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Hedging Activities, Derivative Instruments and Credit Risk (Tables)
 12 Months Ended
Dec. 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 Consolidated Balance Sheets as of December 31, 2024 and 2023.
December 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 contractsFair value$750.0 $— $1.4 $0.9 $0.9 
Cross-currency interest rate swap contractsNet investment1,074.3 11.5 15.8 — — 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair value$124.3 $1.8 $— $— $— 
Foreign currency forwardsFair value69.0 — — 1.2 — 
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 Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
December 31, 2024December 31, 2023
Long-term debt:
Carrying amount of hedged debt$749.7 $— 
Cumulative hedging adjustments, included in carrying amount(0.3)— 
Schedule of Cash Flow Hedges Included in Comprehensive (Loss) Income
Gains on derivatives designated as cash flow hedges included in the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022 are presented in the table below.
202420232022
Gain recognized in OCI on derivatives$1.6 $10.5 $18.3 
Gain (loss) reclassified from AOCI into income (effective portion)(1)
15.7 15.6 (2.8)
(1)Gains (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 (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022 are presented in the table below.
202420232022
Gain (loss) recognized in OCI on derivatives$72.5 $(17.5)$0.6 
Gain reclassified from AOCI into income (effective portion)(1)
17.7 19.0 11.5 
(1)Gains (losses) 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, 2024, 2023 and 2022 were as follows.
202420232022
Foreign currency forward contracts gains0.1 0.3 3.4 
Total foreign currency transaction gains (losses), net(3.2)(5.1)5.9