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Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2022
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, 2022 and December 31, 2021 (in millions) is presented in the following table.
Notional
September 30, 2022December 31, 2021
Foreign exchange contracts:
  Swaps$1,088.3 $2,670.4 
  Futures, forwards and spot13,881.0 7,818.3 
  Written options14,365.2 11,221.9 
  Purchased options12,867.2 10,614.0 
Total$42,201.7 $32,324.5 
As of September 30, 2022, 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, 2022Fixed RatesMaturity Date
Interest Rate Derivative:  
Interest Rate Swap   $500 2.56%1/31/2023
Interest Rate Swap   $500 2.55%12/19/2023
Schedule of Derivative Instruments at Fair Value
The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in millions):
September 30, 2022
Fair Value, GrossFair Value, Net
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts$1,007.9 $987.8 $484.7 $464.6 
Cash collateral112.5 142.3 112.5 142.3 
Total net of cash collateral$895.4 $845.5 $372.2 $322.3 
December 31, 2021
Fair Value, GrossFair Value, Net
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts$338.8 $307.8 $120.9 $89.9 
Cash collateral25.9 24.8 25.9 24.8 
Total net of cash collateral$312.9 $283.0 $95.0 $65.1 
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, 2022 and December 31, 2021 (in millions):
September 30, 2022December 31, 2021
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$3,789.6 $(3,615.6)$174.0 $1,185.9 $(1,057.7)$128.2 
Liabilities
Accounts Payable$3,697.1 $(3,615.6)$81.5 $1,199.5 $(1,057.7)$141.8 
The following table 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, 2022 and December 31, 2021 (in millions). 
September 30, 2022December 31, 2021
  Balance Sheet ClassificationFair Value
   
Derivative AssetsPrepaid expenses and other current assets$369.1 $94.0 
Derivative AssetsOther assets$115.6 $26.9 
Derivative LiabilitiesOther current liabilities$357.0 $66.9 
Derivative LiabilitiesOther noncurrent liabilities$107.6 $23.0 
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, 2022 and December 31, 2021 (in millions):
September 30, 2022December 31, 2021
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$3,789.6 $(3,615.6)$174.0 $1,185.9 $(1,057.7)$128.2 
Liabilities
Accounts Payable$3,697.1 $(3,615.6)$81.5 $1,199.5 $(1,057.7)$141.8 
The following table 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, 2022 and December 31, 2021 (in millions). 
September 30, 2022December 31, 2021
  Balance Sheet ClassificationFair Value
   
Derivative AssetsPrepaid expenses and other current assets$369.1 $94.0 
Derivative AssetsOther assets$115.6 $26.9 
Derivative LiabilitiesOther current liabilities$357.0 $66.9 
Derivative LiabilitiesOther noncurrent liabilities$107.6 $23.0 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table 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, 2022 and December 31, 2021 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
September 30, 2022December 31, 2021
  Balance Sheet ClassificationFair Value
Derivatives designated as cash flow hedges:    
Swap contractsPrepaid expenses and other current assets$11.3 $— 
Swap contractsOther assets$1.6 $— 
Swap contractsOther current liabilities$— $23.4 
Swap contractsOther noncurrent liabilities$— $7.3