Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign currency forward contracts that were entered into to hedge forecasted revenue

The notional value of foreign currency forward contracts that were entered into to hedge forecasted revenues and operating expenses is summarized as follows:

	Notional Amount As of December 31,
Foreign Currency: (In millions)	2019		2018
Euro	$	1,892.4	$	1,701.4
British pound sterling	—		215.3
Swiss francs	—		131.4
Japanese yen	—		98.8
Canadian dollar	—		92.2
Total foreign currency forward contracts	$	1,892.4	$	2,239.1

Summary of the effect of derivatives designated as cash flow hedging instruments on our consolidated statements of income

The following tables summarize the effect of foreign currency forward contracts designated as hedging instruments in our consolidated statements of income:

For the Years Ended December 31,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions)							Net Gains/(Losses) Recognized in Operating Income (in millions)
Location	2019			2018			Location	2019		2018
Revenues	$	118.6		$	(42.5	)	Revenues	$	2.9	$	10.8
Operating expenses	$	(3.3	)	$	0.2		Operating expenses	$	0.2	$	(0.1	)

For the Years Ended December 31,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions)				Net Gains/(Losses) Recognized Directly into Net Income (in millions)
Location	2017			Location	2017
Revenues	$	(32.5	)	Other income (expense)	$	8.9
Operating expenses	$	0.6		Other income (expense)	$	(0.2	)

Summary of the effect of derivatives designated as net investment hedging instruments on our consolidated statement of income

The following table summarizes the effect of our net investment hedges in our consolidated financial statements:

For the Years Ended December 31,
Net Gains/(Losses) Recognized in Other Comprehensive Income (Effective Portion) (in millions)						Net Gains/(Losses) Recognized in Other Comprehensive Income (Amounts Excluded from Effectiveness Testing) (in millions)					Net Gains/(Losses) Recognized in Net Income (Amounts Excluded from Effectiveness Testing) (in millions)
Location	2019		2018			Location	2019		2018		Location	2019		2018
Gains (losses) on net investment hedge	$	25.3	$	(3.8	)	Gains (losses) on net investment hedge	$	3.3	$	—	Other income (expense)	$	7.0	$	1.5

Summary of the fair value for our outstanding derivatives

The following table summarizes the fair value and presentation in our consolidated balance sheets of our outstanding derivative instruments, including those designated as hedging instruments:

(In millions)	Balance Sheet Location	Fair Value As of December 31, 2019		Fair Value As of December 31, 2018
Cash Flow Hedging Instruments:
Asset derivative instruments	Other current assets	$	33.8	$	65.8
Liability derivative instruments	Accrued expenses and other	$	2.0	$	6.9
	Other long-term liabilities	$	1.7	$	—
Net Investment Hedging Instruments:
Asset derivative instruments	Other current assets	$	2.0	$	—
Fair Value Hedging Instruments
Liability derivative instruments	Accrued expenses and other	$	2.3	$	—
	Other long-term liabilities	$	—	$	14.5
Other Derivative Instruments:
Asset derivative instruments	Other current assets	$	8.0	$	1.1
Liability derivative instruments	Accrued expenses and other	$	2.4	$	3.2