Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022 (in millions) is presented in the following table:

	Notional
	June 30, 2023		December 31, 2022
Foreign exchange contracts:
Swaps	$	157.3	$	160.9
Futures and forwards	18,717.5		15,159.4
Written options	18,092.6		13,701.9
Purchased options	14,477.0		11,474.2
Total	$	51,444.4	$	40,496.4

As of June 30, 2023, the Company had the following outstanding interest rate swap derivatives that qualify as hedging instruments within designated cash flow hedges of variable interest rate risk (in millions):

Notional Amount	Fixed Rates	Maturity Date
$500	2.50%	12/19/2023
$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

In August 2023, the Company entered into eight new interest rate swap contracts totaling $2.0 billion, as summarized in the table below (in millions):

Notional Amount	Fixed Rates	Maturity Date
$100	4.35%	7/31/2026
$250	4.40%	7/31/2026
$250	4.40%	7/31/2026
$400	4.33%	7/31/2026
$250	4.29%	1/31/2027
$250	4.29%	1/31/2027
$250	4.19%	7/31/2027
$250	4.19%	7/31/2027

Schedule of Derivative Instruments at Fair Value

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (in millions):

	June 30, 2023
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	587.0	$	530.2	$	259.6	$	202.9
Cash collateral	41.8		165.5		41.8		165.5
Total net of cash collateral	$	545.2	$	364.7	$	217.8	$	37.4

	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
Cash collateral	56.1		148.2		56.1		148.2
Total net of cash collateral	$	526.1	$	391.8	$	210.8	$	76.5

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2023 and December 31, 2022 (in millions):

	June 30, 2023						December 31, 2022
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,200.8	$	(3,022.6)	$	178.2	$	2,409.8	$	(2,266.0)	$	143.8
Liabilities
Accounts Payable	$	3,093.4	$	(3,022.6)	$	70.8	$	2,332.5	$	(2,266.0)	$	66.5

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 June 30, 2023 and December 31, 2022 (in millions): 

		June 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value
Derivative Assets	Prepaid expenses and other current assets	$	182.5	$	204.9
Derivative Assets	Other assets	$	77.1	$	62.0
Derivative Liabilities	Other current liabilities	$	144.9	$	184.1
Derivative Liabilities	Other noncurrent liabilities	$	58.0	$	40.6

Schedule of Derivative Liabilities at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2023 and December 31, 2022 (in millions):

	June 30, 2023						December 31, 2022
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,200.8	$	(3,022.6)	$	178.2	$	2,409.8	$	(2,266.0)	$	143.8
Liabilities
Accounts Payable	$	3,093.4	$	(3,022.6)	$	70.8	$	2,332.5	$	(2,266.0)	$	66.5

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 June 30, 2023 and December 31, 2022 (in millions): 

		June 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value
Derivative Assets	Prepaid expenses and other current assets	$	182.5	$	204.9
Derivative Assets	Other assets	$	77.1	$	62.0
Derivative Liabilities	Other current liabilities	$	144.9	$	184.1
Derivative Liabilities	Other noncurrent liabilities	$	58.0	$	40.6

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 June 30, 2023 and December 31, 2022 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.

		June 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	28.2	$	12.0
Swap contracts	Other assets	$	1.6	$	—