v3.24.3
DERIVATIVES AND HEDGING
 9 Months Ended
Sep. 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 September 30, 2024 are summarized in the table below.
Contract DateNotional
Value		Maturity Date
June 28, 2023$200.0 August 8, 2025
November 8, 2021162.7 June 1, 2027
May 10, 2024100.0 June 1, 2027
May 21, 2024175.0 June 1, 2027
August 7, 2024150.0 June 1, 2027
September 26, 2024100.0 June 1, 2027
September 12, 2024100.0 March 1, 2028
December 7, 2023150.0 August 15, 2029
May 21, 2024225.0 August 15, 2029
September 24, 2024100.0 September 1, 2031
In August 2024, the Company settled its $150.0 million U.S. Dollar to Euro cross currency swap contract entered into on March 28, 2023. In May 2024, the Company settled its $500.0 million U.S. Dollar to Euro cross currency swap contract entered into on February 13, 2020. At the time of both of these settlements, an immaterial loss was recognized in AOCI.
The following table summarizes amounts recognized in the Consolidated Balance Sheets for cross currency swap contracts. See Note 13 for additional information on the fair value of these contracts.
September 30,December 31,September 30,
202420232023
Other current assets$— $— $14.7 
Other assets— — 9.6 
Other accruals4.5 12.0 — 
Other long-term liabilities27.5 12.4 — 
The changes in fair value of the cross currency swap contracts are recognized in the foreign currency translation adjustments component of AOCI. The following table summarizes the unrealized (losses) gains for the three and nine months ended September 30, 2024 and 2023.
Three Months EndedNine Months Ended
September 30,September 30,September 30,September 30,
2024202320242023
(Losses) gains$(41.7)$32.1 $(9.7)$15.2 
Tax effect10.3 (7.9)2.4 (3.8)
(Losses) gains, net of taxes
$(31.4)$24.2 $(7.3)$11.4 
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 expense (income) - net. See Note 15 for further details. There were no material foreign currency option and forward contracts outstanding at September 30, 2024 and 2023.