XML 46 R34.htm IDEA: XBRL DOCUMENT
v3.25.3

Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2025 and December 31, 2024 (in millions):
| September 30, 2025 |  |  |  |
| Fair Value, Gross |  | Fair Value, Net |  |
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities |  |  |  |
Derivatives - undesignated: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 1,520.8 |  |  | $ | 1,352.9 |  |  | $ | 753.3 |  |  | $ | 586.4 |  |  |  |  |
| 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 September 30, 2025 and December 31, 2024 (in millions).
|  |  | September 30, 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 |  | $ | 13.4 |  |  | $ | 22.6 |
Net investment hedge | Other assets |  | $ | — |  |  | $ | 8.0 |
Net investment hedge | Other current liabilities |  | $ | 57.9 |  |  | $ | — |
Net investment hedge | Other noncurrent liabilities |  | $ | 77.8 |  |  | $ | 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 September 30, 2025 and December 31, 2024 (in millions):
| September 30, 2025 |  | December 31, 2024
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $ | 6,599.1 |  |  | $ | (6,383.0) |  |  | $ | 216.1 |  |  | $ | 2,305.6 |  |  | $ | (2,131.8) |  |  | $ | 173.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 6,541.2 |  |  | $ | (6,383.0) |  |  | $ | 158.2 |  |  | $ | 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 September 30, 2025 and December 31, 2024 (in millions):
|  |  | September 30, 2025 |  | December 31, 2024
| Balance Sheet Classification |  | Fair Value
Derivative Assets | Prepaid expenses and other current assets |  | $ | 523.4 |  |  | $ | 630.2 |
Derivative Assets | Other assets |  | $ | 229.8 |  |  | $ | 203.5 |
Derivative Liabilities | Other current liabilities |  | $ | 413.7 |  |  | $ | 538.6 |
Derivative Liabilities | Other noncurrent liabilities |  | $ | 172.7 |  |  | $ | 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 September 30, 2025 and December 31, 2024 (in millions):
|  |  | September 30, 2025 |  | December 31, 2024
| Balance Sheet Classification |  | Fair Value
Derivative Assets | Prepaid expenses and other current assets |  | $ | 523.4 |  |  | $ | 630.2 |
Derivative Assets | Other assets |  | $ | 229.8 |  |  | $ | 203.5 |
Derivative Liabilities | Other current liabilities |  | $ | 413.7 |  |  | $ | 538.6 |
Derivative Liabilities | Other noncurrent liabilities |  | $ | 172.7 |  |  | $ | 185.7 |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of September 30, 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 |  | 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
$250 |  | 3.47% |  | 1/31/2029
$250 |  | 3.47% |  | 7/31/2029
At September 30, 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 September 30, 2025 and December 31, 2024 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
|  |  | September 30, 2025 |  | December 31, 2024
| Balance Sheet Classification |  | Fair Value
Derivatives designated as cash flow hedges: |  |  |  |  |
Swap contracts | Prepaid expenses and other current assets |  | $ | 2.8 |  |  | $ | 9.7 |
Swap contracts | Other assets |  | $ | — |  |  | $ | 10.0 |
Swap contracts | Other current liabilities |  | $ | 14.4 |  |  | $ | 3.9 |
Swap contracts | Other noncurrent liabilities |  | $ | 12.7 |  |  | $ | 6.0 |

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://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration