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Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Derivatives

The following table summarizes our outstanding derivative instruments on a gross basis:

			Notional Amount												Fair Value of Derivative Assets(2)												Fair Value of Derivative Liabilities(2)
			December 31, 2020						December 31, 2019						December 31, 2020						December 31, 2019						December 31, 2020						December 31, 2019
Derivative Instrument:
Level 2:
Foreign exchange forward contracts			$	276.2					$	138.9					$	—					$	—					$	15.8					$	3.3
Cross-currency swap(1)			1,461.9						1,355.8						—						—						167.2						64.1
Interest rate swaps			2,022.0						1,289.0						2.0						—						33.4						26.4
Total hedges			$	3,760.1					$	2,783.7					$	2.0					$	—					$	216.4					$	93.8

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(1) The notional values of the cross-currency swap have been translated from Euros to U.S. dollars at the foreign currency rates in effect at December 31, 2020 and 2019 of approximately 1.22 and 1.12, respectively.

(2) In our balance sheets, all derivative assets are recorded within prepaid expenses and other current assets and all derivative liabilities are recorded within accrued expenses and other current liabilities.

Summary of Gains (Losses) on Derivative Instruments

The following table summarizes the effect of our designated cash flow hedging derivative instruments on AOCI:

			Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)
			Year Ended December 31,
			2020						2019						2018
Derivative Instrument:
Foreign exchange forward contracts(1)			$	(17.6)					$	(2.7)					$	8.9
Cross-currency swap			16.2						25.8						(3.5)
Interest rate swaps			(4.9)						(25.0)						17.7
Total hedges			$	(6.3)					$	(1.9)					$	23.1

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(1) Amounts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.

The following table summarizes the locations and amounts of gains (losses) recognized within earnings related to our cash flow hedging relationships:

			Year Ended December 31,
			2020																		2019																		2018
			Revenue						Interest Expense						Other Income (Expense), Net						Revenue						Interest Expense						Other Income (Expense), Net						Revenue						Interest Expense						Other Income (Expense), Net
Foreign exchange forward contracts:
Reclassified from AOCI into income			$	2.7					$	—					$	—					$	3.2					$	—					$	—					$	(2.1)					$	—					$	—
Cross-currency swap:
Reclassified from AOCI into income (1)			—						28.9						(120.4)						—						30.1						28.1						—						28.3						65.9
Interest rate swaps:
Reclassified from AOCI into income			—						(25.6)						—						—						(2.6)						—						—						(6.5)						—
Total hedges			$	2.7					$	3.3					$	(120.4)					$	3.2					$	27.5					$	28.1					$	(2.1)					$	21.8					$	65.9

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(1) The amounts reflected in other income (expense), net include $119.3 million, $(28.7) million and $(67.3) million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by the cross-currency swap during 2020, 2019 and 2018, respectively.

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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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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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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