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Derivatives and Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and December 31, 2023 (in millions):


			Derivative Assets			Derivative Liabilities
	Notional		Balance Sheet	Fair		Balance Sheet	Fair
Instrument	Amount		Classification	Value		Classification	Value
At June 30, 2024
Interest rate contracts	$	—	Other current assets	$	—	Accrued compensation and other current liabilities	$	—
			Other noncurrent assets		—	Other noncurrent liabilities		—
Foreign exchange contracts (1)		46.4	Other current assets		4.9	Accrued compensation and other current liabilities		2.6
			Other noncurrent assets		10.1	Other noncurrent liabilities		4.1
Total	$	46.4		$	15.0		$	6.7
At December 31, 2023
Interest rate contracts	$	150.0	Other current assets	$	—	Accrued compensation and other current liabilities	$	5.7
			Other noncurrent assets		—	Other noncurrent liabilities		—
Foreign exchange contracts (1)		67.8	Other current assets		3.9	Accrued compensation and other current liabilities		3.9
			Other noncurrent assets		14.2	Other noncurrent liabilities		4.0
Total	$	217.8		$	18.1		$	13.6

(1)

Included within foreign exchange contracts at June 30, 2024 were $819.3 million of call options, offset with $819.3 million of put options, and $3.0 million of buy forwards, offset with $49.4 million of sell forwards. Included within foreign exchange contracts at December 31, 2023 were $331.3 million of call options, offset with $331.3 million of put options, and $5.5 million of buy forwards, offset with $73.3 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, 2024 and 2023 was 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, 2024
Interest rate contracts	$	(3.6	)	$	(0.3	)	$	—	Interest expense
Foreign exchange contracts		(0.4	)		(1.0	)		—	Commission revenue
					(0.4	)		0.2	Compensation expense
					(0.4	)		0.2	Operating expense
Total	$	(4.0	)	$	(2.1	)	$	0.4
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

Six-month period ended June 30, 2024
Interest rate contracts	$	(2.9	)	$	(0.6	)	$	—	Interest expense
Foreign exchange contracts		(3.8	)		(0.8	)		—	Commission revenue
					(0.9	)		0.5	Compensation expense
					(0.7	)		0.4	Operating expense
Total	$	(6.7	)	$	(3.0	)	$	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

(1)

For the three and six-month periods ended June 30, 2024, 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 $0.2 million, respectively. 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.