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Derivative Instruments (Tables)

12 Months Ended

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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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

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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