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DERIVATIVES AND HEDGING
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
Net Investment Hedges
The Company has U.S. Dollar to Euro cross currency swap contracts with various counterparties to hedge the Company's net investment in its European operations. The outstanding contracts as of September 30, 2023 are summarized in the table below.
Contract DateNotional
Value		Maturity Date
February 13, 2020$500.0 June 1, 2024
November 8, 2021162.7 June 1, 2027
March 28, 2023150.0 August 8, 2024
June 28, 2023200.0 August 8, 2025
August 1, 2023100.0 February 1, 2027
During the term of the contracts, the Company will pay fixed-rate interest in Euros and receive fixed-rate interest in U.S. Dollars, thereby effectively converting a portion of the Company's U.S. Dollar denominated fixed-rate debt to Euro denominated fixed-rate debt.
The following table summarizes amounts recognized in the Consolidated Balance Sheets for cross currency swap contracts. See Note 14 for additional information on the fair value of these contracts.
September 30,December 31,September 30,
202320222022
Other current assets$14.7 $— $— 
Other assets9.6 9.1 56.4 
The changes in fair value of the cross currency swap contracts are recognized in the foreign currency translation adjustments component of AOCI. The following table summarizes the unrealized gains for the three and nine months ended September 30, 2023 and 2022.
Three Months EndedNine Months Ended
September 30,September 30,September 30,September 30,
2023202220232022
Gains$32.1 $41.0 $15.2 $92.5 
Tax effect(7.9)(10.1)(3.8)(22.7)
Gains, net of taxes
$24.2 $30.9 $11.4 $69.8 
Derivatives Not Designated as Hedging Instruments
The Company enters into foreign currency option and forward contracts with maturity dates less than twelve months primarily to hedge against value changes in foreign currency. There were no material foreign currency option and forward contracts outstanding at September 30, 2023 and December 31, 2022. The total notional value of foreign currency forward contracts outstanding as of September 30, 2022 was $194.5 million. At September 30, 2022, the Company recorded a $3.1 million liability in Other accruals to recognize the fair value of these outstanding foreign currency contracts. The related gains and losses are recorded in Other (income) expense - net. See Note 16.