Derivatives and Hedging Activity (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Notional and Fair Values of Derivative Instruments

The notional and fair values of derivatives designated as hedging instruments are as follows at December 31, 2020 and 2019 (in millions):

			Derivative Assets			Derivative Liabilities
	Notional		Balance Sheet	Fair		Balance Sheet	Fair
Instrument	Amount		Classification	Value		Classification	Value
At December 31, 2020
Interest rate contracts	$	550.0	Other current assets	$	—	Accrued compensation and	$	54.5
			Other noncurrent assets		—	other current liabilities
						Other noncurrent liabilities		10.9
Foreign exchange contracts (1)		48.6	Other current assets		5.9	Accrued compensation and		0.6
						other current liabilities
			Other noncurrent assets		7.8	Other noncurrent liabilities		3.3
Total	$	598.6		$	13.7		$	69.3
At December 31, 2019
Interest rate contracts	$	800.0	Other current assets	$	2.8	Accrued compensation and	$	25.0
			Other noncurrent assets		5.4	other current liabilities
						Other noncurrent liabilities		23.0
Foreign exchange contracts (1)		31.7	Other current assets		4.5	Accrued compensation and		1.8
						other current liabilities
			Other noncurrent assets		8.5	Other noncurrent liabilities		2.6
Total	$	831.7		$	21.2		$	52.4

(1)

Included within foreign exchange contracts at December 31, 2020 were $354.7 million of call options offset with $354.7 million of put options, and $9.0 million of buy forwards offset with $57.6 million of sell forwards. Included within foreign exchange contracts at December 31, 2019 were $342.0 million of call options offset with $342.0 million of put options, and $12.1 million of buy forwards offset with $43.8 million of sell forwards.

Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss

The effect of cash flow hedge accounting on accumulated other comprehensive loss were as follows (in millions):

Instrument	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (1)			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings			Amount of Gain (Loss) Recognized in Earnings Related to Amount Excluded from Effectiveness Testing			Statement of Earnings Classification
Year ended December 31, 2020
Interest rate contracts	$	(92.5	)	$	(1.1	)	$	—		Interest expense
Foreign exchange contracts		(4.6	)		(2.4	)		(0.4	)	Commission revenue
					(1.6	)		1.6		Compensation expense
					(1.2	)		1.1		Operating expense
Total	$	(97.1	)	$	(6.3	)	$	2.3
Year ended December 31, 2019
Interest rate contracts	$	(47.0	)	$	(1.2	)	$	—		Interest expense
Foreign exchange contracts		9.9			(1.6	)		(0.8	)	Commission revenue
					(1.4	)		1.2		Compensation expense
					(1.0	)		0.9		Operating expense
Total	$	(37.1	)	$	(5.2	)	$	1.3

(1)	During 2020, the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a loss of $1.3 million.