivatives:
Foreign currency derivatives$130.3 $149.2 
Interest rate swap contracts 100.0 100.0 
Cross currency swap contracts19.0 19.0 
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
The following table presents the pre-tax gains (losses) recognized in accumulated other comprehensive loss related to designated derivative instruments:
Amount of gain (loss) recognized in accumulated other comprehensive lossAmount of gain to be reclassified to consolidated statement of operations within the next 12 months
Three months ended June 30,Six months ended June 30,
(in millions)2023202220232022
Effect of derivative instruments designated and qualifying as cash flow hedges: 
Interest rate swap contracts$28.2 $13.4 $18.8 $45.6 $26.9 
Cross currency swap contracts3.7 33.2 (0.3)58.0 21.2 
Schedule of pre-tax effects of derivative instruments The following table presents the pre-tax effects of derivative instruments on the condensed consolidated statements of operations:
Three Months Ended June 30,Six months ended June 30,
2023202220232022
(in millions)Interest expenseOther (expense) income, netInterest expenseOther (expense) income, netInterest expenseOther (expense) income, netInterest expenseOther (expense) income, net
Total amounts per Condensed Consolidated Statements of Operations$(33.8)$(9.1)$(24.3)$2.7 $(67.0)$(15.5)$(46.5)$10.4 
Effect of derivative instruments designated and qualifying as cash flow hedges:
Interest rate swap contracts$5.5 $— $(1.3)$— $10.3 $— $(3.9)$— 
Cross currency swap contracts5.1 (2.5)1.3 20.6 9.8 (7.3)1.7 30.9 
Effect of undesignated derivatives:
Foreign currency derivatives$— $0.7 $— $1.0 $— $1.0 $— $1.9 
Interest rate swap contracts— 0.6 — 0.8 — 0.6 — 3.7 
Cross currency swap contracts— 0.2 — 1.7 — — — 2.9 
Schedule of gross assets and liabilities measured on a recurring basis and classified as level 2 The following table presents the Company’s gross assets and liabilities measured on a recurring basis and classified as Level 2 within the fair value hierarchy:
Derivative AssetsDerivative Liabilities
(in millions)Balance Sheet ClassificationJune 30, 2023December 31, 2022Balance Sheet ClassificationJune 30, 2023December 31, 2022
Designated Derivatives:
Cross currency swap contractsPrepaid expenses and other current assets$21.2 $19.7 Other accrued expenses$— $— 
Cross currency swap contractsOther assets24.7 35.4 Other long-term liabilities— — 
Interest rate swap contractsPrepaid expenses and other current assets26.9 19.0 Other accrued expenses— — 
Interest rate swap contractsOther assets35.9 35.2 Other long-term liabilities— — 
Total designated derivatives$108.7 $109.3 $— $— 
Undesignated Derivatives:
Foreign currency contractsPrepaid expenses and other current assets$— $— Other accrued expenses$0.9 $0.9 
Cross currency swap contractsPrepaid expenses and other current assets1.1 1.0 Other accrued expenses— — 
Cross currency swap contractsOther assets1.2 1.8 Other long-term liabilities— — 
Interest rate swap contractsPrepaid expenses and other current assets2.5 2.7 Other accrued expenses— — 
Interest rate swap contractsOther assets— 0.5 Other long-term liabilities— — 
Total undesignated derivatives$4.8 $6.0 $0.9 $0.9 
Total derivatives$113.5 $115.3 $0.9 $0.9