Derivative and Hedging Designated Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative and Designated Hedging Instruments Disclosure [Abstract]

Schedule of fair value and balance sheet location of derivative instruments

The Company had the following notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements and long-term debt designated as net investment hedges and the respective fair value of the financial instruments recorded in the consolidated balance sheets as follows (in millions):

	September 30, 2024					December 31, 2023
	Notional (in USD)		Fair Value			Notional (in USD)		Fair Value
Financial instruments designated as hedging instruments:
Interest rate cross-currency swap agreements
Other current assets			$	9.0				$	12.0
Other assets				4.5					8.3
Other long-term liabilities				(26.8	)				(26.8	)
	$	267.0	$	(13.3	)	$	378.3	$	(6.5	)
Long-term debt
Long-term debt		1,562.4		(118.0	)		876.0		(85.3	)
Total financial instruments designated as hedging instruments	$	1,829.4	$	(131.3	)	$	1,254.3	$	(91.8	)
Financial instruments not designated as hedging instruments:
Forward currency contracts
Other current assets	$	677.9	$	1.0		$	177.8	$	1.3
Other current liabilities		240.7		(1.1	)		311.7		(0.6	)
Embedded derivatives in purchase and delivery contracts
Other current assets		18.9		0.5			25.6		1.2
Other current liabilities		1.3		—			0.1		—
Fixed price commodity contracts
Other current assets		3.2		0.2			8.4		0.3
Total financial instruments not designated as hedging instruments	$	942.0	$	0.6		$	523.6	$	2.2
Total financial instruments	$	2,771.4	$	(130.7	)	$	1,777.9	$	(89.6	)

T

Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments

he following is a summary of the gain (loss) included in the consolidated statements of income and comprehensive income related to derivative and designated hedging financial instruments (in millions):

		Three Months Ended September 30,						Nine Months Ended September 30,
	Financial Statement Classification	2024			2023			2024			2023
Financial instruments not designated as hedging instruments
Forward currency contracts	Interest and other income (expense), net	$	(9.0	)	$	(5.5	)	$	(14.1	)	$	(4.2	)
Embedded derivatives in purchase and delivery contracts	Interest and other income (expense), net		0.4			(0.6	)		(0.7	)		0.1
			(8.6	)		(6.1	)		(14.8	)		(4.1	)
Financial instruments designated as cash flow hedging instruments
Interest rate swap agreements	Interest and other income (expense), net	$	2.6		$	2.7		$	7.9		$	7.6
Financial instruments designated as net investment hedging instruments
Interest rate cross-currency swap agreements	Interest and other income (expense), net		1.3			2.0			4.2			6.0
			3.9			4.7			12.1			13.6
Total		$	(4.7	)	$	(1.4	)	$	(2.7	)	$	9.5
		Three Months Ended September 30,						Nine Months Ended September 30,
	Financial Statement Classification	2024			2023			2024			2023
Financial instruments designated as cash flow hedging instruments
Interest rate swap agreements	Accumulated other comprehensive income, net of tax	$	(5.2	)	$	0.5		$	(4.7	)	$	0.1
			(5.2	)		0.5			(4.7	)		0.1
Financial instruments designated as net investment hedging instruments
Interest rate cross-currency swap agreements	Accumulated other comprehensive income, net of tax	$	(9.3	)	$	5.5		$	0.6		$	(2.8	)
Long-term debt	Accumulated other comprehensive income, net of tax		(68.9	)		15.5			(24.7	)		(2.4	)
			(78.2	)		21.0			(24.1	)		(5.2	)
Total		$	(83.4	)	$	21.5		$	(28.8	)	$	(5.1	)