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Hedging Activities and Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024 and December 31, 2023.
June 30, 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 contractsFair Value$750.0 $— $7.0 $7.0 $— 
Cross-currency interest rate swap contractsNet investment1,074.3 10.6 0.6 — 3.3 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair value$60.0 $— $— $— $— 
Foreign currency forwardsFair value73.5 — — — 1.4 
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 contractsCash Flow$528.5 $8.2 $1.2 $— $— 
Cross-currency interest rate swap contractsNet investment1,054.2 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 Long Term Hedge
June 30, 2024December 31, 2023
Long-term debt:
Carrying amount of hedged debt$750.0 $— 
Cumulative hedging adjustments, included in carrying amount(1)
— — 
(1)As of June 30, 2024, the swap valuation adjustments on our interest rate swaps designated as fair value hedges were immaterial.
Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss)
Gains (losses) on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2024 and 2023 are as presented in the table below.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2024202320242023
Gain (loss) recognized in OCI on derivatives$(3.0)$18.6 $1.6 $13.5 
Gain reclassified from AOCI into income (effective portion)(1)
4.1 4.0 8.8 6.0 
(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 and six month periods ended June 30, 2024 and 2023 are as presented in the table below.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2024202320242023
Gain (loss) recognized in OCI on derivatives$15.1 $(6.6)$43.7 $(12.1)
Gain reclassified from AOCI into income (effective portion)(1)
4.3 4.8 8.5 10.2 
(1)Gains on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
Schedule of Gains (Losses) on Derivative Instruments Not Designated as Accounting Hedges and Total Net Foreign Currency Losses
The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency gains for the three and six month periods ended June 30, 2024 and 2023 were as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2024202320242023
Foreign currency forward contracts gains (losses)$(2.0)$— $(2.0)$0.2 
Total foreign currency transaction gains, net— 1.1 0.7 0.1