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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
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 and foreign currency options that were entered into to hedge forecasted revenue and operating expense is summarized as follows:
|  | Notional Amount
(In millions) |  | As of March 31, 2023 |  | As of December 31, 2022
Euro |  | $ | 1,854.8 |  |  | $ | 1,495.5 |
British pound |  | 124.3 |  |  | 162.8 |
Swiss franc |  | 248.2 |  |  | — |
Canadian dollar |  | 43.3 |  |  | 57.2 |
Total foreign currency contracts and options |  | $ | 2,270.6 |  |  | $ | 1,715.5 |
Summary of the effect of cash flow derivatives designated as hedging instruments on the condensed consolidated statements of income | The following table summarizes the effect of foreign currency forward contracts and forward currency options designated as hedging instruments in our condensed consolidated statements of income:
For the Three Months Ended March 31,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions) |  | Net Gains/(Losses) Recognized in Operating Income (in millions)
Location |  | 2023 |  | 2022 |  | Location |  | 2023 |  | 2022
Revenue |  | $ | 17.6 |  |  | $ | 20.9 |  |  | Revenue |  | $ | 1.6 |  |  | $ | (6.5) |
Operating expense |  | (0.5) |  |  | (0.3) |  |  | Operating expense |  | (2.1) |  |  | (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 condensed consolidated financial statements:
For the Three Months Ended March 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 |  |  |  | 2022 |  | Location |  |  |  | 2022 |  | Location |  |  |  | 2022
Gains (losses) on net investment hedges(1) |  |  |  | $ | 10.1 |  |  | Gains (losses) on net investment hedges(1) |  |  |  | $ | (3.3) |  |  | Other (income) expense(1) |  |  |  | $ | (1.1) |
(1) Beginning in the second quarter of 2022 we no longer held 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 March 31, 2023 |  | As of December 31, 2022
Cash Flow Hedging Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | $ | 12.3 |  |  | $ | 37.9 |
|  | Investments and other assets |  | 0.1 |  |  | — |
Liability derivative instruments |  | Accrued expense and other |  | 31.9 |  |  | 18.4 |
|  | Other long-term liabilities |  | 0.3 |  |  | — |
Other Derivative Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | 22.7 |  |  | 25.1 |
Liability derivative instruments |  | Accrued expense and other |  | 7.6 |  |  | 7.6 |
Derivative Instruments, Unrealized Gain (Loss) | The pre-tax portion of the fair value of these foreign currency forward contracts and foreign currency options that were included in AOCI in total equity is summarized as follows:
(In millions) |  | As of March 31, 2023 |  | As of December 31, 2022
Unrealized gains |  | $ | 8.8 |  |  | $ | 29.9 |
Unrealized (losses) |  | (39.0) |  |  | (21.3) |
Net unrealized gains (losses) |  | $ | (30.2) |  |  | $ | 8.6 |

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