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Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2026

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 Unaudited Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (in millions):

			June 30, 2026
			Fair Value, Gross												Fair Value, Net
			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts			$	1,881.5					$	1,575.0					$	1,050.1					$	743.6

			December 31, 2025
			Fair Value, Gross												Fair Value, Net
			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts			$	1,709.2					$	1,415.2					$	949.0					$	655.0

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 June 30, 2026 and December 31, 2025 (in millions). 

									June 30, 2026						December 31, 2025
			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					$	13.4
Net investment hedge			Other current liabilities						$	45.6					$	58.1
Net investment hedge			Other noncurrent liabilities						$	69.3					$	91.6

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2026 and December 31, 2025 (in millions):

			June 30, 2026																		December 31, 2025
			Gross						Offset on the Balance Sheet						Net						Gross						Offset on the Balance Sheet						Net
Assets
Accounts Receivable			$	7,629.2					$	(7,235.7)					$	393.5					$	5,285.7					$	(5,086.5)					$	199.2
Liabilities
Accounts Payable			$	7,538.1					$	(7,235.7)					$	302.4					$	5,194.1					$	(5,086.5)					$	107.6

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 June 30, 2026 and December 31, 2025 (in millions): 

									June 30, 2026						December 31, 2025
			Balance Sheet Classification						Fair Value
Derivative Assets			Prepaid expenses and other current assets						$	702.9					$	660.4
Derivative Assets			Other assets						$	347.1					$	288.7
Derivative Liabilities			Other current liabilities						$	462.8					$	450.0
Derivative Liabilities			Other noncurrent liabilities						$	280.7					$	205.1

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 June 30, 2026 and December 31, 2025 (in millions): 

									June 30, 2026						December 31, 2025
			Balance Sheet Classification						Fair Value
Derivative Assets			Prepaid expenses and other current assets						$	702.9					$	660.4
Derivative Assets			Other assets						$	347.1					$	288.7
Derivative Liabilities			Other current liabilities						$	462.8					$	450.0
Derivative Liabilities			Other noncurrent liabilities						$	280.7					$	205.1

Schedule of Notional Amounts of Outstanding Derivative Positions

As of June 30, 2026, 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
$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 June 30, 2026, 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						1.33%						5/20/2027
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 Company’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2026 and December 31, 2025 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.

									June 30, 2026						December 31, 2025
			Balance Sheet Classification						Fair Value
Derivatives designated as cash flow hedges:
Swap contracts			Prepaid expenses and other current assets						$	6.3					$	1.0
Swap contracts			Other assets						$	7.0					$	0.3
Swap contracts			Other current liabilities						$	3.3					$	17.3
Swap contracts			Other noncurrent liabilities						$	—					$	7.2

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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.

+ 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
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Tabular disclosure of derivative assets at fair value.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
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-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
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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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
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-Paragraph 4A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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-Section 50
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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

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-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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