Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instrument Detail [Abstract]

Derivative Financial Instruments

The Company uses forward contracts to manage its non-U.S. dollar needs and non-U.S. dollar exchange risk arising from its assets and liabilities denominated in non-U.S. dollars. While these contracts may mitigate certain non-U.S. dollar risk, they are not designated as hedges for accounting purposes and will result in gains and losses. The Company also reports gains and losses

from the spread differential between the rate set for its transactions and the actual cost of currency at the time the Company buys or sells in the open market.

The following net gains related to assets and liabilities denominated in non-U.S. dollars are included within "Transaction and operations support" in the Consolidated Statements of Operations and within "Net cash provided by operating activities" in the Consolidated Statements of Cash Flows:

(Amounts in millions)	2020		2019		2018
Net realized non-U.S. dollar gain (loss)	$	26.6	$	(7.4)	$	(5.8)
Net (loss) gain from the related forward contracts	(11.9)		11.2		10.2
Net gains from non-U.S. dollar transactions and related forward contracts	$	14.7	$	3.8	$	4.4

As of December 31, 2020 and 2019, the Company had $643.8 million and $349.1 million, respectively, of outstanding notional amounts relating to its non-U.S. dollar forward contracts. As of December 31, 2020 and 2019, the Company reflects the following fair values of derivative forward contract instruments in its Consolidated Balance Sheets:

		Gross Amount of Recognized Assets				Gross Amount of Offset				Net Amount of Assets Presented in the Consolidated Balance Sheets
(Amounts in millions)	Balance Sheet Location	2020		2019		2020		2019		2020		2019
Forward contracts	Other assets	$	1.0	$	0.2	$	(0.9)	$	(0.2)	$	0.1	$	—

		Gross Amount of Recognized Liabilities				Gross Amount of Offset				Net Amount of Liabilities Presented in the Consolidated Balance Sheets
(Amounts in millions)	Balance Sheet Location	2020		2019		2020		2019		2020		2019
Forward contracts	Accounts payable and other liabilities	$	3.1	$	1.0	$	(0.9)	$	(0.2)	$	2.2	$	0.8

The Company's forward contracts are primarily executed with counterparties governed by International Swaps and Derivatives Association agreements that generally include standard netting arrangements. Asset and liability positions from forward contracts and all other non-U.S. dollar exchange transactions with the same counterparty are net settled upon maturity.

The Company is exposed to credit loss in the event of non-performance by counterparties to its derivative contracts. The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits and by selecting major international banks and financial institutions as counterparties. Collateral generally is not required of the counterparties or of the Company. In the unlikely event the counterparty fails to meet the contractual terms of the derivative contract, the Company's risk is limited to the fair value of the instrument. The Company has not had any historical instances of non-performance by any counterparties, nor does it anticipate any future instances of non-performance.