Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities [Abstract]

Schedule of Interest Rate Contracts

The following table summarizes the total interest rate swap contracts executed as of June 30, 2020:

Type of Interest Rate Swap Contract	Notional Amount	Effective Date	Termination Date	Fixed Interest Rate or Rate Range
Floating to Fixed	$450.0	December 2018	December 2022	2.60% - 2.79%
Floating to Fixed	$1,300.0	December 2019	December 2022	2.37% - 2.83%

Schedule of Other Comprehensive Income and Earnings from Foreign Exchange Contracts

The amount of gains and (losses) recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 from foreign exchange and interest rate swap contracts that qualified as cash flow hedges were as follows:

	Three months ended				Three months ended
	June 30, 2020				June 30, 2019
Financial Statement Line Item in which the Effects of Cash Flow Hedges are Recorded	Net Product Sales		Interest Expense		Net Product Sales		Interest Expense
Total amount presented in the Condensed Consolidated Statements of Operations	$	1,444.5	$	(23.6)	$	1,202.5	$	(18.3)
Impact of cash flow hedging relationships:
Foreign exchange forward contracts	$	9.5	$	—	$	9.1	$	—
Interest rate swap contracts	$	—	$	(10.0)	$	—	$	4.5

	Six months ended				Six months ended
	June 30, 2020				June 30, 2019
Financial Statement Line Item in which the Effects of Cash Flow Hedges are Recorded	Net Product Sales		Interest Expense		Net Product Sales		Interest Expense
Total amount presented in the Condensed Consolidated Statements of Operations	$	2,889.1	$	(49.4)	$	2,342.7	$	(38.2)
Impact of cash flow hedging relationships:
Foreign exchange forward contracts	$	20.9	$	—	$	16.1	$	—
Interest rate swap contracts	$	—	$	(14.6)	$	—	$	9.1

The impact on accumulated other comprehensive income (AOCI) and earnings from foreign exchange and interest rate swap contracts that qualified as cash flow hedges, for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2020		2019		2020		2019
Foreign Exchange Forward Contracts:
(Loss) gain recognized in AOCI, net of tax	$	(6.1)	$	(3.9)	$	19.9	$	10.3
Gain reclassified from AOCI to net product sales, net of tax	$	7.4	$	7.0	$	16.2	$	12.4
Interest Rate Swap Contracts:
Loss recognized in AOCI, net of tax	$	(5.4)	$	(24.6)	$	(52.7)	$	(38.8)
(Loss) gain reclassified from AOCI to interest expense, net of tax	$	(7.7)	$	3.4	$	(11.3)	$	7.0

Schedule of Fair Value of Outstanding Derivatives

The following tables summarize the fair value of outstanding derivatives as of June 30, 2020 and December 31, 2019: 

	June 30, 2020
	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Foreign exchange forward contracts	Prepaid expenses and other current assets	$	14.6	Other current liabilities	$	3.6
Foreign exchange forward contracts	Other assets	—		Other liabilities	0.4
Interest rate swap contracts	Prepaid expenses and other current assets	—		Other current liabilities	45.5
Interest rate swap contracts	Other assets	—		Other liabilities	69.6
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Prepaid expenses and other current assets	28.9		Other current liabilities	20.6
Total fair value of derivative instruments		$	43.5		$	139.7

	December 31, 2019
	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Foreign exchange forward contracts	Prepaid expenses and other current assets	$	12.7	Other current liabilities	$	6.2
Foreign exchange forward contracts	Other assets	0.6		Other liabilities	1.1
Interest rate swap contracts	Prepaid expenses and other current assets	—		Other current liabilities	19.5
Interest rate swap contracts	Other assets	—		Other liabilities	41.9
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Prepaid expenses and other current assets	17.2		Other current liabilities	20.4
Total fair value of derivative instruments		$	30.5		$	89.1

Offsetting Assets and Liabilities

The following tables summarize the potential effect on our condensed consolidated balance sheets of offsetting our foreign exchange forward contracts and interest rate contracts subject to such provisions:

	June 30, 2020
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
Description	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet		Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	43.5	$	—	$	43.5	$	(23.3)	$	—	$	20.2
Derivative liabilities	$	(139.7)	$	—	$	(139.7)	$	23.3	$	—	$	(116.4)

	December 31, 2019
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
Description	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet		Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	30.5	$	—	$	30.5	$	(21.4)	$	—	$	9.1
Derivative liabilities	$	(89.1)	$	—	$	(89.1)	$	21.4	$	—	$	(67.7)