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Derivative Financial Instruments (Tables) | 12 Months Ended
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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) |

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