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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 (in millions) is presented in the table below.
Notional
March 31, 2021December 31, 2020
Foreign exchange contracts:
  Swaps$567.0 $684.5 
  Futures, forwards and spot4,558.7 5,467.8 
  Written options5,764.6 5,578.1 
  Purchased options5,213.3 5,195.0 
Total$16,103.6 $16,925.4 
As of March 31, 2021, 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 AmountFixed RatesMaturity 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 Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (in millions):

March 31, 2021
Fair Value, GrossFair Value, Net
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts$207.0 $184.7 $115.2 $92.9 
Cash collateral16.4 — 16.4 — 
Total net of cash collateral$190.6 $184.7 $98.8 $92.9 
Schedule of Derivative Assets at Fair Value The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2021 and December 31, 2020 (in millions):
March 31, 2021December 31, 2020
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$975.7 $(879.4)$96.3 $521.5 $(478.2)$43.3 
Liabilities
Accounts Payable$919.1 $(879.4)$39.7 $527.5 $(478.2)$49.3 
The table below presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of March 31, 2021 and December 31, 2020 (in millions). 
March 31, 2021December 31, 2020
  Balance Sheet ClassificationFair Value
     
Derivative AssetOther current assets$107.3 $139.3 
Derivative AssetOther noncurrent assets$7.9 $16.6 
Derivative Liability Other current liabilities$86.5 $127.7 
Derivative LiabilityOther noncurrent liabilities$6.3 $12.5 
Schedule of Derivative Liabilities at Fair Value The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2021 and December 31, 2020 (in millions):
March 31, 2021December 31, 2020
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$975.7 $(879.4)$96.3 $521.5 $(478.2)$43.3 
Liabilities
Accounts Payable$919.1 $(879.4)$39.7 $527.5 $(478.2)$49.3 
The table below presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of March 31, 2021 and December 31, 2020 (in millions). 
March 31, 2021December 31, 2020
  Balance Sheet ClassificationFair Value
     
Derivative AssetOther current assets$107.3 $139.3 
Derivative AssetOther noncurrent assets$7.9 $16.6 
Derivative Liability Other current liabilities$86.5 $127.7 
Derivative LiabilityOther noncurrent liabilities$6.3 $12.5 
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 accompanying Consolidated Balance Sheets, as of March 31, 2021 and December 31, 2020 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
March 31, 2021December 31, 2020
  Balance Sheet ClassificationFair Value
Derivatives designated as cash flow hedges:      
Swap contractsOther current liabilities$45.2 $49.3 
Swap contractsOther noncurrent liabilities$27.8 $38.6 
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 three months ended March 31, 2021 and 2020 (in millions):

Three Months Ended
March 31,
20212020
Interest Rate Swaps:
Amount of (gain) loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(3.6) million and $14.4 million for 2021 and 2020 respectively
  $(11.3)$44.5 
Amount of loss reclassified from accumulated other comprehensive loss into interest expense                  12.1 4.4