XML 64 R33.htm IDEA: XBRL DOCUMENT
v3.21.2

Derivative Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
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 revenue and operating expense is summarized as follows:
|  | Notional Amount
(In millions) |  | As of September 30, 2021 |  | As of December 31, 2020
Euro |  | $ | 1,901.5 |  |  | $ | 2,979.1 |
British pound |  | 63.6 |  |  | 250.6 |
Swiss franc |  | 60.4 |  |  | — |
Japanese yen |  | 30.1 |  |  | — |
Canadian dollar |  | 25.2 |  |  | — |
Total foreign currency forward contracts |  | $ | 2,080.8 |  |  | $ | 3,229.7 |
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 |  | 2021 |  | 2020 |  | Location |  | 2021 |  | 2020
Revenue |  | $ | (14.9) |  |  | $ | (9.1) |  |  | Revenue |  | $ | (0.7) |  |  | $ | (8.7) |
Operating expense |  | (0.3) |  |  | 1.5 |  |  | Operating expense |  | — |  |  | 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 |  | 2021 |  | 2020 |  | Location |  | 2021 |  | 2020 |  |  |  |  |  |
Revenue |  | $ | (68.7) |  |  | $ | 41.6 |  |  | Revenue |  | $ | (4.5) |  |  | $ | (1.0) |  |  |  |  |  |  |
Operating expense |  | (0.3) |  |  | 1.4 |  |  | Operating expense |  | (0.4) |  |  | (0.7) |  |  |  |  |  |  |
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 |  | 2021 |  | 2020 |  | Location |  | 2021 |  | 2020 |  | Location |  | 2021 |  | 2020
Gains (losses) on net investment hedge |  | $ | 24.9 |  |  | $ | (10.4) |  |  | Gains (losses) on net investment hedge |  | $ | — |  |  | $ | (0.2) |  |  | Other income (expense) |  | $ | — |  |  | $ | 0.9 |
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 |  | 2021 |  | 2020 |  | Location |  | 2021 |  | 2020 |  | Location |  | 2021 |  | 2020
Gains (losses) on net investment hedge |  | $ | 46.1 |  |  | $ | 5.0 |  |  | Gains (losses) on net investment hedge |  | $ | (1.1) |  |  | $ | 3.1 |  |  | Other income (expense) |  | $ | 0.1 |  |  | $ | 2.6 |
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, 2021 |  | As of December 31, 2020
Cash Flow Hedging Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | $ | 34.5 |  |  | $ | — |
|  | Investments and other assets |  | 14.1 |  |  | — |
Liability derivative instruments |  | Accrued expense and other |  | 11.8 |  |  | 157.1 |
|  | Other long-term liabilities |  | — |  |  | 35.7 |
Net Investment Hedging Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | 25.3 |  |  | — |
Liability derivative instruments |  | Accrued expense and other |  | — |  |  | 19.7 |
Other Derivative Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | 6.1 |  |  | 20.5 |
Liability derivative instruments |  | Accrued expense and other |  | 15.9 |  |  | 4.7 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfNetInvestmentHedgesInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration