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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Foreign currency forward contracts that were entered into to hedge forecasted revenue | The notional amount 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, 2022 |  | As of December 31, 2021
Euro |  | $ | 1,089.2 |  |  | $ | 1,828.0 |
British pound |  | 43.5 |  |  | 166.2 |
Swiss franc |  | 37.8 |  |  | — |
Japanese yen |  | 23.5 |  |  | 72.7 |
Canadian dollar |  | 14.7 |  |  | 59.9 |
Total foreign currency forward contracts |  | $ | 1,208.7 |  |  | $ | 2,126.8 |
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 |  | 2022 |  | 2021 |  | Location |  | 2022 |  | 2021
Revenue |  | $ | 77.7 |  |  | $ | (14.9) |  |  | Revenue |  | $ | 6.6 |  |  | $ | (0.7) |
Operating expense |  | (0.8) |  |  | (0.3) |  |  | Operating expense |  | (0.1) |  |  | — |
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 |  | 2022 |  | 2021 |  | Location |  | 2022 |  | 2021
Revenue |  | $ | 143.2 |  |  | $ | (68.7) |  |  | Revenue |  | $ | (0.8) |  |  | $ | (4.5) |
Operating expense |  | (3.5) |  |  | (0.3) |  |  | Operating expense |  | (0.4) |  |  | (0.4) |
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 hedges 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 |  | 2022 |  | 2021 |  | Location |  | 2022 |  | 2021 |  | Location |  | 2022 |  | 2021
Gains (losses) on net investment hedges(1) |  | $ | — |  |  | $ | 24.9 |  |  | Gains (losses) on net investment hedges(1) |  | $ | — |  |  | $ | — |  |  | Other (income) expense(1) |  | $ | — |  |  | $ | — |
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 |  | 2022 |  | 2021 |  | Location |  | 2022 |  | 2021 |  | Location |  | 2022 |  | 2021
Gains (losses) on net investment hedges(1) |  | $ | 20.4 |  |  | $ | 46.1 |  |  | Gains (losses) on net investment hedges(1) |  | $ | (3.2) |  |  | $ | (1.1) |  |  | Other (income) expense(1) |  | $ | (4.6) |  |  | $ | 0.1 |
(1) Beginning in the second quarter of 2022 we no longer hold net investment hedges as they were closed with the sale of our 49.9% equity interest in Samsung Bioepis in April 2022. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 2, Dispositions, to these condensed consolidated financial statements.
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, 2022 |  | As of December 31, 2021
Cash Flow Hedging Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | $ | 158.2 |  |  | $ | 66.2 |
|  | Investments and other assets |  | 5.0 |  |  | 5.5 |
Liability derivative instruments |  | Accrued expense and other |  | 2.6 |  |  | 6.6 |
Net Investment Hedging Instruments:(1) |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | 21.4 |  |  | 4.1 |
Other Derivative Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | 11.3 |  |  | 5.1 |
Liability derivative instruments |  | Accrued expense and other |  | 20.2 |  |  | 4.2 |
(1) Beginning in the second quarter of 2022 we no longer hold net investment hedges as they were closed with the sale of our 49.9% equity interest in Samsung Bioepis in April 2022. Amount represents unsettled balance of our closed net investment hedges. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 2, Dispositions, to these condensed consolidated financial statements.
Derivative Instruments, Unrealized Gain (Loss) | The pre-tax portion of the fair value of these foreign currency forward contracts that were included in accumulated other comprehensive income (loss) in total equity is summarized as follows:
(In millions) |  | As of September 30, 2022 |  | As of December 31, 2021
Unrealized gains |  | $ | 146.5 |  |  | $ | 60.8 |
Unrealized (losses) |  | (2.2) |  |  | (7.0) |
Net unrealized gains (losses) |  | $ | 144.3 |  |  | $ | 53.8 |

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