Financial Instruments and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table represents the fair value of asset and liability derivatives and their respective locations on our consolidated balance sheet as of December 31, 2022:

	Asset Derivatives			Liability Derivatives
Derivatives designated as net investment hedge	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign Exchange Contracts (1)	Other assets	$	—	Other long-term liabilities	$	2.7

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)

The following table represents the net effect derivative instruments designated in hedging relationships had on accumulated other comprehensive loss on the consolidated statements of income and comprehensive income:

	Unrealized gain recognized in accumulated other comprehensive loss on derivatives, net of taxes
	Year Ended December 31,		Year Ended December 31,
Derivatives designated as net investment hedge	2022		2021
Foreign Exchange Contracts (1) (2)	$	5.2	$	—

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(1)Our designated derivative instruments are highly effective. As such, there were no gains or losses recognized immediately in income related to hedge ineffectiveness during the years ended December 31, 2022 or December 31, 2021.

(2)Represents foreign exchange swaps and foreign exchange options.

Derivative Instruments, Gain (Loss)

The following table represents interest income, included within interest expense, net on the consolidated statements of income related to amounts excluded from the assessment of hedge effectiveness for derivative instruments designated as net investment hedges:

	Amount of gain recognized in income on derivative (amount excluded from effectiveness testing)
	Year Ended December 31,		Year Ended December 31,
Derivatives designated as net investment hedge	2022		2021
Foreign Exchange Contracts (1) (2)	$	1.3	$	—

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(1)    Represents amount excluded from effectiveness testing. Our Foreign Exchange Contracts are designated with terms based on the spot rate of the euro. Future changes in the components related to the spot change on the notional will be recorded in other comprehensive income and remain there until the hedged subsidiaries are substantially liquidated. All coupon payments are classified in interest expense, net in the consolidated statements of income, and the initial value of excluded components currently recorded in accumulated other comprehensive loss as a foreign currency translation adjustment are amortized to interest expense, net over the remaining term of the Foreign Exchange Contract.

(2)    Represents foreign exchange swaps and foreign exchange options.