Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments

The notional amount of the Company's derivatives is summarized as follows (in millions):

	As of
	September 30, 2020		December 31, 2019
Designated derivatives:
Cash flow hedges:
Foreign currency contracts	$	711.7	$	484.0
Interest rate lock contracts	650.0		—
Fair value hedges:
Interest rate swap contracts	300.0		300.0
Total designated derivatives	1,661.7		784.0
Non-designated derivatives	163.3		162.9
Total	$	1,825.0	$	946.9

Schedule of Derivative Assets at Fair Value

The fair value of derivative instruments on the Consolidated Balance Sheets was as follows:

		As of
	Balance Sheet Classification	September 30, 2020		December 31, 2019
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	12.1	$	2.2
Foreign currency contracts	Other long-term assets	8.7		0.3
Interest rate lock contracts	Other long-term assets	10.9		—
Interest rate swap contracts	Other long-term assets	25.9		—
Total derivatives designated as hedging instruments		$	57.6	$	2.5
Derivatives not designated as hedging instruments	Other current assets	0.1		—
Total derivative assets		$	57.7	$	2.5
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	1.8	$	6.6
Foreign currency contracts	Other long-term liabilities	0.2		—
Interest rate swap contracts	Other long-term liabilities	—		3.1
Total derivatives designated as hedging instruments		$	2.0	$	9.7
Derivatives not designated as hedging instruments	Other accrued liabilities	0.2		0.2
Total derivative liabilities		$	2.2	$	9.9

Schedule of Derivative Liabilities at Fair Value

The fair value of derivative instruments on the Consolidated Balance Sheets was as follows:

		As of
	Balance Sheet Classification	September 30, 2020		December 31, 2019
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	12.1	$	2.2
Foreign currency contracts	Other long-term assets	8.7		0.3
Interest rate lock contracts	Other long-term assets	10.9		—
Interest rate swap contracts	Other long-term assets	25.9		—
Total derivatives designated as hedging instruments		$	57.6	$	2.5
Derivatives not designated as hedging instruments	Other current assets	0.1		—
Total derivative assets		$	57.7	$	2.5
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	1.8	$	6.6
Foreign currency contracts	Other long-term liabilities	0.2		—
Interest rate swap contracts	Other long-term liabilities	—		3.1
Total derivatives designated as hedging instruments		$	2.0	$	9.7
Derivatives not designated as hedging instruments	Other accrued liabilities	0.2		0.2
Total derivative liabilities		$	2.2	$	9.9