Hedging (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023		As of December 31, 2022
Foreign Currency	(in millions)
Euro	$	1,343.3	$	1,497.7
Canadian dollar	192.6		216.3
British pound sterling	191.9		247.4
Australian dollar	136.2		174.9
Swiss Franc	51.7		65.2
Total foreign currency forward contracts	$	1,915.7	$	2,201.5

Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations

During the three and nine months ended September 30, 2023 and 2022, we recognized the following related to foreign currency forward contracts in our condensed consolidated statements of income:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	2.8	$	65.2	$	33.0	$	130.3
Not designated as hedging instruments
Other (expense) income, net	$	(22.0)	$	(22.1)	$	(17.8)	$	(38.9)
Total reported in the Condensed Consolidated Statements of Income
Product revenues, net	$	2,483.5	$	2,334.3	$	7,351.5	$	6,628.0
Other (expense) income, net	$	(15.9)	$	17.2	$	(13.0)	$	(133.7)

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 condensed consolidated balance sheets:

As of September 30, 2023
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in millions)
Prepaid expenses and other current assets	$	37.8	Other current liabilities	$	(0.7)
Other assets	3.4		Other long-term liabilities	—
Total assets	$	41.2	Total liabilities	$	(0.7)

As of December 31, 2022
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in millions)
Prepaid expenses and other current assets	$	47.5	Other current liabilities	$	(14.3)
Other assets	0.8		Other long-term liabilities	(0.9)
Total assets	$	48.3	Total liabilities	$	(15.2)

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 condensed consolidated balance sheets:

	As of September 30, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in millions)
Total assets	$	41.2	$	—	$	41.2	$	(0.7)	$	40.5
Total liabilities	(0.7)		—		(0.7)		0.7		—

	As of December 31, 2022
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in millions)
Total assets	$	48.3	$	—	$	48.3	$	(15.2)	$	33.1
Total liabilities	(15.2)		—		(15.2)		15.2		—

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 condensed consolidated balance sheets:

	As of September 30, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in millions)
Total assets	$	41.2	$	—	$	41.2	$	(0.7)	$	40.5
Total liabilities	(0.7)		—		(0.7)		0.7		—

	As of December 31, 2022
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in millions)
Total assets	$	48.3	$	—	$	48.3	$	(15.2)	$	33.1
Total liabilities	(15.2)		—		(15.2)		15.2		—