Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of Net Investment Hedges on AOCI

The effect of our net investment hedges on AOCI for the year ended December 31, 2023, and 2022 was as follows:

	Gain (Loss) Recognized in Other Comprehensive Income
	Year Ended December 31,
Instrument	2023			2022
Euro Notes	$	(30.0	)	$	60.0
Cross-currency swaps		(47.7	)		(4.7	)

Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCL and Earnings

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2023, and 2022:

						Gain (Loss) Reclassified
	Gain (Loss) Recognized in OCI					from AOCL into Income
	Year Ended December 31,				Location of Gain Reclassified	Year Ended December 31,
Instrument	2023		2022		from AOCL into Income	2023		2022
Cross-currency swaps	$	—	$	3.7	Interest and other expenses, net	$	—	$	2.8
Foreign currency forward contracts		—		0.2	Selling and administrative expenses		—		(0.8	)
Forward starting interest swap		—		2.0	Interest and other expenses, net		0.3		0.2

Effect of Forward Contracts not Designated as Hedging Instrument consolidated statement of operations

The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the year ended December 31, 2023 was as follows:

	Location of Gain	Gain (Loss) Recognized in Income
Instrument	Recognized in Income	Year Ended December 31,
		2023		2022
Foreign currency forward contracts	Interest and other expenses, net	$	4.7	$	(29.3	)

Schedule of fair value hedges instruments

The following tables present the impact that the fair value hedges had on our Consolidated Statement of Income for the year ended December 31, 2023 and 2022:

	Gain (Loss) Recognized in OCI						Gain (Loss) Recognized in Income
	Year Ended December 31,					Location of Gain (Loss)	Year Ended December 31,
Instrument	2023			2022		Recognized in Income	2023			2022
Intercompany CHF notes	$	—		$	—	Interest and other expenses, net	$	(21.0	)	$	(9.4	)
Cross-currency swaps		(3.8	)		3.4	Interest and other expenses, net		21.0			9.4

Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of December 31, 2023, and 2022:

	Assets
		December 31,		December 31,
	Balance Sheet Location	2023		2022
Instruments designated as fair value hedges:
Cross-currency swaps	Accounts Receivable, net		31.7		13.8
Instruments not designated as hedges:
Foreign currency forward contracts	Accounts Receivable, net		6.7		0.2
Total instruments		$	38.4	$	14.0

	Liabilities
		December 31,		December 31,
	Balance Sheet Location	2023		2022
Instruments designated as net investment hedges:
Euro Notes due in 2026	Long-term debt		550.0		532.7
Euro Notes due in 2027	Long-term debt		438.2		423.9
Cross-currency swaps	Accrued liabilities		73.3		25.8
Instruments not designated as hedges:
Foreign currency forward contracts	Accrued liabilities		2.3		—
Total instruments		$	1,063.8	$	982.4