Derivative Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Effect of Net Investment Hedges on AOCI

The effect of our net investment hedges on AOCI for the three and nine months ended September 30, 2019, and 2018 was as follows:

	Gain Recognized in Other Comprehensive Income
	3 Months Ended September 30,				9 Months Ended September 30,
Instrument	2019		2018		2019		2018
Euro Notes	$	42.6	$	7.2	$	51.1	$	33.1
Cross-currency swaps		2.8		—		2.8		—

Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on Other Comprehensive Income AOCI and Earnings

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings for the three and nine months ended September 30, 2019, and 2018:

						Gain Reclassified
	Gain Recognized in OCI					from AOCI into Income
	3 Months Ended September 30,				Location of Gain Reclassified	3 Months Ended September 30,
Instrument	2019		2018		from AOCI into Income	2019		2018
Cross-currency swaps	$	4.2	$	—	Interest and other expenses (income), net	$	4.6	$	—

						Gain Reclassified
	Gain Recognized in OCI					from AOCI into Income
	9 Months Ended September 30,				Location of Gain Reclassified	9 Months Ended September 30,
Instrument	2019		2018		from AOCI into Income	2019		2018
Cross-currency swaps	$	9.2	$	—	Interest and other expenses (income), net	$	10.0	$	—

Effect of Forward Contracts not Designated as Hedging Instrument

The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2019 was as follows:

	Location of Gain	Amount of Gain Recognized in Income
Instrument	Recognized in Income	3 Months Ended September 30,				9 Months Ended September 30,
		2019		2018		2019		2018
Foreign currency forward contracts	Interest and other expenses (income), net	$	4.6	$	—	$	13.8	$	2.0

Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018:

	Assets
		September 30,		December 31,
	Balance Sheet Location	2019		2018
Instruments designated as cash flow hedges:
Cross-currency swaps	Prepaid expenses and other assets	$	9.0	$	—
Instruments designated as net investment:
Cross-currency swaps	Prepaid expenses and other assets		2.8		—
Instruments not designated as hedges:
Foreign currency forward contracts	Accounts receivable, net		0.1		0.1
Total instruments		$	11.9	$	0.1

	Liabilities
		September 30,		December 31,
	Balance Sheet Location	2019		2018
Instruments designated as net investment hedges:
Euro Notes	Long-term debt		1,045.7		1,052.9
Instruments not designated as hedges:
Foreign currency forward contracts	Accrued liabilities		—		0.1
Total instruments		$	1,045.7	$	1,053.0