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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
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 As of December 31,
(In millions) |  | 2020 |  | 2019
Euro |  | $ | 2,979.1 |  |  | $ | 1,892.4 |
British pound |  | 250.6 |  |  | — |
Total foreign currency forward contracts |  | $ | 3,229.7 |  |  | $ | 1,892.4 |
Summary of the effect of derivatives designated as cash flow hedging instruments on our consolidated statements of income | The following table summarizes the effect of foreign currency forward contracts designated as hedging instruments in our consolidated statements of income:
For the Years Ended December 31,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions) |  | Net Gains/(Losses) Recognized in Operating Income (in millions)
Location |  | 2020 |  | 2019 |  | 2018 |  | Location |  | 2020 |  | 2019 |  | 2018
Revenues |  | $ | 18.3 |  |  | $ | 118.6 |  |  | $ | (42.5) |  |  | Revenues |  | $ | (9.9) |  |  | $ | 2.9 |  |  | $ | 10.8 |
Operating expenses |  | 3.3 |  |  | (3.3) |  |  | 0.2 |  |  | Operating expenses |  | — |  |  | 0.2 |  |  | (0.1) |
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 hedges in our consolidated financial statements:
For the Years Ended December 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 |  | 2020 |  | 2019 |  | 2018 |  | Location |  | 2020 |  | 2019 |  | 2018 |  | Location |  | 2020 |  | 2019 |  | 2018
Gains (losses) on net investment hedge |  | $ | (35.1) |  |  | $ | 25.3 |  |  | $ | (3.8) |  |  | Gains (losses) on net investment hedge |  | $ | 4.5 |  |  | $ | 3.3 |  |  | $ | — |  |  | Other income (expense) |  | $ | 2.9 |  |  | $ | 7.0 |  |  | $ | 1.5 |
Summary of the fair value for our outstanding derivatives | The following table summarizes the fair value and presentation in our consolidated balance sheets of our outstanding derivative instruments, including those designated as hedging instruments:
|  |  |  | As of December 31,
(In millions) |  | Balance Sheet Location |  | 2020 |  | 2019
Cash Flow Hedging Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | $ | — |  |  | $ | 33.8 |
Liability derivative instruments |  | Accrued expenses and other |  | 157.1 |  |  | 2.0 |
|  | Other long-term liabilities |  | 35.7 |  |  | 1.7 |
Net Investment Hedging Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | — |  |  | 2.0 |
Liability derivative instruments |  | Accrued expenses and other |  | 19.7 |  |  | — |
Fair Value Hedging Instruments |  |  |  |  |  |
Liability derivative instruments |  | Accrued expenses and other |  | — |  |  | 2.3 |
Other Derivative Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | 20.5 |  |  | 8.0 |
Liability derivative instruments |  | Accrued expenses and other |  | 4.7 |  |  | 2.4 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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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=121590274&loc=SL109998896-113959 + Details
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