Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Asset and Liabilities Derivatives

The following table represents the fair value of our asset and liability derivatives:

	Asset Derivatives					Liability Derivatives
		September 30, 2023		December 31, 2022			September 30, 2023		December 31, 2022
Derivatives designated as net investment hedge	Balance Sheet Location	Fair Value		Fair Value		Balance Sheet Location	Fair Value		Fair Value
Foreign Exchange Collar Contracts (1)	Other assets	$	—	$	—	Other long-term liabilities	$	4.1	$	2.7
Total derivatives designated as net investment hedge		—		—			4.1		2.7
Derivatives not designated as hedges
Foreign Currency Contracts	Other current assets	3.5		—		Other current liabilities	5.1		—
Foreign Currency Contracts	Other assets	0.4		—		Other long-term liabilities	0.5		—
Total derivatives not designated as hedges		3.9		—			5.6		—
Total derivatives		$	3.9	$	—		$	9.7	$	2.7

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

Schedule of Accumulated Other Comprehensive Loss

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

	Unrealized (loss) gain recognized in accumulated other comprehensive loss on derivatives, net of taxes
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives designated as net investment hedge	2023		2022		2023		2022
Foreign Exchange Collar Contracts (1) (2)	$	(0.4)	$	2.9	$	1.1	$	6.7

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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 nine months ended September 30, 2023.

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

The following table represents the effect that derivative instruments not designated as hedges had on net income:

		Amount of loss recognized in income
		Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives not designated as hedges	Location of loss recognized in income	2023		2022		2023		2022
Foreign Currency Contracts	Foreign currency loss	$	(1.8)	$	—	$	(1.3)	$	—

Schedule of Interest Rate Derivatives

The following table represents interest income, included within interest expense, net on the condensed consolidated statements of operations and comprehensive income (loss) 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)
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives designated as net investment hedge	2023		2022		2023		2022
Foreign Exchange Collar Contracts (1) (2)	$	0.4	$	0.4	$	1.2	$	0.9

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(1)Represents amount excluded from effectiveness testing. Our Foreign Exchange Collar 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 condensed consolidated statements of operations and comprehensive income (loss), 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.