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Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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,

2024 and 2023 (in millions):

	December 31, 2024
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$1,406.7		$1,297.3		$833.7		$724.3

	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 cross-currency interest rate swaps designated as net investment

hedges, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2024 and

December 31, 2023 (in millions). 

			2024		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		$22.6		$—
Net investment hedge	Other assets		$8.0		$—
Net investment hedge	Other current liabilities		$—		$14.5
Net investment hedge	Other noncurrent liabilities		$5.2		$—

As of December 31, 2024, the estimated net amount of the existing gains related to the Company's cross-currency interest rate

swaps designed as net investment hedges that are expected to be reclassified into earnings within the next 12 months is

approximately $22.6 million.

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, 2024 and 2023 (in millions):

	December 31, 2024						December 31, 2023
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$2,305.6		$(2,131.8)		$173.8		$2,499.9		$(2,373.8)		$126.1
Liabilities
Accounts Payable	$2,218.3		$(2,131.8)		$86.5		$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 December 31, 2024 and

December 31, 2023 (in millions):

				2024		2023
		Balance Sheet Classification		Fair Value
Derivative Assets		Prepaid expenses and other current assets		$630.2		$254.2
Derivative Assets		Other assets		$203.5		$66.0
Derivative Liabilities		Other current liabilities		$538.6		$190.4
Derivative Liabilities		Other noncurrent liabilities		$185.7		$54.3

Schedule of Derivative Liabilities at Fair Value

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 December 31, 2024 and

December 31, 2023 (in millions):

				2024		2023
		Balance Sheet Classification		Fair Value
Derivative Assets		Prepaid expenses and other current assets		$630.2		$254.2
Derivative Assets		Other assets		$203.5		$66.0
Derivative Liabilities		Other current liabilities		$538.6		$190.4
Derivative Liabilities		Other noncurrent liabilities		$185.7		$54.3

Schedule of Notional Amounts of Outstanding Derivative Positions

As of December 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		Weighted Average Fixed Rate		Maturity Date
$500		4.01%		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 December 31, 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		2.15%		5/26/2026
Canadian Dollar (CAD)		$800		1.14%		5/20/2026
British Pound (GBP)		$750		0.317%		5/8/2028

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, 2024 and 2023 (in millions). See Note 4 for further information.

		Balance Sheet Classification		2024		2023
Derivatives designated as cash flow hedges:
Swap contracts		Prepaid expenses and other current assets		$9.7		$23.5
Swap contracts		Other assets		$10.0		$—
Swap contracts		Other current liabilities		$3.9		$—
Swap contracts		Other noncurrent liabilities		$6.0		$55.8

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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.

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4A
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-SubTopic 10
-Section 50
-Paragraph 1A
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