XML 58 R43.htm IDEA: XBRL DOCUMENT v3.22.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 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 December 31, 2021 and 2020 (in millions) is presented in the table below.
Notional
20212020
Foreign exchange contracts:
  Swaps$2,670.4 $684.5 
  Futures, forwards and spot7,818.3 5,467.8 
  Written options11,221.9 5,578.1 
  Purchased options10,614.0 5,195.0 
Total$32,324.5 $16,925.4 
As of December 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 Amount as of Fixed RatesMaturity Date
  December 31, 2021
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 Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31, 2021 and 2020 (in millions):
December 31, 2021Fair Value, GrossFair Value, Net
Derivative AssetsDerivative Assets
Derivatives - undesignated:
Foreign exchange contracts$338.8 $307.8 $120.9 $89.9 
Less: Cash collateral25.9 24.8 25.9 24.8 
Total net derivative assets and liabilities$312.9 $283.0 $95.0 $65.1 
December 31, 2020Fair Value, GrossFair Value, Net
Derivative AssetsDerivative Assets
Derivatives - undesignated:
Foreign exchange contracts$326.1 310.5 155.8 140.3 
Less: Cash collateral18.2 38.6 18.2 38.6 
Total net derivative assets and liabilities$307.9 $271.9 $137.6 $101.7 
Schedule of Derivative Liabilities at Fair Value 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 December 31, 2021 and December 31, 2020 (in millions).
20212020
  Balance Sheet ClassificationFair Value
     
Derivative AssetOther current assets$94.0 $139.3 
Derivative AssetOther noncurrent assets$26.9 $16.6 
Derivative Liability Other current liabilities$66.9 $127.7 
Derivative LiabilityOther noncurrent liabilities$23.0 $12.5 
Schedule of Derivative Assets at Fair Value
The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2021 and 2020 (in millions):
December 31, 2021December 31, 2020
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$1,185.9 $(1,057.7)$128.2 $521.5 $(478.2)$43.3 
Liabilities
Accounts Payable$1,199.5 $(1,057.7)$141.8 $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 December 31, 2021 and December 31, 2020 (in millions).
20212020
  Balance Sheet ClassificationFair Value
     
Derivative AssetOther current assets$94.0 $139.3 
Derivative AssetOther noncurrent assets$26.9 $16.6 
Derivative Liability Other current liabilities$66.9 $127.7 
Derivative LiabilityOther noncurrent liabilities$23.0 $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 Consolidated Balance Sheets, as of December 31, 2021 and 2020 (in millions). See Note 4 for additional information on the fair value of the Company’s swap contracts.
  Balance Sheet Location 20212020
Derivatives designated as cash flow hedges:        
     Swap contracts Other current liabilities $(23.4)$(49.3)
Swap contractsOther noncurrent liabilities$(7.3)$(38.6)
Derivative Instruments, Gain (Loss)
The table below displays the effect of the Company’s derivative financial instruments in the Consolidated Statements of Income and other comprehensive loss for the twelve months ended December 31, 2021 and 2020 (in millions):
20212020
Interest Rate Swaps:
Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(14.1) million and $8.0 million for 2021 and 2020, respectively                                                          
  $6.7 $62.7 
Amount of loss reclassified from accumulated other comprehensive loss into interest expense  $49.7 $39.3