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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2019 |  | As of December 31, 2018
Euro | $ | 1,943.7 |  |  | $ | 1,701.4 |
British pound | 60.9 |  |  | 215.3 |
Swiss franc | 36.9 |  |  | 131.4 |
Japanese yen | 29.8 |  |  | 98.8 |
Canadian dollar | 25.0 |  |  | 92.2 |
Total foreign currency forward contracts | $ | 2,096.3 |  |  | $ | 2,239.1 |
Summary of the effect of cash flow derivatives designated as hedging instruments on the condensed consolidated statements of income | The following tables summarize the effect of foreign currency forward contracts designated as hedging instruments in our condensed consolidated statements of income:
For the Three Months Ended September 30,
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 |  | $ | 35.2 |  |  | $ | (8.4 | ) |  | Revenues |  | $ | 0.8 |  |  | $ | 0.3 |
Operating expenses |  | $ | (0.8 | ) |  | $ | (0.3 | ) |  | Operating expenses |  | $ | 0.4 |  |  | $ | 0.4 |
For the Nine Months Ended September 30,
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 |  | $ | 79.8 |  |  | $ | (51.7 | ) |  | Revenues |  | $ | 8.2 |  |  | $ | 7.3 |
Operating expenses |  | $ | (2.0 | ) |  | $ | 0.6 |  |  | Operating expenses |  | $ | (0.8 | ) |  | $ | — |
Summary of the effect of derivatives designated as net investment hedging instruments on our consolidated statement of income | The following tables summarize the effect of our net investment hedge in our condensed consolidated financial statements:
For the Three Months Ended September 30,
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 |  | $ | 22.0 |  |  | $ | — |  |  | Gains (losses) on net investment hedge |  | $ | 1.4 |  |  | $ | — |  |  | Other income (expense) |  | $ | 2.2 |  |  | $ | — |
For the Nine Months Ended September 30,
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 |  | $ | 45.4 |  |  | $ | — |  |  | Gains (losses) on net investment hedge |  | $ | 8.1 |  |  | $ | — |  |  | Other income (expense) |  | $ | 6.6 |  |  | $ | — |
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 September 30, 2019 |  | As of December 31, 2018
Cash Flow Hedging Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | $ | 152.2 |  |  | $ | 65.8 |
|  | Investments and other assets |  | $ | 7.5 |  |  | $ | — |
Liability derivative instruments |  | Accrued expenses and other |  | $ | 1.6 |  |  | $ | 6.9 |
Fair Value Hedging Instruments: |  |  |  |  |  |
Liability derivative instruments |  | Accrued expenses and other |  | $ | 2.1 |  |  | $ | 14.5 |
Other Derivatives: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | $ | 2.0 |  |  | $ | 1.1 |
Liability derivative instruments |  | Accrued expenses and other |  | $ | 6.1 |  |  | $ | 3.2 |

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CCC -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL109998896-113959 + Details
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