Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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
(In millions)	As of March 31, 2024		As of December 31, 2023
Euro	$	1,274.6	$	1,169.0
British pound	45.9		—
Swiss franc	215.6		—
Canadian dollar	39.7		—
Total foreign currency forward contracts and options	$	1,575.8	$	1,169.0

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 and forward currency options 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					Net Gains/(Losses) Recognized in Operating Income
Location	2024		2023		Location	2024		2023
Revenue	$	2.9	$	17.6	Revenue	$	0.2	$	1.6
Operating expense	(2.1)		(0.5)		Operating expense	(1.2)		(2.1)

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, 2024		As of December 31, 2023
Cash Flow Hedging Instruments:
Asset derivative instruments	Other current assets	$	8.6	$	0.3
Liability derivative instruments	Accrued expense and other	19.8		26.5
Other Derivative Instruments:
Asset derivative instruments	Other current assets	1.3		11.6
Liability derivative instruments	Accrued expense and other	7.5		5.1

Derivative Instruments, Unrealized Gain (Loss)

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:

(In millions)	As of March 31, 2024		As of December 31, 2023
Unrealized gains	$	4.6	$	—
Unrealized (losses)	(23.3)		(34.8)
Net unrealized gains (losses)	$	(18.7)	$	(34.8)