Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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 and foreign currency options that were entered into to hedge forecasted revenue and operating expense is summarized as follows:

	Notional Amount As of December 31,
(In millions)	2023		2022
Euro	$	1,169.0	$	1,495.5
British pound	—		162.8
Swiss franc	—		—
Canadian dollar	—		57.2
Total foreign currency forward contracts and options	$	1,169.0	$	1,715.5

Summary of unrealized gain (loss) on derivative instruments that are included in AOCI

The pre-tax portion of the fair value of these foreign currency forward contracts and foreign currency options that were included in AOCI in total equity is summarized as follows:

	For the Years Ended December 31,
(In millions)	2023		2022		2021
Unrealized gains	$	—	$	29.9	$	60.8
Unrealized (losses)	(34.8)		(21.3)		(7.0)
Net unrealized gains (losses)	$	(34.8)	$	8.6	$	53.8

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

The following table summarizes the effect of foreign currency forward contracts and forward currency options 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	2023		2022		2021		Location	2023		2022		2021
Revenue	$	11.6	$	201.6	$	(60.0)	Revenue	$	(2.4)	$	(8.6)	$	(8.4)
Operating expense	3.7		(5.5)		(0.8)		Operating expense	—		—		—

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	2022		2021		Location	2022		2021		Location	2022		2021
Gains (losses) on net investment hedge(1)	$	20.4	$	46.0	Gains (losses) on net investment hedge(1)	$	(3.2)	$	(3.2)	Other (income) expense(1)	$	(4.6)	$	(0.6)

(1) Beginning in the second quarter of 2022 we no longer held net investment hedges as they were closed with the sale of our 49.9% equity interest in Samsung Bioepis in April 2022. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 3, Dispositions, to these consolidated financial statements.

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:

		As of December 31,
(In millions)	Balance Sheet Location	2023		2022
Cash Flow Hedging Instruments:
Asset derivative instruments	Other current assets	$	0.3	$	37.9
Liability derivative instruments	Accrued expense and other	26.5		18.4
Other Derivative Instruments:
Asset derivative instruments	Other current assets	11.6		25.1
Liability derivative instruments	Accrued expense and other	5.1		7.6