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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 |  | As of December 31, 2023
Euro |  | $ | 1,274.6 |  |  | $ | 1,169.0 |
British pound |  | 45.9 |  |  | — |
Swiss franc |  | 215.6 |  |  | — |
Canadian dollar |  | 39.7 |  |  | — |
Total foreign currency forward contracts and options |  | $ | 1,575.8 |  |  | $ | 1,169.0 |
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 |  | Net Gains/(Losses) Recognized in Operating Income
Location |  | 2024 |  | 2023 |  | Location |  | 2024 |  | 2023
Revenue |  | $ | 2.9 |  |  | $ | 17.6 |  |  | Revenue |  | $ | 0.2 |  |  | $ | 1.6 |
Operating expense |  | (2.1) |  |  | (0.5) |  |  | Operating expense |  | (1.2) |  |  | (2.1) |
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, 2024 |  | As of December 31, 2023
Cash Flow Hedging Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | $ | 8.6 |  |  | $ | 0.3 |
Liability derivative instruments |  | Accrued expense and other |  | 19.8 |  |  | 26.5 |
Other Derivative Instruments: |  |  |  |  |  |
Asset derivative instruments |  | Other current assets |  | 1.3 |  |  | 11.6 |
Liability derivative instruments |  | Accrued expense and other |  | 7.5 |  |  | 5.1 |
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, 2024 |  | As of December 31, 2023
Unrealized gains |  | $ | 4.6 |  |  | $ | — |
Unrealized (losses) |  | (23.3) |  |  | (34.8) |
Net unrealized gains (losses) |  | $ | (18.7) |  |  | $ | (34.8) |

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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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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