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Derivative Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Effect of Net Investment Hedges on AOCI | The effect of our net investment hedges on AOCI for the three months ended March 31, 2021 and 2020 was as follows:
|  | Gain (Loss) Recognized in Other Comprehensive Income |
|  | 3 Months Ended March 31, |
Instrument |  | 2021 |  |  | 2020 |
Euro Notes |  | $ | 43.7 |  |  | $ | 16.4 |
Cross-currency swaps |  |  | 20.5 |  |  |  | (7.5 | )
Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCI and Earnings | The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings for the three months ended March 31, 2021 and 2020:
|  |  |  |  |  |  | Gain (Loss) Reclassified |
|  | Gain (Loss) Recognized in OCI |  |  |  |  | from AOCI into Income |
|  | 3 Months Ended March 31, |  |  | Location of Gain (Loss) Reclassified |  | 3 Months Ended March 31, |
Instrument |  | 2021 |  |  | 2020 |  |  | from AOCI into Income |  | 2021 |  |  | 2020 |
Cross-currency swaps |  | $ | (5.3 | ) |  | $ | 5.7 |  |  | Interest and other expenses, net |  | $ | 5.2 |  |  | $ | 5.7 |
Effect of Forward Contracts not Designated as Hedging Instrument | The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2021 was as follows:
|  | Location of Gain (Loss) |  | Amount of Gain (Loss) Recognized in Income |
Instrument |  | Recognized in Income |  | 3 Months Ended March 31, |
|  |  |  | 2021 |  |  | 2020 |
Foreign currency forward contracts |  | Interest and other expenses, net |  | $ | (6.9 | ) |  | $ | (0.2 | )
Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets | The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020:
|  | Assets |
|  |  |  | March 31, |  |  | December 31, |
|  | Balance Sheet Location |  | 2021 |  |  | 2020 |
Instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  | Prepaid expenses and other assets |  | $ | 4.2 |  |  | $ | 12.1 |
Instruments not designated as hedges: |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Accounts receivable, net |  |  | — |  |  |  | 1.0 |
Total instruments |  |  |  | $ | 4.2 |  |  | $ | 13.1 |
|  | Liabilities |
|  |  |  | March 31, |  |  | December 31, |
|  | Balance Sheet Location |  | 2021 |  |  | 2020 |
Instruments designated as net investment hedges: |  |  |  |  |  |  |  |  |  |
Euro Notes |  | Long-term debt |  | $ | 1,051.1 |  |  | $ | 1,094.5 |
Cross-currency swaps |  | Accrued liabilities |  |  | 10.1 |  |  |  | 30.5 |
Instruments not designated as hedges |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Accrued liabilities |  |  | 5.9 |  |  |  | — |
Total instruments |  | $ | 1,067.1 |  |  | $ | 1,125.0 |

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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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- 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
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