Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022 and 2021 (in millions) is presented in the table below.

	Notional
	2022		2021
Foreign exchange contracts:
Swaps	$	160.9	$	2,670.4
Futures, forwards and spot	15,159.4		7,818.3
Written options	13,701.9		11,221.9
Purchased options	11,474.2		10,614.0
Total	$	40,496.4	$	32,324.6

As of December 31, 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	Fixed Rates		Maturity Date
	December 31, 2022
Interest Rate Derivative:
Interest Rate Swap	$500	2.56	%	1/31/2023
Interest Rate Swap	$500	2.55	%	12/19/2023

In January 2023, the Company entered into five receive-variable, pay-fixed interest rate swap derivative contracts with U.S. dollar notional amounts as follows (in millions):

Notional Amount	Fixed Rates	Maturity Date
$250	4.01%	7/31/2025
$250	4.02%	7/31/2025
$500	3.80%	1/31/2026
$250	3.71%	7/31/2026
$250	3.72%	7/31/2026

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, 2022 and 2021 (in millions):

December 31, 2022	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	582.2	$	540.0	$	266.9	$	224.7
Less: Cash collateral	56.1		148.2		56.1		148.2
Total net derivative assets and liabilities	$	526.1	$	391.8	$	210.8	$	76.5

December 31, 2021	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	338.8	$	307.8	$	120.9	$	89.9
Less: Cash collateral	25.9		24.8		25.9		24.8
Total net derivative assets and liabilities	$	312.9	$	283.0	$	95.0	$	65.1

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, 2022 and December 31, 2021 (in millions).

		2022		2021
	Balance Sheet Classification	Fair Value
Derivative Assets	Prepaid expenses and other current assets	$	204.9	$	94.0
Derivative Assets	Other assets	$	62.0	$	26.9
Derivative Liabilities	Other current liabilities	$	184.1	$	66.9
Derivative Liabilities	Other noncurrent liabilities	$	40.6	$	23.0

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, 2022 and 2021 (in millions):

	December 31, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	2,409.8	$	(2,266.0)	$	143.8	$	1,185.9	$	(1,057.7)	$	128.2
Liabilities
Accounts Payable	$	2,332.5	$	(2,266.0)	$	66.5	$	1,199.5	$	(1,057.7)	$	141.8

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, 2022 and December 31, 2021 (in millions).

		2022		2021
	Balance Sheet Classification	Fair Value
Derivative Assets	Prepaid expenses and other current assets	$	204.9	$	94.0
Derivative Assets	Other assets	$	62.0	$	26.9
Derivative Liabilities	Other current liabilities	$	184.1	$	66.9
Derivative Liabilities	Other noncurrent liabilities	$	40.6	$	23.0

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, 2022 and 2021 (in millions). See Note 4 for additional information on the fair value of the Company’s swap contracts.

	Balance Sheet Classification	2022		2021
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	12.0	$	—
Swap contracts	Other current liabilities	$	—	$	(23.4)
Swap contracts	Other noncurrent liabilities	$	—	$	(7.3)