Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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
	March 31, 2021		December 31, 2020
Designated derivatives:
Cash flow hedges:
Foreign currency contracts	$	845.6	$	722.1
Interest rate lock contracts	650.0		650.0
Fair value hedges:
Interest rate swap contracts	300.0		300.0
Total designated derivatives	1,795.6		1,672.1
Non-designated derivatives	182.6		174.1
Total	$	1,978.2	$	1,846.2

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	March 31, 2021		December 31, 2020
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	23.4	$	27.8
Foreign currency contracts	Other long-term assets	7.8		10.0
Interest rate lock contracts	Other long-term assets	86.6		30.7
Interest rate swap contracts	Other long-term assets	0.6		20.3
Total derivatives designated as hedging instruments		$	118.4	$	88.8
Derivatives not designated as hedging instruments	Other current assets	1.1		0.2
Total derivative assets		$	119.5	$	89.0
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	3.2	$	0.2
Foreign currency contracts	Other long-term liabilities	3.4		0.2
Interest rate swap contracts	Other long-term liabilities	1.3		—
Total derivatives designated as hedging instruments		$	7.9	$	0.4
Derivatives not designated as hedging instruments	Other accrued liabilities	0.1		0.1
Total derivative liabilities		$	8.0	$	0.5

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	March 31, 2021		December 31, 2020
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	23.4	$	27.8
Foreign currency contracts	Other long-term assets	7.8		10.0
Interest rate lock contracts	Other long-term assets	86.6		30.7
Interest rate swap contracts	Other long-term assets	0.6		20.3
Total derivatives designated as hedging instruments		$	118.4	$	88.8
Derivatives not designated as hedging instruments	Other current assets	1.1		0.2
Total derivative assets		$	119.5	$	89.0
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	3.2	$	0.2
Foreign currency contracts	Other long-term liabilities	3.4		0.2
Interest rate swap contracts	Other long-term liabilities	1.3		—
Total derivatives designated as hedging instruments		$	7.9	$	0.4
Derivatives not designated as hedging instruments	Other accrued liabilities	0.1		0.1
Total derivative liabilities		$	8.0	$	0.5