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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Amounts Reclassified from AOCL

The following table details reclassifications out of AOCL and into Net income. All amounts reclassified from AOCL affect the line items as indicated below and the amounts in parentheses indicate decreases to Net income in the Condensed Consolidated Statements of Income.

 

 

Amounts Reclassified from AOCL to Net Income

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Income Statement

 

June 30,

 

 

June 30,

 

Income for the period (in millions)

 

Location

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Accumulated other comprehensive loss components:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains/(losses) on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Revenues

 

$

(1.0

)

 

$

—

 

 

$

1.5

 

 

$

(0.1

)

Income tax benefit/(expense)

 

Provision for income taxes

 

 

0.2

 

 

 

—

 

 

 

(0.2

)

 

 

—

 

Total reclassification adjustments related to investment securities, net of tax

 

 

 

 

(0.8

)

 

 

—

 

 

 

1.3

 

 

 

(0.1

)

Gains on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

Revenues

 

 

1.3

 

 

 

7.8

 

 

 

4.0

 

 

 

16.0

 

Interest rate contracts

 

Interest expense

 

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

Income tax expense

 

Provision for income taxes

 

 

—

 

 

 

(0.2

)

 

 

—

 

 

 

(0.2

)

Total reclassification adjustments related to cash flow hedges, net of tax

 

 

 

 

1.4

 

 

 

7.6

 

 

 

4.1

 

 

 

15.8

 

Total reclassifications, net of tax

 

 

 

$

0.6

 

 

$

7.6

 

 

$

5.4

 

 

$

15.7

 
Schedule of Components of Accumulated Other Comprehensive Income/(Loss)

The following tables summarize the components of AOCL, net of tax in the accompanying Condensed Consolidated Balance Sheets (in millions):

 

 

Investment

 

 

Hedging

 

 

Foreign Currency

 

 

 

 

 

Securities

 

 

Activities

 

 

Translation

 

 

Total

 

As of December 31, 2023

 

$

(33.0

)

 

$

(15.3

)

 

$

(119.0

)

 

$

(167.3

)

Unrealized gains/(losses)

 

 

(3.0

)

 

 

13.6

 

 

 

—

 

 

 

10.6

 

Tax benefit/(expense)

 

 

0.5

 

 

 

(0.1

)

 

 

—

 

 

 

0.4

 

Amounts reclassified from AOCL into earnings, net of tax

 

 

(2.1

)

 

 

(2.7

)

 

 

—

 

 

 

(4.8

)

As of March 31, 2024

 

 

(37.6

)

 

 

(4.5

)

 

 

(119.0

)

 

 

(161.1

)

Unrealized gains/(losses)

 

 

(2.5

)

 

 

1.6

 

 

 

—

 

 

 

(0.9

)

Tax benefit

 

 

0.5

 

 

 

—

 

 

 

—

 

 

 

0.5

 

Amounts reclassified from AOCL into earnings, net of tax

 

 

0.8

 

 

 

(1.4

)

 

 

—

 

 

 

(0.6

)

As of June 30, 2024

 

$

(38.8

)

 

$

(4.3

)

 

$

(119.0

)

 

$

(162.1

)

 

 

 

Investment

 

 

Hedging

 

 

Foreign Currency

 

 

 

 

 

Securities

 

 

Activities

 

 

Translation

 

 

Total

 

As of December 31, 2022

 

$

(69.4

)

 

$

20.5

 

 

$

(119.0

)

 

$

(167.9

)

Unrealized gains/(losses)

 

 

24.1

 

 

 

(2.2

)

 

 

—

 

 

 

21.9

 

Tax benefit/(expense)

 

 

(4.2

)

 

 

0.1

 

 

 

—

 

 

 

(4.1

)

Amounts reclassified from AOCL into earnings, net of tax

 

 

0.1

 

 

 

(8.2

)

 

 

—

 

 

 

(8.1

)

As of March 31, 2023

 

 

(49.4

)

 

 

10.2

 

 

 

(119.0

)

 

 

(158.2

)

Unrealized losses

 

 

(13.8

)

 

 

(3.1

)

 

 

—

 

 

 

(16.9

)

Tax benefit/(expense)

 

 

2.4

 

 

 

(0.1

)

 

 

—

 

 

 

2.3

 

Amounts reclassified from AOCL into earnings, net of tax

 

 

—

 

 

 

(7.6

)

 

 

—

 

 

 

(7.6

)

As of June 30, 2023

 

$

(60.8

)

 

$

(0.6

)

 

$

(119.0

)

 

$

(180.4

)