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Derivatives and Hedging Activity (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Notional and Fair Values of Derivative Instruments | The notional and fair values of derivatives designated as hedging instruments are as follows at June 30, 2023 and December 31, 2022 (in millions):
|  |  |  |  | Derivative Assets |  |  |  |  | Derivative Liabilities |  |  |
|  | Notional |  |  | Balance Sheet |  | Fair |  |  | Balance Sheet |  | Fair |
Instrument |  | Amount |  |  | Classification |  | Value |  |  | Classification |  | Value |
At June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 900.0 |  |  | Other current assets |  | $ | 57.7 |  |  | Accrued compensation and other current liabilities |  | $ | — |
|  |  |  |  | Other noncurrent assets |  |  | 3.5 |  |  | Other noncurrent liabilities |  |  | — |
Foreign exchange contracts (1) |  |  | 90.7 |  |  | Other current assets |  |  | 2.3 |  |  | Accrued compensation and other current liabilities |  |  | 6.9 |
|  |  |  |  | Other noncurrent assets |  |  | 13.1 |  |  | Other noncurrent liabilities |  |  | 8.8 |
Total |  | $ | 990.7 |  |  |  |  | $ | 76.6 |  |  |  |  | $ | 15.7 |
At December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 950.0 |  |  | Other current assets |  | $ | 56.5 |  |  | Accrued compensation and other current liabilities |  | $ | — |
|  |  |  |  | Other noncurrent assets |  |  | 56.6 |  |  | Other noncurrent liabilities |  |  | — |
Foreign exchange contracts (1) |  |  | 113.0 |  |  | Other current assets |  |  | 0.8 |  |  | Accrued compensation and other current liabilities |  |  | 18.5 |
|  |  |  |  | Other noncurrent assets |  |  | 14.5 |  |  | Other noncurrent liabilities |  |  | 27.0 |
Total |  | $ | 1,063.0 |  |  |  |  | $ | 128.4 |  |  |  |  | $ | 45.5 |
(1) Included within foreign exchange contracts at June 30, 2023 were $729.6 million of call options, offset with $729.6 million of put options, and $8.6 million of buy forwards, offset with $99.3 million of sell forwards. Included within foreign exchange contracts at December 31, 2022 were $948.8 million of call options, offset with $948.8 million of put options, and $12.4 million of buy forwards, offset with $125.4 million of sell forwards.
Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss | The effect of cash flow hedge accounting on accumulated other comprehensive loss for the six-month periods ended June 30, 2023 and 2022 were as follows (in millions):
|  |  |  |  |  |  |  | Amount of |  |  |
|  |  |  |  | Amount of |  |  | Gain |  |  |
|  |  |  |  | Gain (Loss) |  |  | Recognized |  |  |
|  | Amount of |  |  | Reclassified |  |  | in Earnings |  |  |
|  | Gain (Loss) |  |  | from |  |  | Related to |  |  |
|  | Recognized in |  |  | Accumulated |  |  | Amount |  |  |
|  | Accumulated |  |  | Other |  |  | Excluded |  |  |
|  | Other |  |  | Comprehensive |  |  | from |  |  |
|  | Comprehensive |  |  | Loss into |  |  | Effectiveness |  |  | Statement of Earnings
Instrument |  | Loss (1) |  |  | Earnings |  |  | Testing |  |  | Classification
Three-month period ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 18.9 |  |  | $ | (0.3 | ) |  | $ | — |  |  | Interest expense
Foreign exchange contracts |  |  | 12.8 |  |  |  | 0.2 |  |  |  | — |  |  | Commission revenue
|  |  |  |  |  | (0.5 | ) |  |  | 0.4 |  |  | Compensation expense
|  |  |  |  |  | (0.4 | ) |  |  | 0.3 |  |  | Operating expense
Total |  | $ | 31.7 |  |  | $ | (1.0 | ) |  | $ | 0.7 |  |  |
Three-month period ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 68.5 |  |  | $ | (0.3 | ) |  | $ | — |  |  | Interest expense
Foreign exchange contracts |  |  | (31.7 | ) |  |  | 0.1 |  |  |  | — |  |  | Commission revenue
|  |  |  |  |  | — |  |  |  | 0.5 |  |  | Compensation expense
|  |  |  |  |  | (0.1 | ) |  |  | 0.4 |  |  | Operating expense
Total |  | $ | 36.8 |  |  | $ | (0.3 | ) |  | $ | 0.9 |  |  |
Six-month period ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 8.8 |  |  | $ | (0.6 | ) |  | $ | — |  |  | Interest expense
Foreign exchange contracts |  |  | 28.7 |  |  |  | 0.8 |  |  |  | — |  |  | Commission revenue
|  |  |  |  |  | (1.0 | ) |  |  | 1.0 |  |  | Compensation expense
|  |  |  |  |  | (0.7 | ) |  |  | 0.7 |  |  | Operating expense
Total |  | $ | 37.5 |  |  | $ | (1.5 | ) |  | $ | 1.7 |  |  |
Six-month period ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 135.5 |  |  | $ | (0.6 | ) |  | $ | — |  |  | Interest expense
Foreign exchange contracts |  |  | (38.2 | ) |  |  | (0.2 | ) |  |  | — |  |  | Commission revenu e
|  |  |  |  |  | (0.2 | ) |  |  | 0.8 |  |  | Compensation expense
|  |  |  |  |  | (0.2 | ) |  |  | 0.6 |  |  | Operating expense
Total |  | $ | 97.3 |  |  | $ | (1.2 | ) |  | $ | 1.4 |  |  |
(1) For the three and six-month periods ended June 30, 2023, the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a gain of $0.3 million and $0.8 million, respectively. For the three and six-month periods ended June 30, 2022, the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a gain of $1.2 million and $0.5, respectively.

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