Hedging Activities, Derivative Instruments and Credit Risk (Tables)

12 Months Ended

Dec. 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 Consolidated Balance Sheets as of December 31, 2022 and 2021.

	December 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 Designated as Hedging Instruments
Interest rate swap contracts	Cash flow	$	528.5	$	8.8	$	5.3	$	—	$	—
Interest rate cap contracts	Cash flow	1,000.0		8.3		9.8		—		—
Cross-currency interest rate swap contracts	Net investment	1,054.2		17.7		—		—		28.7
Derivatives Not Designated as Hedging Instruments
Foreign currency forwards	Fair value	$	7.3	$	—	$	—	$	—	$	—
Foreign currency forwards	Fair value	15.8		—		—		—		—

	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 Cash Flow Hedges Included in Comprehensive (Loss) Income

Gains (losses) on derivatives designated as cash flow hedges included in the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2022, 2021 and 2020 are presented in the table below.

	2022		2021		2020
Gain (loss) recognized in OCI on derivatives	$	18.3	$	—	$	(4.4)
Loss reclassified from AOCI into income (effective portion)(1)	(2.8)		—		(18.5)

(1)Losses on derivatives reclassified from AOCI into income were included in “Interest expense” in the Consolidated Statements of Operations.

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)

Gains on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2022, 2021 and 2020 are presented in the table below.

	2022		2021		2020
Gain recognized in OCI on derivatives	$	0.6	$	—	$	—
Gain reclassified from AOCI into income (effective portion)(1)	11.5		—		—

(1)Gains on derivatives reclassified from AOCI into income were included in “Interest expense” in the Consolidated Statements of Operations.

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

The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency transaction gains (losses) for the years ended December 31, 2022, 2021 and 2020 were as follows.

	2022	2021	2020
Foreign currency forward contracts gains (losses)	3.4	(3.2)	15.0
Total foreign currency transaction gains (losses), net	5.9	12.0	(18.6)

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 years ended December 31, 2022 and 2021 were as follows.

	2022		2021		2020
Gain (loss), net of income tax, recorded through other comprehensive income	$	36.4	$	35.0	$	(45.1)