Derivative Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of Net Investment Hedges on AOCI

The effect of our net investment hedges on AOCI for the three and six months ended June 30, 2022 and 2021 was as follows:

	Gain (Loss) Recognized in Other Comprehensive Income
	Three Months Ended June 30,					Six Months Ended June 30,
Instrument	2022		2021			2022		2021
Euro Notes	$	52.5	$	(11.3	)	$	79.8	$	32.4
Cross-currency swaps		8.3		(7.2	)		11.2		13.3

Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCI and Earnings

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings for the three and six months ended June 30, 2022 and 2021:

	Gain (Loss) Recognized in OCI							Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended June 30,						Location of Gain (Loss) Reclassified	Three Months Ended June 30,
Instrument	2022			2021			from AOCI into Income	2022			2021
Cross-currency swaps	$	3.3		$	2.2		Interest and other expenses, net	$	(3.0	)	$	(2.0	)
Foreign currency forward contracts		(0.2	)		—		Selling and administrative expenses		(0.3	)		—
Forward starting interest swap		2.0			—		Interest and other expenses, net		—			—
	Gain (Loss) Recognized in OCI							Gain (Loss) Reclassified from AOCI into Income
	Six Months Ended June 30,						Location of Gain (Loss) Reclassified	Six Months Ended June 30,
Instrument	2022			2021			from AOCI into Income	2022			2021
Cross-currency swaps	$	2.3		$	(3.1	)	Interest and other expenses, net	$	(2.1	)	$	3.2
Foreign currency forward contracts		(0.3	)		—		Selling and administrative expenses		(0.3	)		—
Forward starting interest swap		2.0			—		Interest and other expenses, net		—			—

Schedule of fair value hedges instruments

The following tables present the impact that the fair value hedges had on our Consolidated Statement of Income for the three and six months ended June 30, 2022 and 2021:

	Location of Gain (Loss)	Amount of Gain (Loss) Recognized in Income
Instrument	Recognized in Income	Three Months Ended June 30,					Six Months Ended June 30,
		2022			2021		2022			2021
Intercompany CHF note	Interest and other expenses, net	$	(5.1	)	$	—	$	(7.7	)	$	—
Cross-currency swaps	Interest and other expenses, net		4.7			—		7.3			—

Effect of Forward Contracts not Designated as Hedging Instrument

The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three and six months ended June 30, 2022 was as follows:

	Location of Gain (Loss)	Amount of Gain (Loss) Recognized in Income
Instrument	Recognized in Income	Three Months Ended June 30,					Six Months Ended June 30,
		2022			2021		2022			2021
Foreign currency forward contracts	Interest and other expenses, net	$	(8.4	)	$	1.4	$	(13.2	)	$	(5.5	)

Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021:

	Assets
		June 30,		December 31,
	Balance Sheet Location	2022		2021
Instruments designated as cash flow hedges:
Cross-currency swaps	Accounts Receivable, net	$	4.7	$	24.7
Instruments designated as fair value hedges:
Cross-currency swaps	Accounts Receivable, net		7.3		—
Instruments not designated as hedges:
Foreign currency forward contracts	Accounts Receivable, net		0.1		—
Total instruments		$	12.1	$	24.7

	Liabilities
		June 30,		December 31,
	Balance Sheet Location	2022		2021
Instruments designated as net investment hedges:
Euro Notes due in 2022	Short-term borrowings and current maturities of long-term debt	$	419.2	$	454.4
Euro Notes due in 2026	Long-term debt		521.2		565.2
Cross-currency swaps	Accrued liabilities		12.3		24.2
Instruments designated as cash flow hedges:
Foreign currency forward contracts	Accrued liabilities		0.5		0.2
Instruments not designated as hedges:
Foreign currency forward contracts	Accrued liabilities		0.8		5.5
Total instruments		$	954.0	$	1,049.5