Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The notional amount of the Company's derivative instruments is summarized as follows (in millions):

	As of December 31,
	2020		2019
Designated derivatives:
Cash flow hedges:
Foreign currency contracts	$	722.1	$	484.0
Interest rate lock contracts	650.0		—
Fair value hedges:
Interest rate swap contracts	300.0		300.0
Total designated derivatives	$	1,672.1	$	784.0
Non-designated derivatives	174.1		162.9
Total	$	1,846.2	$	946.9

Schedule of Derivative Liabilities at Fair Value

The fair value of derivative instruments on the Consolidated Balance Sheets was as follows:

		As of December 31,
	Balance Sheet Location	2020		2019
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts as cash flow hedges	Other current assets	$	27.8	$	2.2
Foreign currency contracts as cash flow hedges	Other long-term assets	10.0		0.3
Interest rate lock contracts	Other long-term assets	30.7		—
Interest rate swap contracts	Other long-term assets	20.3		—
Total derivatives designated as hedging instruments		$	88.8	$	2.5
Derivatives not designated as hedging instruments	Other current assets	0.2		—
Total derivative assets		$	89.0	$	2.5
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	0.2	$	6.6
Foreign currency contracts	Other long-term liabilities	0.2		—
Interest rate swap contracts	Other long-term liabilities	—		3.1
Total derivatives designated as hedging instruments		$	0.4	$	9.7
Derivatives not designated as hedging instruments	Other accrued liabilities	0.1		0.2
Total derivative liabilities		$	0.5	$	9.9

Schedule of Derivative Assets at Fair Value

The fair value of derivative instruments on the Consolidated Balance Sheets was as follows:

		As of December 31,
	Balance Sheet Location	2020		2019
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts as cash flow hedges	Other current assets	$	27.8	$	2.2
Foreign currency contracts as cash flow hedges	Other long-term assets	10.0		0.3
Interest rate lock contracts	Other long-term assets	30.7		—
Interest rate swap contracts	Other long-term assets	20.3		—
Total derivatives designated as hedging instruments		$	88.8	$	2.5
Derivatives not designated as hedging instruments	Other current assets	0.2		—
Total derivative assets		$	89.0	$	2.5
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	0.2	$	6.6
Foreign currency contracts	Other long-term liabilities	0.2		—
Interest rate swap contracts	Other long-term liabilities	—		3.1
Total derivatives designated as hedging instruments		$	0.4	$	9.7
Derivatives not designated as hedging instruments	Other accrued liabilities	0.1		0.2
Total derivative liabilities		$	0.5	$	9.9