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DERIVATIVES AND HEDGING
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
Net Investment Hedges
The Company has U.S. Dollar to Euro cross currency swap contracts with various counterparties to hedge the Company's net investment in its European operations. During the term of the contracts, the Company will pay fixed-rate interest in Euros and receive fixed-rate interest in U.S. Dollars, thereby effectively converting a portion of the Company's U.S. Dollar denominated fixed-rate debt to Euro denominated fixed-rate debt. The outstanding contracts as of June 30, 2024 are summarized in the table below.
Contract DateNotional
Value		Maturity Date
March 28, 2023$150.0 August 8, 2024
June 28, 2023200.0 August 8, 2025
May 21, 2024175.0 June 1, 2027
November 8, 2021162.7 June 1, 2027
May 10, 2024100.0 June 1, 2027
May 21, 2024225.0 August 15, 2029
December 7, 2023150.0 August 15, 2029
In May 2024, the Company settled its $500.0 million U.S. Dollar to Euro cross currency swap contract entered into on February 13, 2020. At the time of settlement, an immaterial loss was recognized in AOCI.
The following table summarizes amounts recognized in the Consolidated Balance Sheets for cross currency swap contracts. See Note 13 for additional information on the fair value of these contracts.
June 30,December 31,June 30,
202420232023
Other current assets$1.5 $— $— 
Other assets7.0 — — 
Other accruals— 12.0 5.0 
Other long-term liabilities0.1 12.4 2.8 
The changes in fair value of the cross currency swap contracts are recognized in the foreign currency translation adjustments component of AOCI. The following table summarizes the unrealized gains (losses) for the three and six months ended June 30, 2024 and 2023.
Three Months EndedSix Months Ended
June 30,June 30,June 30,June 30,
2024202320242023
Gains (losses)$7.7 $(11.3)$32.0 $(16.9)
Tax effect(1.9)2.7 (7.9)4.1 
Gains (losses), net of taxes
$5.8 $(8.6)$24.1 $(12.8)
Derivatives Not Designated as Hedging Instruments
The Company enters into foreign currency option and forward contracts with maturity dates less than twelve months primarily to hedge against value changes in foreign currency. The related gains and losses are recorded in Other income - net. See Note 15. There were no material foreign currency option and forward contracts outstanding at June 30, 2024 and June 30, 2023.