Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2021 and December 31, 2020 (in millions) is presented in the table below.

	Notional
	September 30, 2021		December 31, 2020
Foreign exchange contracts:
Swaps	$	1,316.5	$	684.5
Futures, forwards and spot	7,287.8		5,467.8
Written options	9,004.2		5,578.1
Purchased options	8,316.0		5,195.0
Total	$	25,924.5	$	16,925.4

As of September 30, 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 Amount		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 Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 (in millions):

	September 30, 2021
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	284.2	$	249.8	$	142.0	$	107.9
Cash collateral	28.9		25.1		28.9		25.1
Total net of cash collateral	$	255.3	$	224.7	$	113.1	$	82.8

	December 31, 2020
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	326.1	$	310.5	$	155.8	$	140.3
Cash collateral	18.2		38.6		18.2		38.6
Total net of cash collateral	$	307.9	$	271.9	$	137.6	$	101.7

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2021 and December 31, 2020 (in millions):

	September 30, 2021						December 31, 2020
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	2,337.7	$	(2,235.1)	$	102.6	$	521.5	$	(478.2)	$	43.3
Liabilities
Accounts Payable	$	2,291.6	$	(2,235.1)	$	56.5	$	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 September 30, 2021 and December 31, 2020 (in millions). 

		September 30, 2021		December 31, 2020
	Balance Sheet Classification	Fair Value
Derivative Asset	Other current assets	$	106.4	$	139.3
Derivative Asset	Other noncurrent assets	$	35.6	$	16.6
Derivative Liability	Other current liabilities	$	74.5	$	127.7
Derivative Liability	Other noncurrent liabilities	$	33.4	$	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 September 30, 2021 and December 31, 2020 (in millions):

	September 30, 2021						December 31, 2020
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	2,337.7	$	(2,235.1)	$	102.6	$	521.5	$	(478.2)	$	43.3
Liabilities
Accounts Payable	$	2,291.6	$	(2,235.1)	$	56.5	$	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 September 30, 2021 and December 31, 2020 (in millions). 

		September 30, 2021		December 31, 2020
	Balance Sheet Classification	Fair Value
Derivative Asset	Other current assets	$	106.4	$	139.3
Derivative Asset	Other noncurrent assets	$	35.6	$	16.6
Derivative Liability	Other current liabilities	$	74.5	$	127.7
Derivative Liability	Other noncurrent liabilities	$	33.4	$	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 September 30, 2021 and December 31, 2020 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.

		September 30, 2021		December 31, 2020
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Other current liabilities	$	33.0	$	49.3
Swap contracts	Other noncurrent liabilities	$	16.0	$	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 Income (Loss) for the nine months ended September 30, 2021 and 2020 (in millions):

	Nine Months Ended September 30,
	2021		2020
Interest Rate Swaps:
Amount of (gain) loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(9.5) million and $24.6 million for 2021 and 2020, respectively	$	(29.3)	$	33.5
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	$	37.1	$	26.9