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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020 and 2019 (in millions) is presented in the table below.
| Notional
| 2020 |  | 2019
Foreign exchange contracts: |  |  |
Swaps | $ | 684.5 |  |  | $ | 599.5 |
Futures, forwards and spot | 5,467.8 |  |  | 3,017.1 |
Written options | 5,578.1 |  |  | 6,393.9 |
Purchased options | 5,195.0 |  |  | 5,830.8 |
Total | $ | 16,925.4 |  |  | $ | 15,841.3 |
As of December 31, 2020, 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, 2020 |
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 Derivative Liabilities at Fair Value | The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31, 2020 and 2019 (in millions):
December 31, 2020 | Fair Value, Gross |  | Fair Value, Net |  |
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities |  |  |  |
Derivatives - undesignated: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 326.1 |  |  | $ | 310.5 |  |  | $ | 155.8 |  |  | $ | 140.3 |  |  |  |  |
Less: Cash collateral | 18.2 |  |  | 38.6 |  |  | 18.2 |  |  | 38.6 |  |  |  |  |
Total net derivative assets and liabilities | $ | 307.9 |  |  | $ | 271.9 |  |  | $ | 137.6 |  |  | $ | 101.7 |  |  |  |  |
December 31, 2019 | Fair Value, Gross |  | Fair Value, Net
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
Derivatives - undesignated: |  |  |  |  |  |  |
Foreign exchange contracts | 114.9 |  |  | 103.8 |  |  | 72.1 |  |  | 60.9 |
Less: Cash collateral | 6.1 |  |  | 25.6 |  |  | 6.1 |  |  | 25.6 |
Total net derivative assets and liabilities | $ | 108.8 |  |  | $ | 78.2 |  |  | $ | 66.0 |  |  | $ | 35.3 |
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, 2020 and 2019 (in millions):
| December 31, 2020 |  | December 31, 2019
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $ | 521.5 |  |  | $ | (478.2) |  |  | $ | 43.3 |  |  | $ | 1,139.1 |  |  | $ | (1,084.6) |  |  | $ | 54.5 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 527.5 |  |  | $ | (478.2) |  |  | $ | 49.4 |  |  | $ | 1,140.4 |  |  | $ | (1,084.6) |  |  | $ | 55.8 |
The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31, 2020 and 2019 (in millions):
December 31, 2020 | Fair Value, Gross |  | Fair Value, Net |  |
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities |  |  |  |
Derivatives - undesignated: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 326.1 |  |  | $ | 310.5 |  |  | $ | 155.8 |  |  | $ | 140.3 |  |  |  |  |
Less: Cash collateral | 18.2 |  |  | 38.6 |  |  | 18.2 |  |  | 38.6 |  |  |  |  |
Total net derivative assets and liabilities | $ | 307.9 |  |  | $ | 271.9 |  |  | $ | 137.6 |  |  | $ | 101.7 |  |  |  |  |
December 31, 2019 | Fair Value, Gross |  | Fair Value, Net
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
Derivatives - undesignated: |  |  |  |  |  |  |
Foreign exchange contracts | 114.9 |  |  | 103.8 |  |  | 72.1 |  |  | 60.9 |
Less: Cash collateral | 6.1 |  |  | 25.6 |  |  | 6.1 |  |  | 25.6 |
Total net derivative assets and liabilities | $ | 108.8 |  |  | $ | 78.2 |  |  | $ | 66.0 |  |  | $ | 35.3 |
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, 2020 and 2019 (in millions). See Note 4 for additional information on the fair value of the Company’s swap contracts.
|  | Balance Sheet Location |  | December 31, 2020 |  | December 31, 2019
Derivatives designated as cash flow hedges: |  |  |  |  |  |
Swap contracts |  | Other current liabilities |  | $ | (49.3) |  |  | $ | — |
Swap contracts |  | Other noncurrent liabilities |  | $ | (38.6) |  |  | $ | (56.4) |
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, 2020 and 2019 (in millions):
|  | 2020 |  | 2019
Interest Rate Swaps: |  |  |  |
Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $8.0 million and $20.3 million for 2020 and 2019, respectively |  | $62.7 |  | $42.8
Amount of loss reclassified from accumulated other comprehensive loss into interest expense |  | $39.3 |  | $5.8

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