Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Effect of Net Investment Hedges on OCI

The effect of our net investment hedges on OCI for the year ended December 31, 2020, and 2019 was as follows:

	(Loss) Gain Recognized in Other Comprehensive Income
	Year Ended December 31,
Instrument	2020			2019
Euro Notes	$	(90.3	)	$	22.9
Cross-currency swaps		(23.0	)		(9.0	)

Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCL and Earnings

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2020, and 2019:

						Gain Reclassified
	Gain Recognized in OCI					from AOCL into Income
	Year Ended December 31,				Location of Gain Reclassified	Year Ended December 31,
Instrument	2020		2019		from AOCL into Income	2020		2019
Cross-currency swaps	$	1.4	$	7.3	Interest and other expenses (income), net	$	1.1	$	8.3

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 year ended December 31, 2020 was as follows:

	Location of Gain	Amount of Gain Recognized in Income
Instrument	Recognized in Income	Year Ended December 31,
		2020		2019
Foreign currency forward contracts	Interest and other expenses (income), net	$	1.1	$	11.9

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 December 31, 2020, and 2019:

	Assets
		December 31,
	Balance Sheet Location	2020		2019
Instruments designated as cash flow hedges:
Cross-currency swaps	Prepaid expenses and other assets	$	12.1	$	9.7
Instruments not designated as hedges:
Foreign currency forward contracts	Accounts receivable, net		1.0		—
Total instruments		$	13.1	$	9.7

	Liabilities
		December 31,
	Balance Sheet Location	2020		2019
Instruments designated as net investment hedges:
Euro Notes	Long-term debt	$	1,094.5	$	1,002.9
Cross-currency swaps	Accrued liabilities		30.5		6.0
Total instruments		$	1,125.0	$	1,008.9