Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities

Schedule of derivative instruments in statement of financial position fair value

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(in millions)	Balance Sheet Location	December 31, 2023		December 31, 2022		Balance Sheet Location	December 31, 2023			December 31, 2022
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	Other current assets	$	50.0	$	50.3	Other current liabilities	$	(39.1	)	$	(42.3	)

Schedule of offsetting assets and liabilities

Offsetting of Derivative Assets


As of December 31, 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	$	50.0	$	—	$	50.0	$	(19.9	)	$	30.1

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 December 31, 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	$	(39.1	)	$	—	$	(39.1	)	$	26.3	$	(12.8	)

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 derivative instruments gain (loss)

		Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a)
	Location of Gain (Loss) Recognized in Income on Derivative Contracts	Year Ended December 31,
(in millions)		2023			2022			2021
Foreign currency exchange contracts - Ria Operations	Foreign currency exchange gain (loss), net	$	(1.7	)	$	(0.3	)	$	1.6

(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.