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Derivative and hedging activities (Tables)
9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
As of September 30, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
(dollars in millions)
Interest rate derivativeNumber of instrumentsNotional
Interest rate swaps1$100.0 
As of September 30, 2024, we had the following outstanding foreign currency derivatives that were used to hedge net investments in foreign operations:
(value in millions)
Foreign currency derivative
Number of instruments
Notional sold
Notional purchased
Cross-currency swaps
732.1 $750.0 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of cash flow hedge accounting on AOCI for the three and nine months ended September 30, 2024 and September 30, 2023.
(in millions)
Hedging relationshipsAmount of gain or (loss) recognized in OCI on DerivativeLocation of gain or (loss) reclassified from AOCI into incomeAmount of gain or (loss) reclassified from AOCI into income
Three months ended September 30,
Nine months ended September 30,
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
2024
2023
2024
2023
Interest rate products
$(4.0)$4.9 $4.8 $15.0 
Interest expense, net
$11.0 $5.2 $21.5 $12.7 
Total$(4.0)$4.9 $4.8 $15.0 $11.0 $5.2 $21.5 $12.7 
Derivative Instruments, Gain (Loss)
The table below presents the effect of our derivative financial instruments on the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023.
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
(in millions)Interest expense, netInterest expense, netInterest expense, netInterest expense, net
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded$(48.7)$(72.4)$(173.9)$(219.5)
Amount of gain reclassified from AOCI into income$11.0 $5.2 $21.5 $12.7 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023.
Effect of Net Investment Hedges on AOCI and the Income Statement
(in millions)
Hedging relationships
Amount of gain or (loss) recognized in OCI on Derivative
Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
Three months ended September 30,
Three months ended September 30,
2024
2023
2024
2023
Three months ended:
Cross currency swaps
$(26.3)$22.8 
Interest expense, net
$3.1 $3.2 
Total$(26.3)$22.8 $3.1 $3.2 
Nine months ended:
Cross currency swaps
$2.0 $9.6 
Interest expense, net
$9.5 $9.5 
Total$2.0 $9.6 $9.5 $9.5 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2024 and December 31, 2023:
Derivative assets
Derivative liabilities
September 30, 2024
December 31, 2023
September 30, 2024
December 31, 2023
(in millions)
Balance sheet location
Fair value
Balance sheet location
Fair value
Balance sheet location
Fair value
Balance sheet location
Fair value
Derivatives designated as hedging instruments:
Interest rate products
Other current assets
$— 
Other current assets
$16.6 
Other current liabilities
$(0.1)
Other current liabilities
$— 
Foreign exchange products
Other current assets
— 
Other current assets
— 
Other current liabilities
(62.7)
Other current liabilities
(55.2)
Total
$— $16.6 $(62.8)$(55.2)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
The amount of loss (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income or loss for the three and nine months ended September 30, 2024 and September 30, 2023 are presented below:
(in millions)
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Net investment hedges$17.0 $(13.5)$3.3 $(4.2)