Hedging Activities and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023.

March 31, 2024
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	$	9.5	$	1.4	$	—	$	—
Cross-currency interest rate swap contracts	Net investment	1,054.2		16.7		—		—		39.7

December 31, 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	$	8.2	$	1.2	$	—	$	—
Cross-currency interest rate swap contracts	Net investment	1,054.2		15.7		—		—		63.1

(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 (losses) on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2024 and 2023 are as presented in the table below.

	For the Three Month Period Ended March 31,
	2024		2023
Gain (loss) recognized in OCI on derivatives	$	4.6	$	(5.1)
Gain reclassified from AOCI into income (effective portion)(1)	4.7		2.0

(1)Gains 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 (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2024 and 2023 are as presented in the table below.

	For the Three Month Period Ended March 31,
	2024		2023
Gain (loss) recognized in OCI on derivatives	$	28.6	$	(5.5)
Gain reclassified from AOCI into income (effective portion)(1)	4.2		5.4

(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 on derivative instruments not designated as accounting hedges and total net foreign currency gains (losses) for the three month periods ended March 31, 2024 and 2023 were as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Foreign currency forward contracts gains	$	—	$	0.2
Total foreign currency transaction gains (losses), net	0.7		(1.0)