Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of March 31, 2020 (in millions):

	Asset Derivatives as of March 31, 2020			Liability Derivatives as of March 31, 2020
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	10.2	Other current liabilities	$	0.1
Cross currency swap contract	Other noncurrent assets	34.3		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	44.1		Other current liabilities	19.6
Total derivative instruments		$	88.6		$	19.7

The table below sets forth the fair value of derivative instruments as of December 31, 2019 (in millions):

	Asset Derivatives as of December 31, 2019			Liability Derivatives as of December 31, 2019
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	0.6	Other current liabilities	$	1.9
Cross currency swap contract	Other noncurrent assets	27.0		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	11.7		Other current liabilities	13.1
Total derivative instruments		$	39.3		$	15.0

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 are summarized below (in millions):

	As of March 31, 2020
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	88.6	$	—	$	88.6
Derivative liabilities	—		19.7		—		19.7

	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	39.3	$	—	$	39.3
Derivative liabilities	—		15.0		—		15.0