Derivative Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 and 2022 was as follows:

	Gain (Loss) Recognized in Other Comprehensive Income
	Three Months Ended September 30,				Nine Months Ended September 30,
Instrument	2023		2022		2023			2022
Euro Notes	$	30.6	$	61.4	$	11.9		$	141.2
Cross-currency swaps		6.5		12.2		(10.6	)		23.4

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 nine months ended September 30, 2023 and 2022:

	Gain (Loss) Recognized in OCI						Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended September 30,					Location of Gain (Loss) Reclassified	Three Months Ended September 30,
Instrument	2023		2022			from AOCI into Income	2023		2022
Cross-currency swaps	$	—	$	2.2		Interest and other expenses, net	$	—	$	2.1
Foreign currency forward contracts		—		0.1		Selling and administrative expenses		—		(0.3	)
Forward starting interest swap		—		—		Interest and other expenses, net		0.1		0.1
	Gain (Loss) Recognized in OCI						Gain (Loss) Reclassified from AOCI into Income
	Nine Months Ended September 30,					Location of Gain (Loss) Reclassified	Nine Months Ended September 30,
Instrument	2023		2022			from AOCI into Income	2023		2022
Cross-currency swaps	$	—	$	4.5		Interest and other expenses, net	$	—	$	4.2
Foreign currency forward contracts		—		(0.2	)	Selling and administrative expenses		—		(0.6	)
Forward starting interest swap		—		2.0		Interest and other expenses, net		0.3		0.1

Schedule of fair value hedges instruments

The following tables present the impact that the fair value hedges had on OCI and earnings for the three and nine months ended September 30, 2023 and 2022:

	Gain (Loss) Recognized in OCI						Gain (Loss) Recognized in Income
	Three Months Ended September 30,					Location of Gain (Loss)	Three Months Ended September 30,
Instrument	2023			2022		Recognized in Income	2023			2022
Intercompany CHF notes	$	—		$	—	Interest and other expenses, net	$	(3.3	)	$	(8.4	)
Cross-currency swaps		(0.5	)		1.7	Interest and other expenses, net		3.3			8.8

	Gain (Loss) Recognized in OCI						Gain (Loss) Recognized in Income
	Nine Months Ended September 30,					Location of Gain (Loss)	Nine Months Ended September 30,
Instrument	2023			2022		Recognized in Income	2023			2022
Intercompany CHF notes	$	—		$	—	Interest and other expenses, net	$	(7.4	)	$	(16.1	)
Cross-currency swaps		(2.2	)		1.4	Interest and other expenses, net		7.4			16.1

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 nine months ended September 30, 2023 and 2022 was as follows:

		Gain (Loss) Recognized in Income
	Location of Gain (Loss)	Three Months Ended September 30,						Nine Months Ended September 30,
Instrument	Recognized in Income	2023			2022			2023			2022
Foreign currency forward contracts	Interest and other expenses, net	$	(7.3	)	$	(14.7	)	$	(4.3	)	$	(27.9	)

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 September 30, 2023 and December 31, 2022:

	Assets
		September 30,		December 31,
	Balance Sheet Location	2023		2022
Instruments designated as fair value hedges:
Cross-currency swaps	Accounts Receivable, net		18.6		13.8
Instruments not designated as hedges:
Foreign currency forward contracts	Accounts Receivable, net		—		0.2
Total instruments		$	18.6	$	14.0

	Liabilities
		September 30,		December 31,
	Balance Sheet Location	2023		2022
Instruments designated as net investment hedges:
Euro Notes due in 2026	Long-term debt		526.6		532.7
Euro Notes due in 2027	Long-term debt		419.4		423.9
Cross-currency swaps	Accrued liabilities		35.8		25.8
Instruments not designated as hedges:
Foreign currency forward contracts	Accrued liabilities		4.8		—
Total instruments		$	986.6	$	982.4