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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments at Fair Value
The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in millions):
March 31, 2024
Fair Value, GrossFair Value, Net
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts$484.4 $410.4 $252.9 $178.9 
Less: Cash collateral
36.9 155.8 36.9 155.8 
Total net derivative assets and liabilities
$447.5 $254.6 $216.0 $23.1 
December 31, 2023
Fair Value, GrossFair Value, Net
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts$594.9 $519.4 $320.2 $244.7 
Less: Cash collateral
39.2 180.2 39.2 180.2 
Total net derivative assets and liabilities
$555.7 $339.2 $281.0 $64.5 
Schedule of Derivative Assets at Fair Value The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2024 and December 31, 2023 (in millions):
March 31, 2024December 31, 2023
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$1,881.7 $(1,713.6)$168.1 $2,499.9 $(2,373.8)$126.1 
Liabilities
Accounts Payable$1,793.9 $(1,713.6)$80.3 $2,457.3 $(2,373.8)$83.5 
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 March 31, 2024 and December 31, 2023 (in millions): 
March 31, 2024December 31, 2023
  Balance Sheet ClassificationFair Value
   
Derivative AssetsPrepaid expenses and other current assets$193.4 $254.2 
Derivative AssetsOther assets$59.5 $66.0 
Derivative LiabilitiesOther current liabilities$131.4 $190.4 
Derivative LiabilitiesOther noncurrent liabilities$47.5 $54.3 
Schedule of Derivative Liabilities at Fair Value The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2024 and December 31, 2023 (in millions):
March 31, 2024December 31, 2023
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$1,881.7 $(1,713.6)$168.1 $2,499.9 $(2,373.8)$126.1 
Liabilities
Accounts Payable$1,793.9 $(1,713.6)$80.3 $2,457.3 $(2,373.8)$83.5 
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 March 31, 2024 and December 31, 2023 (in millions): 
March 31, 2024December 31, 2023
  Balance Sheet ClassificationFair Value
   
Derivative AssetsPrepaid expenses and other current assets$193.4 $254.2 
Derivative AssetsOther assets$59.5 $66.0 
Derivative LiabilitiesOther current liabilities$131.4 $190.4 
Derivative LiabilitiesOther noncurrent liabilities$47.5 $54.3 
Schedule of Notional Amounts of Outstanding Derivative Positions
As of March 31, 2024, 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 RatesMaturity Date
$2504.01%7/31/2025
$2504.02%7/31/2025
$5003.80%1/31/2026
$2503.71%7/31/2026
$2503.72%7/31/2026
$1004.35%7/31/2026
$2504.40%7/31/2026
$2504.40%7/31/2026
$4004.33%7/31/2026
$2504.29%1/31/2027
$2504.29%1/31/2027
$2504.19%7/31/2027
$2504.19%7/31/2027
$1503.87%1/31/2027
$503.83%1/31/2027
$503.85%1/31/2027
$1254.00%1/31/2028
$1253.99%1/31/2028
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 March 31, 2024 and December 31, 2023 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
March 31, 2024December 31, 2023
  Balance Sheet ClassificationFair Value
Derivatives designated as cash flow hedges:    
Swap contractsPrepaid expenses and other current assets$34.3 $23.5 
Swap contractsOther assets$2.4 $— 
Swap contractsOther current liabilities$— $— 
Swap contractsOther noncurrent liabilities$16.8 $55.8 
The following table presents the fair value of the Company’s cross-currency interest rate swaps designated as a net investment hedge, as well as their classification on the accompanying Consolidated Balance Sheets, as of March 31, 2024 and December 31, 2023 (in millions). 
March 31, 2024December 31, 2023
  Balance Sheet ClassificationFair Value
Cross-currency interest rate swaps designated as a net investment hedge:
   
Net investment hedge
Prepaid expenses and other current assets$7.9 $— 
Net investment hedge
Other current liabilities$— $14.5 
Net investment hedge
Other noncurrent liabilities$9.5 $—