Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign currency forward contracts that were entered into to hedge forecasted revenue

The notional value of foreign currency forward contracts that were entered into to hedge forecasted revenue and operating expense is summarized as follows:

	Notional Amount As of December 31,
(In millions)	2021		2020
Euro	$	1,828.0	$	2,979.1
British pound	166.2		250.6
Japanese yen	72.7		—
Canadian dollar	59.9		—
Total foreign currency forward contracts	$	2,126.8	$	3,229.7

Summary of unrealized gain (loss) on derivative instruments that are included in AOCI

The pre-tax portion of the fair value of these foreign currency forward contracts that were included in accumulated other comprehensive income (loss) in total equity is summarized as follows:

	For the Years Ended December 31,
(In millions)	2021		2020		2019
Unrealized gains	$	60.8	$	—	$	6.9
Unrealized (losses)	(7.0)		(212.5)		(6.4)
Net unrealized gains (losses)	$	53.8	$	(212.5)	$	0.5

Summary of the effect of derivatives designated as cash flow hedging instruments on our consolidated statements of income

The following table summarizes the effect of foreign currency forward contracts designated as hedging instruments in our consolidated statements of income:

For the Years Ended December 31,
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions)							Net Gains/(Losses) Recognized in Operating Income (in millions)
Location	2021		2020		2019		Location	2021		2020		2019
Revenue	$	(60.0)	$	18.3	$	118.6	Revenue	$	(8.4)	$	(9.9)	$	2.9
Operating expense	(0.8)		3.3		(3.3)		Operating expense	—		—		0.2

Summary of the effect of derivatives designated as net investment hedging instruments on our consolidated statement of income

The following table summarizes the effect of our net investment hedges in our consolidated financial statements:

For the Years Ended December 31,
Net Gains/(Losses) Recognized in Other Comprehensive Income (Effective Portion) (in millions)							Net Gains/(Losses) Recognized in Other Comprehensive Income (Amounts Excluded from Effectiveness Testing) (in millions)							Net Gains/(Losses) Recognized in Net Income (Amounts Excluded from Effectiveness Testing) (in millions)
Location	2021		2020		2019		Location	2021		2020		2019		Location	2021		2020		2019
Gains (losses) on net investment hedge	$	46.0	$	(35.1)	$	25.3	Gains (losses) on net investment hedge	$	(3.2)	$	4.5	$	3.3	Other income (expense)	$	(0.6)	$	2.9	$	7.0

Summary of the fair value for our outstanding derivatives

The following table summarizes the fair value and presentation in our consolidated balance sheets of our outstanding derivative instruments, including those designated as hedging instruments:

		As of December 31,
(In millions)	Balance Sheet Location	2021		2020
Cash Flow Hedging Instruments:
Asset derivative instruments	Other current assets	$	66.2	$	—
	Investments and other assets	5.5		—
Liability derivative instruments	Accrued expense and other	6.6		157.1
	Other long-term liabilities	—		35.7
Net Investment Hedging Instruments:
Asset derivative instruments	Other current assets	4.1		—
Liability derivative instruments	Accrued expense and other	—		19.7
Other Derivative Instruments:
Asset derivative instruments	Other current assets	5.1		20.5
Liability derivative instruments	Accrued expense and other	4.2		4.7