The Company uses forward contracts to hedge a portion of its balance sheet foreign exchange re-measurement risk and to hedge certain planned foreign currency expenditures. As of December 31, 2023, the Company had foreign exchange contracts outstanding with maturities of up to nine months and aggregate notional values of $630.1 million (based on exchange rates as of December 31, 2023). Unrealized gains and losses resulting from these contracts are recognized in other income (expense), net and partially offset corresponding foreign exchange gains and losses on the balances and expenditures being hedged.

The following table presents the balance sheet location and fair value of the Company’s derivatives not designated as hedging instruments:


		December 31,
Contract Type	Location of Asset (Liability)	2023			2022
Foreign currency contracts	Prepaid expenses and other current assets	$	8.7		$	9.9
Foreign currency contracts	Accrued and other liabilities		(3.6	)		(6.5	)
Total derivatives not designated as hedging instruments		$	5.1		$	3.4

The pretax impact of the foreign currency forward contracts, both matured and outstanding, on the Consolidated Statements of Operations is as follows:


	Year Ended December 31,
Location of Gain (Loss)	2023		2022			2021
Other income (expense), net	$	2.8	$	(19.0	)	$	(2.6	)

The Company has utilized a hedging strategy to mitigate a portion of the exposure to changes in cash flows resulting from variable interest rates on the 2026 Term Loan. In conjunction with the amendment to its 2026 Term Loan due to reference rate reform, on June 28, 2023, the Company settled its cash flow hedges with a notional value of $300.0 million and received cash of $6.8 million which is included within operating cash flow activity in accordance with the Company’s accounting policy. The cash flow hedges were derecognized, and the gain of $6.1 million remaining as a component of accumulated comprehensive loss in the Consolidated Balance Sheets continues to be reclassified to earnings through interest expense as the interest payments are made on the 2026 Term Loan unless the forecasted hedged transaction becomes probable of not occurring. See Note 8 for further discussion of the amendment to the 2026 Term Loan. Following the amendment to the 2026 Term Loan and settlement of the cash flow hedges noted above, during the third quarter of 2023, the Company reenacted its hedging strategy to mitigate the interest rate risk from its variable rate debt, initially associated with its amended 2026 Term Loan and extending to future borrowings or debt issued, to fix a portion of the future interest cash flows by designating qualifying receive-variable and pay-fixed interest rate swaps as a cash flow hedge for accounting and financial reporting purposes. The total notional amount of the interest rate swap derivatives as of December 31, 2023 was $700.0 million with outstanding maturities up to thirty-one months. There was no ineffectiveness on the instruments designated as cash flow hedges for the years ended December 31, 2023, 2022 or 2021.

The following table presents the balance sheet location and fair value of the derivative instruments designated as cash flow hedges of interest rate risk:


		December 31,
Contract Type	Location of Asset (Liability)	2023			2022
Interest rate swap contracts	Other noncurrent assets	$	—		$	8.6
Interest rate swap contracts	Other noncurrent liabilities		(8.0	)		—
Total derivatives designated as cash flow hedging instruments		$	(8.0	)	$	8.6

The impact of the effective portion of the interest rate swap contracts designated as cash flow hedging instruments on the Consolidated Statements of Comprehensive Loss is as follows:


	Year Ended December 31,
Location of Gain (Loss)	2023			2022		2021
Other comprehensive income (loss), net of tax	$	(8.2	)	$	16.0	$	14.4