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Derivatives and Hedging Activity (Tables) | 9 Months Ended
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Sep. 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 September 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 900.0 |  |  | Other current assets |  | $ | 88.5 |  |  | Accrued compensation and other current liabilities |  | $ | — |
|  |  |  |  | Other noncurrent assets |  |  | 29.6 |  |  | Other noncurrent liabilities |  |  | — |
Foreign exchange contracts (1) |  |  | 78.2 |  |  | Other current assets |  |  | 1.2 |  |  | Accrued compensation and other current liabilities |  |  | 11.2 |
|  |  |  |  | Other noncurrent assets |  |  | 10.4 |  |  | Other noncurrent liabilities |  |  | 11.2 |
Total |  | $ | 978.2 |  |  |  |  | $ | 129.7 |  |  |  |  | $ | 22.4 |
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 September 30, 2023 were $883.2 million of call options, offset with $883.2 million of put options, and $6.9 million of buy forwards, offset with $85.2 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 nine-month periods ended September 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 56.2 |  |  | $ | (0.3 | ) |  | $ | — |  |  | Interest expense
Foreign exchange contracts |  |  | (11.3 | ) |  |  | 0.1 |  |  |  | (0.1 | ) |  | Commission revenue
|  |  |  |  |  | (0.4 | ) |  |  | 0.4 |  |  | Compensation expense
|  |  |  |  |  | (0.3 | ) |  |  | 0.3 |  |  | Operating expense
Total |  | $ | 44.9 |  |  | $ | (0.9 | ) |  | $ | 0.6 |  |  |
Three-month period ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 45.5 |  |  | $ | (0.2 | ) |  | $ | — |  |  | Interest expense
Foreign exchange contracts |  |  | (71.8 | ) |  |  | 2.9 |  |  |  | — |  |  | Commission revenue
|  |  |  |  |  | (0.4 | ) |  |  | 0.5 |  |  | Compensation expense
|  |  |  |  |  | (0.3 | ) |  |  | 0.4 |  |  | Operating expense
Total |  | $ | (26.3 | ) |  | $ | 2.0 |  |  | $ | 0.9 |  |  |
Nine-month period ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 65.0 |  |  | $ | (0.9 | ) |  | $ | — |  |  | Interest expense
Foreign exchange contracts |  |  | 17.4 |  |  |  | 0.9 |  |  |  | (0.1 | ) |  | Commission revenue
|  |  |  |  |  | (1.4 | ) |  |  | 1.4 |  |  | Compensation expense
|  |  |  |  |  | (1.0 | ) |  |  | 1.0 |  |  | Operating expense
Total |  | $ | 82.4 |  |  | $ | (2.4 | ) |  | $ | 2.3 |  |  |
Nine-month period ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 181.0 |  |  | $ | (0.8 | ) |  | $ | — |  |  | Interest expense
Foreign exchange contracts |  |  | (110.0 | ) |  |  | 2.7 |  |  |  | — |  |  | Commission revenu e
|  |  |  |  |  | (0.6 | ) |  |  | 1.3 |  |  | Compensation expense
|  |  |  |  |  | (0.5 | ) |  |  | 1.0 |  |  | Operating expense
Total |  | $ | 71.0 |  |  | $ | 0.8 |  |  | $ | 2.3 |  |  |
(1) For the three and nine-month periods ended September 30, 2023, the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a loss of $0.1 million and a gain of $0.7 million, respectively. For the three and nine-month periods ended September 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 $0.8 million and $1.3 million, respectively.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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