Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of September 30, 2020 and December 31, 2019 (in millions) is presented in the table below.

	Notional
	September 30, 2020		December 31, 2019
Foreign exchange contracts:
Swaps	$	926.5	$	599.5
Futures, forwards and spot	3,537.6		3,017.1
Written options	6,051.6		6,393.9
Purchased options	5,644.7		5,830.8
Total	$	16,160.4	$	15,841.3

As of September 30, 2020, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions):

	Notional Amount as of September 30, 2020		Fixed Rates	Maturity Date
Interest Rate Derivative:
Interest Rate Swap	$	1,000	2.56%	1/31/2022
Interest Rate Swap	500		2.56%	1/31/2023
Interest Rate Swap	500		2.55%	12/19/2023

Schedule of Derivative Assets at Fair Value

The following table summarizes the fair value of foreign currency derivatives reported in the Unaudited Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 (in millions):

	September 30, 2020								December 31, 2019
	Fair Value, Gross				Fair Value, Net				Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	198.7	$	180.0	$	97.8	$	79.1	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	19.0		24.2		19.0		24.2		6.1		25.6		6.1		25.6
Total net of cash collateral	$	179.7	$	155.8	$	78.8	$	54.9	$	108.8	$	78.2	$	66.0	$	35.3

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the Unaudited Consolidated Balance Sheets, as of September 30, 2020 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.

	As of September 30, 2020
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Other liabilities	$	100.7

Derivative Instruments, Gain (Loss)

The table below displays the effect of the Company’s derivative financial instruments in the Unaudited Consolidated Statements of Income and other comprehensive loss for the nine months ended September 30, 2020 (in millions):

	2020
Interest Rate Swaps:
Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $24.6 million	$	33.5
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	26.9