Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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
(In millions)	As of September 30, 2020		As of December 31, 2019
Euro	$	2,717.0	$	1,892.4
British pound	62.0		—
Swiss franc	34.5		—
Japanese yen	27.1		—
Canadian dollar	25.9		—
Total foreign currency forward contracts	$	2,866.5	$	1,892.4

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

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

For the Three Months Ended September 30,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions)					Net Gains/(Losses) Recognized in Operating Income (in millions)
Location	2020		2019		Location	2020		2019
Revenues	$	(9.1)	$	35.2	Revenues	$	(8.7)	$	0.8
Operating expenses	1.5		(0.8)		Operating expenses	0.4		0.4

For the Nine Months Ended September 30,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions)					Net Gains/(Losses) Recognized in Operating Income (in millions)
Location	2020		2019		Location	2020		2019
Revenues	$	41.6	$	79.8	Revenues	$	(1.0)	$	8.2
Operating expenses	1.4		(2.0)		Operating expenses	(0.7)		(0.8)

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

The following tables summarize the effect of our net investment hedge in our condensed consolidated financial statements:

For the Three Months Ended September 30,
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	2020		2019		Location	2020		2019		Location	2020		2019
Gains (losses) on net investment hedge	$	(10.4)	$	22.0	Gains (losses) on net investment hedge	$	(0.2)	$	1.4	Other income (expense)	$	0.9	$	2.2

For the Nine Months Ended September 30,
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	2020		2019		Location	2020		2019		Location	2020		2019
Gains (losses) on net investment hedge	$	5.0	$	45.4	Gains (losses) on net investment hedge	$	3.1	$	8.1	Other income (expense)	$	2.6	$	6.6

Summary of fair value and presentation of derivatives

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

(In millions)	Balance Sheet Location	As of September 30, 2020		As of December 31, 2019
Cash Flow Hedging Instruments:
Asset derivative instruments	Other current assets	$	3.4	$	33.8
	Investments and other assets	2.3		—
Liability derivative instruments	Accrued expenses and other	70.7		2.0
	Other long-term liabilities	21.6		1.7
Net Investment Hedging Instruments:
Asset derivative instruments	Other current assets	10.1		2.0
Fair Value Hedging Instruments:
Liability derivative instruments	Accrued expenses and other	—		2.3
Other Derivative Instruments:
Asset derivative instruments	Other current assets	10.2		8.0
Liability derivative instruments	Accrued expenses and other	7.3		2.4