Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The notional amount 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 March 31, 2022		As of December 31, 2021
Euro	$	1,631.2	$	1,828.0
British pound	126.6		166.2
Swiss franc	128.6		—
Japanese yen	55.0		72.7
Canadian dollar	44.6		59.9
Total foreign currency forward contracts	$	1,986.0	$	2,126.8

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

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

For the Three Months Ended March 31,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions)					Net Gains/(Losses) Recognized in Operating Income (in millions)
Location	2022		2021		Location	2022		2021
Revenue	$	20.9	$	(23.1)	Revenue	$	(6.5)	$	(3.0)
Operating expense	(0.3)		(0.4)		Operating expense	(0.1)		(0.1)

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 hedge in our condensed consolidated financial statements:

For the Three Months Ended March 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	2022		2021		Location	2022		2021		Location	2022		2021
Gains (losses) on net investment hedge	$	10.1	$	23.8	Gains (losses) on net investment hedge	$	(3.3)	$	(1.4)	Other income (expense)	$	(1.1)	$	0.1

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 March 31, 2022		As of December 31, 2021
Cash Flow Hedging Instruments:
Asset derivative instruments	Other current assets	$	79.8	$	66.2
	Investments and other assets	1.6		5.5
Liability derivative instruments	Accrued expense and other	2.4		6.6
	Other long-term liabilities	2.2		—
Net Investment Hedging Instruments:
Asset derivative instruments	Other current assets	10.9		4.1
Other Derivative Instruments:
Asset derivative instruments	Other current assets	4.9		5.1
Liability derivative instruments	Accrued expense and other	7.9		4.2

Derivative Instruments, Unrealized Gain (Loss)

The pre-tax portion of the fair value of these foreign currency forward contracts that were included in accumulated other comprehensive income (loss) in total equity is summarized as follows:

(In millions)	As of March 31, 2022		As of December 31, 2021
Unrealized gains	$	76.4	$	60.8
Unrealized (losses)	(4.3)		(7.0)
Net unrealized gains (losses)	$	72.1	$	53.8