XML 46 R32.htm IDEA: XBRL DOCUMENT
v3.23.1

Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 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 March 31, 2023 and December 31, 2022 (in millions) is presented in the following table:
| Notional
| March 31, 2023 |  | December 31, 2022
Foreign exchange contracts: |  |  |
Swaps | $ | 155.1 |  |  | $ | 160.9 |
Futures and forwards | 19,178.9 |  |  | 15,159.4 |
Written options | 15,302.7 |  |  | 13,701.9 |
Purchased options | 12,228.7 |  |  | 11,474.2 |
Total | $ | 46,865.4 |  |  | $ | 40,496.4 |
During 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 Derivative Instruments at Fair Value | The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions):
| March 31, 2023 |  |  |  |
| Fair Value, Gross |  | Fair Value, Net |  |
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities |  |  |  |
Derivatives - undesignated: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 613.5 |  |  | $ | 543.1 |  |  | $ | 273.3 |  |  | $ | 202.9 |  |  |  |  |
Cash collateral | 53.9 |  |  | 198.4 |  |  | 53.9 |  |  | 198.4 |  |  |  |  |
Total net of cash collateral | $ | 559.6 |  |  | $ | 344.7 |  |  | $ | 219.4 |  |  | $ | 4.5 |  |  |  |  |
| 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 March 31, 2023 and December 31, 2022 (in millions):
| March 31, 2023 |  | December 31, 2022
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $ | 4,116.9 |  |  | $ | (3,974.7) |  |  | $ | 142.2 |  |  | $ | 2,409.8 |  |  | $ | (2,266.0) |  |  | $ | 143.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 4,114.2 |  |  | $ | (3,974.7) |  |  | $ | 139.5 |  |  | $ | 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 March 31, 2023 and December 31, 2022 (in millions):
|  |  | March 31, 2023 |  | December 31, 2022
| Balance Sheet Classification |  | Fair Value
Derivative Assets | Prepaid expenses and other current assets |  | $ | 204.8 |  |  | $ | 204.9 |
Derivative Assets | Other assets |  | $ | 68.6 |  |  | $ | 62.0 |
Derivative Liabilities | Other current liabilities |  | $ | 164.3 |  |  | $ | 184.1 |
Derivative Liabilities | Other noncurrent liabilities |  | $ | 38.6 |  |  | $ | 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 March 31, 2023 and December 31, 2022 (in millions):
| March 31, 2023 |  | December 31, 2022
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $ | 4,116.9 |  |  | $ | (3,974.7) |  |  | $ | 142.2 |  |  | $ | 2,409.8 |  |  | $ | (2,266.0) |  |  | $ | 143.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 4,114.2 |  |  | $ | (3,974.7) |  |  | $ | 139.5 |  |  | $ | 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 March 31, 2023 and December 31, 2022 (in millions):
|  |  | March 31, 2023 |  | December 31, 2022
| Balance Sheet Classification |  | Fair Value
Derivative Assets | Prepaid expenses and other current assets |  | $ | 204.8 |  |  | $ | 204.9 |
Derivative Assets | Other assets |  | $ | 68.6 |  |  | $ | 62.0 |
Derivative Liabilities | Other current liabilities |  | $ | 164.3 |  |  | $ | 184.1 |
Derivative Liabilities | Other noncurrent liabilities |  | $ | 38.6 |  |  | $ | 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 Compa ny’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of March 31, 2023 and December 31, 2022 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
|  |  | March 31, 2023 |  | December 31, 2022
| Balance Sheet Classification |  | Fair Value
Derivatives designated as cash flow hedges: |  |  |  |  |
Swap contracts | Prepaid expenses and other current assets |  | $ | 8.3 |  |  | $ | 12.0 |
Swap contracts | Other assets |  | $ | 4.4 |  |  | $ | — |
Swap contracts | Other noncurrent liabilities |  | $ | (8.8) |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative assets at fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative liabilities at fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration