v3.23.3
Derivatives and Hedging (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets
The following table summarizes the fair value of our derivative instruments as well as the location of the asset and/or liability on the condensed consolidated balance sheets as of September 30, 2023 and consolidated balance sheets as of December 31, 2022 (in millions):
Balance Sheet LocationFair Value of
Asset Derivatives
September 30, 2023December 31, 2022
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contractsOther current assets$2.7 $0.1 
Interest rate swap contractOther current assets7.7 4.4 
Interest rate swap contractOther assets8.5 2.8 
Total$18.9 $7.3 
Derivatives not designated as hedging instruments:
Foreign currency forward contractsOther current assets9.7 0.1 
Total asset position$28.6 $7.4 
Balance Sheet LocationFair Value of
Liability Derivatives
September 30, 2023December 31, 2022
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contractsAccounts payable and accrued expenses$— $2.6 
Derivatives not designated as hedging instruments:
Foreign currency forward contractsAccounts payable and accrued expenses0.8 2.8 
Total liability position$0.8 $5.4 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following tables summarize the net effect of all cash flow hedges for each of our derivative contracts on the condensed consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 (in millions):
Gain Recognized in Other Comprehensive Income
Three Months Ended
September 30,		Nine Months Ended
September 30,
Derivatives designated as cash flow hedging instruments2023202220232022
Foreign currency forward contracts$1.8 $0.7 $8.9 $4.4 
Interest rate swap contracts8.5 4.8 18.4 13.6 
$10.3 $5.5 $27.3 $18.0 
Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
Three Months Ended
September 30,		Nine Months Ended
September 30,
Derivatives designated as cash flow hedging instruments2023202220232022
Foreign currency forward contracts$1.9 $1.3 $4.3 $2.8 
Interest rate swap contracts2.7 (0.2)5.5 (2.2)
$4.6 $1.1 $9.8 $0.6 
Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type
The following table summarizes the location of net gains and losses for each type of our derivative contracts recognized in the condensed consolidated statements of operations during the three and nine months ended September 30, 2023 and 2022, respectively (in millions):
  
Location of Net Gain Recognized in Income on Derivative InstrumentsAmount of Net Gain Recognized in Income on 
Derivative Instruments
Derivatives not designated as hedging instrumentsThree Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Foreign currency forward contractsOther income, net$10.9 $19.7 $29.0 $58.3