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DERIVATIVES AND HEDGING
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
In February 2020, the Company entered into two U.S. Dollar to Euro cross currency swap contracts to hedge the Company's net investment in its European operations. The contracts have a notional value of $500.0 million and $244.0 million, respectively, and mature on June 1, 2024 and November 15, 2021, respectively. During the term of the $500.0 million contract, 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. During the term of the $244.0 million contract, the Company will pay floating-rate interest in Euros and receive floating-rate interest in U.S. Dollars.
In February 2020, the Company settled its $400.0 million U.S. Dollar to Euro cross currency swap contract entered into in May 2019 to hedge the Company's net investment in its European operations. At the time of the settlement, an unrealized gain of $11.8 million, net of tax, was recognized in AOCI.
The following table summarizes the balance sheet location of the cross currency swaps. See Note 13 for additional information on the fair value of these contracts.
March 31,December 31,March 31,
202120202020
Other assets$— $— $2.6 
Other accruals20.0 31.0 — 
Other long-term liabilities35.2 54.8 4.7
The changes in fair value of the cross currency swap contracts are recognized in the foreign currency translation adjustments component of AOCI. For the three months ended March 31, 2021, an unrealized gain of $23.1 million, net of tax, was recognized in AOCI. For the three months ended March 31, 2020, an unrealized gain of $9.2 million, net of tax, was recognized in AOCI.