Derivative Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Effect of Net Investment Hedges on AOCI

The effect of our net investment hedges on AOCI for the three months ended March 31, 2021 and 2020 was as follows:

	Gain (Loss) Recognized in Other Comprehensive Income
	3 Months Ended March 31,
Instrument	2021		2020
Euro Notes	$	43.7	$	16.4
Cross-currency swaps		20.5		(7.5	)

Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCI and Earnings

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings for the three months ended March 31, 2021 and 2020:

							Gain (Loss) Reclassified
	Gain (Loss) Recognized in OCI						from AOCI into Income
	3 Months Ended March 31,					Location of Gain (Loss) Reclassified	3 Months Ended March 31,
Instrument	2021			2020		from AOCI into Income	2021		2020
Cross-currency swaps	$	(5.3	)	$	5.7	Interest and other expenses, net	$	5.2	$	5.7

Effect of Forward Contracts not Designated as Hedging Instrument

The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2021 was as follows:

	Location of Gain (Loss)	Amount of Gain (Loss) Recognized in Income
Instrument	Recognized in Income	3 Months Ended March 31,
		2021			2020
Foreign currency forward contracts	Interest and other expenses, net	$	(6.9	)	$	(0.2	)

Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020:

	Assets
		March 31,		December 31,
	Balance Sheet Location	2021		2020
Instruments designated as cash flow hedges:
Cross-currency swaps	Prepaid expenses and other assets	$	4.2	$	12.1
Instruments not designated as hedges:
Foreign currency forward contracts	Accounts receivable, net		—		1.0
Total instruments		$	4.2	$	13.1

	Liabilities
		March 31,		December 31,
	Balance Sheet Location	2021		2020
Instruments designated as net investment hedges:
Euro Notes	Long-term debt	$	1,051.1	$	1,094.5
Cross-currency swaps	Accrued liabilities		10.1		30.5
Instruments not designated as hedges
Foreign currency forward contracts	Accrued liabilities		5.9		—
Total instruments		$	1,067.1	$	1,125.0