Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2021

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 revenue and operating expense is summarized as follows:

	Notional Amount
(In millions)	As of June 30, 2021		As of December 31, 2020
Euro	$	2,269.2	$	2,979.1
British pound	128.6		250.6
Swiss franc	109.9		—
Japanese yen	62.5		—
Canadian dollar	53.3		—
Total foreign currency forward contracts	$	2,623.5	$	3,229.7

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 June 30,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions)					Net Gains/(Losses) Recognized in Operating Income (in millions)
Location	2021		2020		Location	2021		2020
Revenue	$	(30.7)	$	23.7	Revenue	$	(0.8)	$	(1.6)
Operating expense	0.4		—		Operating expense	(0.3)		(0.2)

For the Six Months Ended June 30,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions)					Net Gains/(Losses) Recognized in Operating Income (in millions)
Location	2021		2020		Location	2021		2020
Revenue	$	(53.8)	$	50.7	Revenue	$	(3.8)	$	7.7
Operating expense	—		(0.1)		Operating expense	(0.4)		(1.1)

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 June 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	2021		2020		Location	2021		2020		Location	2021		2020
Gains (losses) on net investment hedge	$	(2.5)	$	(8.8)	Gains (losses) on net investment hedge	$	0.3	$	3.5	Other income (expense)	$	—	$	0.8

For the Six Months Ended June 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	2021		2020		Location	2021		2020		Location	2021		2020
Gains (losses) on net investment hedge	$	21.3	$	15.4	Gains (losses) on net investment hedge	$	(1.1)	$	3.2	Other income (expense)	$	0.1	$	1.7

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 June 30, 2021		As of December 31, 2020
Cash Flow Hedging Instruments:
Asset derivative instruments	Other current assets	$	9.7	$	—
	Investments and other assets	7.4		—
Liability derivative instruments	Accrued expense and other	55.2		157.1
	Other long-term liabilities	—		35.7
Net Investment Hedging Instruments:
Asset derivative instruments	Other current assets	0.4		—
Liability derivative instruments	Accrued expense and other	—		19.7
Other Derivative Instruments:
Asset derivative instruments	Other current assets	3.3		20.5
Liability derivative instruments	Accrued expense and other	17.2		4.7