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Derivatives and Hedging (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets
The following table summarizes the fair value of the Company’s derivative instruments as well as the location of the asset and/or liability on the consolidated condensed balance sheets as of September 30, 2022 and December 31, 2021 (in millions):
Balance Sheet LocationFair Value of
Asset Derivatives
September 30, 2022December 31, 2021
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contractsOther current assets$1.7 $0.1 
Interest rate swap contractsOther current assets3.4 — 
Interest rate swap contractsOther assets3.7 — 
Total$8.8 $0.1 
Derivatives not designated as hedging instruments:
Foreign currency forward contractsOther current assets10.6 0.2 
Total asset position$19.4 $0.3 
Balance Sheet LocationFair Value of
Liability Derivatives
September 30, 2022December 31, 2021
Derivatives designated as cash flow hedging instruments:
Interest rate swap contractsAccounts payable and accrued expenses$— $4.1 
Interest rate swap contractsOther long-term liabilities— 4.6 
— 8.7 
Derivatives not designated as hedging instruments:
Foreign currency forward contractsAccounts payable and accrued expenses1.1 0.2 
Total liability position$1.1 $8.9 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following tables summarize the net effect of all cash flow hedges on the consolidated condensed financial statements for the three and nine months ended September 30, 2022 and 2021 (in millions):
Gain (Loss) Recognized in Other Comprehensive Income
Three Months Ended
September 30,
Nine Months Ended
September 30,
Derivatives designated as cash flow hedging instruments2022202120222021
Foreign currency forward contracts$0.7 $0.1 $4.4 $2.2 
Interest rate swap agreements4.8 (0.1)13.6 2.1 
$5.5 $— $18.0 $4.3 
Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
Three Months Ended
September 30,
Nine Months Ended
September 30,
Derivatives designated as cash flow hedging instruments2022202120222021
Foreign currency forward contracts$1.3 $0.6 $2.8 $0.6 
Interest rate swap agreements(0.2)(1.2)(2.2)(3.6)
$1.1 $(0.6)$0.6 $(3.0)
Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type
The following table summarizes the location of net gains and losses in the consolidated condensed statements of operations that were recognized during the three and nine months ended September 30, 2022 and 2021, respectively, in addition to the derivative contract type (in millions):
  
Location of Net Gain (Loss) Recognized in Income on Derivative InstrumentsAmount of Net Gain (Loss) Recognized in Income on 
Derivative Instruments
Derivatives not designated as hedging instrumentsThree Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Foreign currency forward contractsOther income, net$19.7 $2.8 $58.3 $11.8