Financial Instruments and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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 our asset and liability derivatives:

	Asset Derivatives					Liability Derivatives
		December 31, 2023		December 31, 2022			December 31, 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	$	6.0	$	2.7
Total derivatives designated as net investment hedge		—		—			6.0		2.7
Derivatives not designated as hedges
Foreign Currency Contracts	Other current assets	1.8		—		Other current liabilities	2.7		—
Foreign Currency Contracts	Other assets	0.1		—		Other long-term liabilities	—		—
Total derivatives not designated as hedges		1.9		—			2.7		—
Total derivatives		$	1.9	$	—		$	8.7	$	2.7

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

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:

	Year Ended December 31,
Derivatives designated as net investment hedge	2023		2022
Foreign Exchange Collar Contracts (1) (2)	$	2.6	$	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 year ended December 31, 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:

		Year Ended December 31,
Derivatives not designated as hedges	Location of (gain) recognized in income	2023		2022
Foreign Currency Contracts	Foreign currency (gain)	$	(3.3)	$	—

Schedule of Derivative Instruments, Gain (Loss)

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

	Year Ended December 31,
Derivatives designated as net investment hedge	2023		2022
Foreign Exchange Collar Contracts (1) (2)	$	1.6	$	1.3

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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 consolidated statements of income and comprehensive 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.