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Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (in millions):
| March 31, 2025 |  |  |  |
| Fair Value, Gross |  | Fair Value, Net |  |
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities |  |  |  |
Derivatives - undesignated: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 1,095.8 |  |  | $ | 996.8 |  |  | $ | 631.8 |  |  | $ | 532.8 |  |  |  |  |
| 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 |  |  |  |  |
The following table presents the fair value of the Compa ny’s cross-currency interest rate swaps designated as net investment hedges, as well as their classification on the accompanying Consolidated Balance Sheets, as of March 31, 2025 and December 31, 2024 (in millions).
|  |  | March 31, 2025 |  | December 31, 2024
| Balance Sheet Classification |  | Fair Value
Cross-currency interest rate swaps designated as net investment hedges: |  |  |  |  |
Net investment hedge | Prepaid expenses and other current assets |  | $ | 24.3 |  |  | $ | 22.6 |
Net investment hedge | Other assets |  | $ | — |  |  | $ | 8.0 |
Net investment hedge | Other noncurrent liabilities |  | $ | 50.6 |  |  | $ | 5.2 |
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, 2025 and December 31, 2024 (in millions):
| March 31, 2025 |  | December 31, 2024
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $ | 3,832.0 |  |  | $ | (3,630.2) |  |  | $ | 201.8 |  |  | $ | 2,305.6 |  |  | $ | (2,131.8) |  |  | $ | 173.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 3,756.8 |  |  | $ | (3,630.2) |  |  | $ | 126.6 |  |  | $ | 2,218.3 |  |  | $ | (2,131.8) |  |  | $ | 86.5 |
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, 2025 and December 31, 2024 (in millions):
|  |  | March 31, 2025 |  | December 31, 2024
| Balance Sheet Classification |  | Fair Value
Derivative Assets | Prepaid expenses and other current assets |  | $ | 464.2 |  |  | $ | 630.2 |
Derivative Assets | Other assets |  | $ | 167.6 |  |  | $ | 203.5 |
Derivative Liabilities | Other current liabilities |  | $ | 374.1 |  |  | $ | 538.6 |
Derivative Liabilities | Other noncurrent liabilities |  | $ | 158.7 |  |  | $ | 185.7 |
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 March 31, 2025 and December 31, 2024 (in millions):
|  |  | March 31, 2025 |  | December 31, 2024
| Balance Sheet Classification |  | Fair Value
Derivative Assets | Prepaid expenses and other current assets |  | $ | 464.2 |  |  | $ | 630.2 |
Derivative Assets | Other assets |  | $ | 167.6 |  |  | $ | 203.5 |
Derivative Liabilities | Other current liabilities |  | $ | 374.1 |  |  | $ | 538.6 |
Derivative Liabilities | Other noncurrent liabilities |  | $ | 158.7 |  |  | $ | 185.7 |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of March 31, 2025, 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 March 31, 2025, 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 |  | 1.35% |  | 1/24/2028
British Pound (GBP) |  | $750 |  | 0.317% |  | 5/8/2028
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, 2025 and December 31, 2024 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
|  |  | March 31, 2025 |  | December 31, 2024
| Balance Sheet Classification |  | Fair Value
Derivatives designated as cash flow hedges: |  |  |  |  |
Swap contracts | Prepaid expenses and other current assets |  | $ | 4.8 |  |  | $ | 9.7 |
Swap contracts | Other assets |  | $ | 4.1 |  |  | $ | 10.0 |
Swap contracts | Other current liabilities |  | $ | 10.8 |  |  | $ | 3.9 |
Swap contracts | Other noncurrent liabilities |  | $ | 10.5 |  |  | $ | 6.0 |

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