Derivatives and Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025 and December 31, 2024 (in millions):


			Derivative Assets			Derivative Liabilities
Instrument	Notional Amount		Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
At June 30, 2025
Interest rate contracts	$	1,500.0	Other current assets	$	2.7	Accrued compensation and other current liabilities	$	16.8
			Other noncurrent assets	—		Other noncurrent liabilities	—
Foreign exchange contracts (1)	8.0		Other current assets	23.9		Accrued compensation and other current liabilities	0.2
			Other noncurrent assets	14.1		Other noncurrent liabilities	0.8
Total	$	1,508.0		$	40.7		$	17.8
At December 31, 2024
Interest rate contracts	$	—	Other current assets	$	—	Accrued compensation and other current liabilities	$	—
			Other noncurrent assets	—		Other noncurrent liabilities	—
Foreign exchange contracts (1)	24.4		Other current assets	6.2		Accrued compensation and other current liabilities	2.4
			Other noncurrent assets	2.6		Other noncurrent liabilities	2.9
Total	$	24.4		$	8.8		$	5.3

(1)Included within foreign exchange contracts at June 30, 2025 were $622.5 million of call options, offset with $622.5 million of put options, and $0.2 million of buy forwards, offset with $8.2 million of sell forwards. Included within foreign exchange contracts at December 31, 2024 were $595.4 million of call options, offset with $595.4 million of put options, and $1.2 million of buy forwards, offset with $25.6 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, 2025 and 2024 was as follows (in millions):


Instrument	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (1)		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings		Amount of Gain Recognized in Earnings Related to Amount Excluded from Effectiveness Testing		Statement of Earnings Classification
Three-month period ended June 30, 2025
Interest rate contracts	$	(8.9)	$	(0.3)	$	—	Interest expense
Foreign exchange contracts	17.2		(4.8)		—		Commission revenue
			(0.5)		—		Compensation expense
			(0.3)		0.1		Operating expense
Total	$	8.3	$	(5.9)	$	0.1
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

Six-month period ended June 30, 2025
Interest rate contracts	$	(21.6)	$	(0.6)	$	—	Interest expense
Foreign exchange contracts	27.9		(5.2)		—		Commission revenue
			(1.1)		0.1		Compensation expense
			(0.7)		0.1		Operating expense
Total	$	6.3	$	(7.6)	$	0.2
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

(1)For the three and six-month periods ended June 30, 2025, 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 $0.2 million, respectively. 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.