Hedging Activities and Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022.

September 30, 2023
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	$	11.5	$	5.4	$	—	$	—
Cross-currency interest rate swap contracts	Net investment	1,054.2		16.7		—		—		19.5
Derivatives Not Designated as Hedging Instruments
Foreign currency forwards	Fair value	$	7.3	$	—	$	—	$	—	$	—

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		—		—		—		—

(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 Accumulated Other Comprehensive Income (Loss)

Gains on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine month periods ended September 30, 2023 and 2022 are as presented in the table below.

	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2023		2022		2023		2022
Gain recognized in OCI on derivatives	$	1.4	$	23.7	$	14.9	$	17.1
Gain (loss) reclassified from AOCI into income (effective portion)(1)	4.8		(2.4)		10.8		(2.5)

(1)Gains (losses) on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed 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 three and nine month periods ended September 30, 2023 and 2022 are as presented in the table below.

	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2023		2022		2023		2022
Gain recognized in OCI on derivatives	$	35.0	$	65.9	$	22.9	$	71.9
Gain reclassified from AOCI into income (effective portion)(1)	4.5		5.6		14.7		5.7

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

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 gains (losses) for the three and nine month periods ended September 30, 2023 and 2022 were as follows.

	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2023		2022		2023		2022
Foreign currency forward contracts gains (losses)	$	(0.1)	$	(0.1)	$	0.1	$	3.0
Total foreign currency transaction gains (losses), net	(1.1)		6.7		(1.0)		12.3