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Hedging (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Cash Flow Hedging Instruments
The following table summarizes the notional amount in U.S. dollars of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP:
As of December 31,
20212020
Foreign Currency(in millions)
Euro$1,364.5 $745.1 
British pound sterling
287.7 160.4 
Australian dollar
96.3 99.9 
Canadian dollar
89.9 86.5 
Swiss Franc54.1 — 
Total foreign currency forward contracts
$1,892.5 $1,091.9 
Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations
During the three years ended December 31, 2021, we recognized the following related to foreign currency forward contracts in our consolidated statements of operations:
December 31,
202120202019
(in millions)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net$(30.0)$(3.7)$32.5 
Not designated as hedging instruments
Other income, net$(18.6)$22.1 $(4.8)
Total reported in the Consolidated Statement of Operations
Product revenues, net$7,573.4 $6,202.8 $4,160.7 
Other income, net$4.9 $296.6 $192.2 
Schedule of Foreign Exchange Contracts
The following table summarizes the fair value of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP included on our consolidated balance sheets:
As of December 31, 2021
AssetsLiabilities
ClassificationFair ValueClassificationFair Value
(in millions)
Prepaid expenses and other current assets
$44.5 
Other current liabilities
$(5.6)
Other assets
2.0 
Other long-term liabilities
(2.7)
Total assets
$46.5 
Total liabilities
$(8.3)
As of December 31, 2020
AssetsLiabilities
ClassificationFair ValueClassificationFair Value
(in millions)
Prepaid expenses and other current assets
$— 
Other current liabilities
$(59.2)
Other assets
— 
Other long-term liabilities
(4.3)
Total assets
$— 
Total liabilities
$(63.5)
Schedule of Offsetting Liabilities The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on our consolidated balance sheets:
As of December 31, 2021
Gross Amounts RecognizedGross Amounts OffsetGross Amounts PresentedGross Amounts Not OffsetLegal Offset
Foreign currency forward contracts(in millions)
Total assets$46.5 $— $46.5 $(8.3)$38.2 
Total liabilities(8.3)— (8.3)8.3 — 
As of December 31, 2020
Gross Amounts RecognizedGross Amounts OffsetGross Amounts PresentedGross Amounts Not OffsetLegal Offset
Foreign currency forward contracts(in millions)
Total assets$— $— $— $— $— 
Total liabilities(63.5)— (63.5)— (63.5)
Schedule of Offsetting Assets The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on our consolidated balance sheets:
As of December 31, 2021
Gross Amounts RecognizedGross Amounts OffsetGross Amounts PresentedGross Amounts Not OffsetLegal Offset
Foreign currency forward contracts(in millions)
Total assets$46.5 $— $46.5 $(8.3)$38.2 
Total liabilities(8.3)— (8.3)8.3 — 
As of December 31, 2020
Gross Amounts RecognizedGross Amounts OffsetGross Amounts PresentedGross Amounts Not OffsetLegal Offset
Foreign currency forward contracts(in millions)
Total assets$— $— $— $— $— 
Total liabilities(63.5)— (63.5)— (63.5)