Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative instruments

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

	As of
	June 30, 2021		December 31, 2020
Designated derivatives:
Cash flow hedges:
Foreign currency contracts	$	811.0	$	722.1
Interest rate lock contracts	650.0		650.0
Fair value hedges:
Interest rate swap contracts	600.0		300.0
Total designated derivatives	2,061.0		1,672.1
Non-designated derivatives	125.3		174.1
Total	$	2,186.3	$	1,846.2

Schedule of Derivative Assets at Fair Value

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

		As of
	Balance Sheet Classification	June 30, 2021		December 31, 2020
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	21.4	$	27.8
Foreign currency contracts	Other long-term assets	6.7		10.0
Interest rate lock contracts	Other long-term assets	53.7		30.7
Interest rate swap contracts	Other long-term assets	8.0		20.3
Total derivatives designated as hedging instruments		$	89.8	$	88.8
Derivatives not designated as hedging instruments	Other current assets	1.1		0.2
Total derivative assets		$	90.9	$	89.0
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	2.7	$	0.2
Foreign currency contracts	Other long-term liabilities	3.0		0.2
Total derivatives designated as hedging instruments		$	5.7	$	0.4
Derivatives not designated as hedging instruments	Other accrued liabilities	0.2		0.1
Total derivative liabilities		$	5.9	$	0.5

Schedule of Derivative Liabilities at Fair Value

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

		As of
	Balance Sheet Classification	June 30, 2021		December 31, 2020
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	21.4	$	27.8
Foreign currency contracts	Other long-term assets	6.7		10.0
Interest rate lock contracts	Other long-term assets	53.7		30.7
Interest rate swap contracts	Other long-term assets	8.0		20.3
Total derivatives designated as hedging instruments		$	89.8	$	88.8
Derivatives not designated as hedging instruments	Other current assets	1.1		0.2
Total derivative assets		$	90.9	$	89.0
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	2.7	$	0.2
Foreign currency contracts	Other long-term liabilities	3.0		0.2
Total derivatives designated as hedging instruments		$	5.7	$	0.4
Derivatives not designated as hedging instruments	Other accrued liabilities	0.2		0.1
Total derivative liabilities		$	5.9	$	0.5