v3.24.1.u1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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
(In millions)As of March 31, 2024As of December 31, 2023
Euro$1,274.6 $1,169.0 
British pound45.9 — 
Swiss franc215.6 — 
Canadian dollar39.7 — 
Total foreign currency forward contracts and options$1,575.8 $1,169.0 
Summary of the effect of cash flow derivatives designated as hedging instruments on the condensed consolidated statements of income
The following table summarizes the effect of foreign currency forward contracts and forward currency options designated as hedging instruments in our condensed consolidated statements of income:
For the Three Months Ended March 31,
Net Gains/(Losses)
Reclassified from AOCI into Operating Income		Net Gains/(Losses)
Recognized in Operating Income
Location20242023Location20242023
Revenue$2.9 $17.6 Revenue$0.2 $1.6 
Operating expense(2.1)(0.5)Operating expense(1.2)(2.1)
Summary of fair value and presentation of derivatives
The following table summarizes the fair value and presentation in our condensed consolidated balance sheets of our outstanding derivative instruments, including those designated as hedging instruments:
(In millions)Balance Sheet LocationAs of March 31, 2024As of December 31, 2023
Cash Flow Hedging Instruments:
Asset derivative instrumentsOther current assets$8.6 $0.3 
Liability derivative instrumentsAccrued expense and other19.8 26.5 
Other Derivative Instruments:
Asset derivative instrumentsOther current assets1.3 11.6 
Liability derivative instrumentsAccrued expense and other7.5 5.1 
Derivative Instruments, Unrealized Gain (Loss)
The pre-tax portion of the fair value of these foreign currency forward contracts and foreign currency options that were included in AOCI in total equity is summarized as follows:
(In millions)As of March 31, 2024As of December 31, 2023
Unrealized gains$4.6 $— 
Unrealized (losses)(23.3)(34.8)
Net unrealized gains (losses)$(18.7)$(34.8)