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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Foreign currency forward contracts that were entered into to hedge forecasted revenue | The notional value of foreign currency forward contracts that were entered into to hedge forecasted revenues and operating expenses is summarized as follows:
| Notional Amount
(In millions) | As of March 31, 2019 |  | As of December 31, 2018
Euro | $ | 1,722.2 |  |  | $ | 1,701.4 |
British pound | 170.9 |  |  | 215.3 |
Swiss franc | 99.2 |  |  | 131.4 |
Japanese yen | 79.5 |  |  | 98.8 |
Canadian dollar | 72.2 |  |  | 92.2 |
Total foreign currency forward contracts | $ | 2,144.0 |  |  | $ | 2,239.1 |
Summary of the effect of cash flow derivatives designated as hedging instruments on the condensed consolidated statements of income | The following table summarizes the effect of foreign currency forward contracts designated as hedging instruments in our condensed consolidated statements of income:
For the Three Months Ended March 31,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions) |  | Net Gains/(Losses) Recognized in Operating Income (in millions)
Location |  | 2019 |  | 2018 |  | Location |  | 2019 |  | 2018
Revenues |  | $ | 14.8 |  |  | $ | (32.9 | ) |  | Revenues |  | $ | 3.7 |  |  | $ | (0.9 | )
Operating expenses |  | $ | (0.5 | ) |  | $ | 1.3 |  |  | Operating expenses |  | $ | (0.9 | ) |  | $ | (0.3 | )
Summary of the effect of derivatives designated as net investment hedging instruments on our consolidated statement of income | The following table summarizes the effect of our net investment hedge in our condensed consolidated financial statements:
For the Three Months Ended March 31,
Net Gains/(Losses) Recognized in Other Comprehensive Income (Effective Portion) (in millions) |  | Net Gains/(Losses) Recognized in Other Comprehensive Income (Amounts Excluded from Effectiveness Testing) (in millions) |  | Net Gains/(Losses) Recognized in Net Income (Amounts Excluded from Effectiveness Testing) (in millions)
Location |  | 2019 |  | 2018 |  | Location |  | 2019 |  | 2018 |  | Location |  | 2019 |  | 2018
Gains (losses) on net investment hedge |  | $ | 11.8 |  |  | $ | — |  |  | Gains (losses) on net investment hedge |  | $ | 4.4 |  |  | $ | — |  |  | Other income (expense) |  | $ | 2.2 |  |  | $ | — |
Summary of fair value and presentation of derivatives | The following table summarizes the fair value and presentation in our condensed consolidated balance sheets of our outstanding derivative instruments, including those designated as hedging instruments:
(In millions) |  | Balance Sheet Location |  | As of March 31, 2019 |  | As of December 31, 2018
Cash Flow Hedging Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | $ | 101.4 |  |  | $ | 65.8 |
Liability derivative instruments |  | Accrued expenses and other |  | $ | 6.6 |  |  | $ | 6.9 |
Fair Value Hedging Instruments: |  |  |  |  |  |
Liability derivative instruments |  | Other long-term liabilities |  | $ | 9.3 |  |  | $ | 14.5 |
Other Derivatives: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | $ | 3.0 |  |  | $ | 1.1 |
Liability derivative instruments |  | Accrued expenses and other |  | $ | 8.2 |  |  | $ | 3.2 |

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