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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Foreign currency forward contracts that were entered into to hedge forecasted revenue
The notional amount of foreign currency forward contracts and foreign currency options that were entered into to hedge forecasted revenue and operating expense is summarized as follows:
 Notional Amount
As of December 31,
(In millions)20222021
Euro$1,495.5 $1,828.0 
British pound162.8 166.2 
Japanese yen— 72.7 
Canadian dollar57.2 59.9 
Total foreign currency forward contracts$1,715.5 $2,126.8 
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 and foreign currency options that were included in accumulated other comprehensive income (loss) in total equity is summarized as follows:
For the Years Ended December 31,
(In millions)202220212020
Unrealized gains$29.9 $60.8 $— 
Unrealized (losses)(21.3)(7.0)(212.5)
Net unrealized gains (losses)$8.6 $53.8 $(212.5)
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)
Location202220212020Location202220212020
Revenue$201.6 $(60.0)$18.3 Revenue$(8.6)$(8.4)$(9.9)
Operating expense(5.5)(0.8)3.3 Operating expense— — — 
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)
Location202220212020Location202220212020Location202220212020
Gains (losses) on net investment hedge(1)
$20.4 $46.0 $(35.1)
Gains (losses) on net investment hedge(1)
$(3.2)$(3.2)$4.5 
Other (income) expense(1)
$(4.6)$(0.6)$2.9 
(1) Beginning in the second quarter of 2022 we no longer held net investment hedges as they were closed with the sale of our 49.9% equity interest in Samsung Bioepis in April 2022. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 3, Dispositions, to these consolidated financial statements.
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 Location20222021
Cash Flow Hedging Instruments:
Asset derivative instrumentsOther current assets$37.9 $66.2 
Investments and other assets— 5.5 
Liability derivative instrumentsAccrued expense and other18.4 6.6 
Net Investment Hedging Instruments:(1)
Asset derivative instrumentsOther current assets— 4.1 
Other Derivative Instruments:
Asset derivative instrumentsOther current assets25.1 5.1 
Liability derivative instrumentsAccrued expense and other7.6 4.2 
(1) Beginning in the second quarter of 2022 we no longer held net investment hedges as they were closed with the sale of our 49.9% equity interest in Samsung Bioepis in April 2022. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 3, Dispositions, to these consolidated financial statements.