DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2023

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Schedule of fair value of the derivative instruments as recorded in the Consolidated Balance Sheets

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(in millions)	Balance Sheet Location	September 30, 2023		December 31, 2022		Balance Sheet Location	September 30, 2023			December 31, 2022
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	Other current assets	$	43.6	$	50.3	Other current liabilities	$	(39.2	)	$	(42.3	)

Schedule of offsetting assets and liabilities

Offsetting of Derivative Assets

As of September 30, 2023	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Derivatives Not Offset in the Consolidated Balance Sheet			Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	43.6	$	—	$	43.6	$	(29.7	)	$	13.9

As of December 31, 2022
Derivatives subject to a master netting arrangement or similar agreement	$	50.3	$	—	$	50.3	$	(32.0	)	$	18.3

Offsetting of Derivative Liabilities

As of September 30, 2023	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet			Derivatives Not Offset in the Consolidated Balance Sheet		Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	(39.2	)	$	—	$	(39.2	)	$	28.7	$	(10.5	)

As of December 31, 2022
Derivatives subject to a master netting arrangement or similar agreement	$	(42.3	)	$	—	$	(42.3	)	$	32.1	$	(10.2	)

Schedule of amount of gains and losses on derivatives in the Consolidated Statements of Income

		Amount of (Loss) Recognized in Income on Derivative Contracts (a)
	Location of Gain (Loss) Recognized in Income on Derivative Contracts	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)		2023			2022			2023			2022
Foreign currency exchange contracts - Ria Operations	Foreign currency exchange (loss), net	$	(3.2	)	$	(7.4	)	$	(6.9	)	$	(0.7	)

(a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above.