Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes the fair value of the Company’s derivative instruments designated as net investment hedges as of March 31, 2020 and December 31, 2019:


(In millions)	March 31, 2020		December 31, 2019
Derivative assets⁽¹⁾:
Foreign exchange forward contracts	$	3.1	$	1.1

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⁽¹⁾The fair value of derivative instruments is measured based on expected future cash flows discounted at market interest rates using observable market inputs and classified as Level 2 within the fair value hierarchy. Fair value of derivative assets is recorded within "Other Current Assets" and "Other Assets" in the accompanying unaudited Consolidated Balance Sheets.

Net Investment Hedges in Consolidated Statements of Operations and Comprehensive Income

The following table summarizes the amounts recorded in the Company's accompanying unaudited Consolidated Statements of Operations and Consolidated Statements of Comprehensive (Loss) Income related to forward contracts designated as net investment hedges for the three months ended March 31, 2020:


(In millions)	Three Months Ended March 31, 2020
	Other Income, net		Cumulative Translation Adjustments⁽¹⁾
Gains on foreign exchange forward contracts	$	0.3	$	1.3

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⁽¹⁾The amount is presented net of tax impact of $0.4 million for the three months ended March 31, 2020.