Hedging Activities, Derivative Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.

March 31, 2022
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	33.8	$	0.1	$	—	$	—	$	—

December 31, 2021
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	22.1	$	—	$	—	$	—	$	—
Foreign currency forwards	Fair Value	19.3		—		—		0.2		—

(1)Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.

Schedule of Gains (Losses) on Derivative Instruments Not Designated as Accounting Hedges and Total Net Foreign Currency Losses

The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three month periods ended March 31, 2022 and 2021 were as follows.

	For the Three Month Period Ended March 31,
	2022		2021
Foreign currency forward contracts losses	$	(1.0)	$	(0.8)
Total foreign currency transaction gains, net	3.8		18.1

Schedule of Changes in Value of Debt and Designated Interest Rate Swaps

The Company’s gains (losses), net of income tax, associated with changes in the value of debt for the three month periods ended March 31, 2022 and 2021 were as follows.

	For the Three Month Period Ended March 31,
	2022		2021
Gain, net of income tax, recorded through other comprehensive income	$	13.3	$	18.9

Schedule of Assets and Liabilities Measured at Fair Value

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021.

	March 31, 2022
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	0.1	$	—	$	0.1
Trading securities held in deferred compensation plan(2)	12.9		—		—		12.9
Total	$	12.9	$	0.1	$	—	$	13.0
Financial Liabilities
Foreign currency forwards(1)	$	—	$	—	$	—	$	—
Deferred compensation plans(2)	21.5		—		—		21.5
Total	$	21.5	$	—	$	—	$	21.5

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	—	$	—	$	—
Trading securities held in deferred compensation plan(2)	12.0		—		—		12.0
Total	$	12.0	$	—	$	—	$	12.0
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.2	$	—	$	0.2
Deferred compensation plan(2)	22.4		—		—		22.4
Total	$	22.4	$	0.2	$	—	$	22.6

(1)Based on calculations that use readily observable market parameters at their basis, such as spot and forward rates.

(2)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method.