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Derivatives and Hedging (Tables)
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Derivative Instruments
The following table summarizes our outstanding derivative instruments on a gross basis:
Notional Amount
Fair Value of Derivative Assets(2)
Fair Value of Derivative Liabilities(2)
 June 30, 2021December 31, 2020June 30, 2021December 31, 2020June 30, 2021December 31, 2020
Derivative Instrument:
Level 2:
Foreign exchange forward contracts$309.2 $276.2 $1.8 $— $7.0 $15.8 
Cross-currency swap(1)
1,411.5 1,461.9 — — 129.0 167.2 
Interest rate swaps2,011.6 2,022.0 15.9 2.0 22.0 33.4 
Total hedges$3,732.3 $3,760.1 $17.7 $2.0 $158.0 $216.4 
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(1)The notional values of the cross-currency swap have been translated from Euros to U.S. dollars at the foreign currency rates in effect of approximately 1.19 and 1.22 as of June 30, 2021 and December 31, 2020, respectively.
(2)In our balance sheets, all derivative assets are recorded within prepaid expenses and other current assets and all derivative liabilities are recorded within accrued expenses and other current liabilities.
Summary of the Gains (Losses) Recognized within Earnings Related to Derivative Instruments
The following table summarizes the effect of our designated cash flow hedging derivative instruments on accumulated other comprehensive income (loss) (AOCI):
Unrealized Gains (Losses) Recognized in Other Comprehensive Income
 Three Months EndedSix Months Ended
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Derivative Instrument:
Foreign exchange forward contracts(1)
$0.9 $(8.0)$3.0 $6.3 
Cross-currency swap(3.4)(7.3)(5.5)30.4 
Interest rate swaps(1.7)0.3 25.3 (21.7)
Total hedges$(4.2)$(15.0)$22.8 $15.0 
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(1)Amounts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
The following tables summarize the locations and amounts of gains (losses) recognized within earnings related to our cash flow hedging relationships:
Three Months Ended June 30, 2021Three Months Ended June 30, 2020
RevenueInterest ExpenseOther Income (Expense), NetRevenueInterest ExpenseOther Income (Expense), Net
Foreign exchange forward contracts:
Reclassified from AOCI into income$(2.3)$— $— $1.2 $— $— 
Cross-currency swap:
Reclassified from AOCI into income(1)
— 6.7 (15.1)— 7.5 (22.6)
Interest rate swaps:
Reclassified from AOCI into income— (8.7)— — (6.4)— 
Total hedges$(2.3)$(2.0)$(15.1)$1.2 $1.1 $(22.6)
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(1)The amount reflected in other income (expense), net includes $14.8 million and $22.4 million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by the cross-currency swap during the three months ended June 30, 2021 and 2020, respectively.
Six Months Ended June 30, 2021Six Months Ended June 30, 2020
RevenueInterest ExpenseOther Income (Expense), NetRevenueInterest ExpenseOther Income (Expense), Net
Foreign exchange forward contracts:
Reclassified from AOCI into income$(3.4)$— $— $2.0 $— $— 
Cross-currency swap:
Reclassified from AOCI into income(1)
— 13.3 43.0 — 15.1 (2.4)
Interest rate swaps:
Reclassified from AOCI into income— (17.3)— — (8.9)— 
Total hedges$(3.4)$(4.0)$43.0 $2.0 $6.2 $(2.4)
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(1)The amount reflected in other income (expense), net includes $(43.7) million and $2.1 million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by the cross-currency swap during the six months ended June 30, 2021 and 2020, respectively.