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Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 (in millions):

			September 30, 2024
			Fair Value, Gross												Fair Value, Net
			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts			$	841.6					$	753.1					$	475.4					$	386.9

			December 31, 2023
			Fair Value, Gross												Fair Value, Net
			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts			$	594.9					$	519.4					$	320.2					$	244.7

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 September 30, 2024 and December 31, 2023 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.

									September 30, 2024						December 31, 2023
			Balance Sheet Classification						Fair Value
Derivatives designated as cash flow hedges:
Swap contracts			Prepaid expenses and other current assets						$	3.6					$	23.5
Swap contracts			Other current liabilities						$	10.9					$	—
Swap contracts			Other noncurrent liabilities						$	42.4					$	55.8

The following table presents the fair value of the Company’s cross-currency interest rate swaps designated as net investment hedges, as well as their classification on the accompanying Consolidated Balance Sheets, as of September 30, 2024 and December 31, 2023 (in millions). 

									September 30, 2024						December 31, 2023
			Balance Sheet Classification						Fair Value
Cross-currency interest rate swaps designated as net investment hedges:
Net investment hedge			Prepaid expenses and other current assets						$	14.8					$	—
Net investment hedge			Other current liabilities						$	—					$	14.5
Net investment hedge			Other noncurrent liabilities						$	80.1					$	—

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2024 and December 31, 2023 (in millions):

			September 30, 2024																		December 31, 2023
			Gross						Offset on the Balance Sheet						Net						Gross						Offset on the Balance Sheet						Net
Assets
Accounts Receivable			$	3,630.2					$	(3,424.7)					$	205.5					$	2,499.9					$	(2,373.8)					$	126.1
Liabilities
Accounts Payable			$	3,510.4					$	(3,424.7)					$	85.7					$	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 September 30, 2024 and December 31, 2023 (in millions): 

									September 30, 2024						December 31, 2023
			Balance Sheet Classification						Fair Value
Derivative Assets			Prepaid expenses and other current assets						$	343.3					$	254.2
Derivative Assets			Other assets						$	132.2					$	66.0
Derivative Liabilities			Other current liabilities						$	261.5					$	190.4
Derivative Liabilities			Other noncurrent liabilities						$	125.4					$	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 September 30, 2024 and December 31, 2023 (in millions):

			September 30, 2024																		December 31, 2023
			Gross						Offset on the Balance Sheet						Net						Gross						Offset on the Balance Sheet						Net
Assets
Accounts Receivable			$	3,630.2					$	(3,424.7)					$	205.5					$	2,499.9					$	(2,373.8)					$	126.1
Liabilities
Accounts Payable			$	3,510.4					$	(3,424.7)					$	85.7					$	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 September 30, 2024 and December 31, 2023 (in millions): 

									September 30, 2024						December 31, 2023
			Balance Sheet Classification						Fair Value
Derivative Assets			Prepaid expenses and other current assets						$	343.3					$	254.2
Derivative Assets			Other assets						$	132.2					$	66.0
Derivative Liabilities			Other current liabilities						$	261.5					$	190.4
Derivative Liabilities			Other noncurrent liabilities						$	125.4					$	54.3

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 30, 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						Weighted Average Fixed Rate						Maturity Date
$500						4.02%						7/31/2025
$500						3.80%						1/31/2026
$1,500						4.15%						7/31/2026
$750						4.14%						1/31/2027
$500						4.19%						7/31/2027
$250						4.00%						1/31/2028
$500						3.19%						7/31/2028

At September 30, 2024, the Company had the following cross-currency interest rate swaps designated as net investment hedges of our investments in foreign-denominated operations:

						U.S. dollar equivalent notional (in millions)						Fixed Rates						Maturity Date
Euro (EUR)						$500						1.85%						4/15/2027
Canadian Dollar (CAD)						$500						0.602%						5/7/2027
British Pound (GBP)						$750						0.317%						5/8/2028

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