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Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Foreign Currency Forward Contracts

The aggregate equivalent United States dollar notional amounts of foreign currency forward contracts as of March 31, 2025 and December 31, 2024 were as follows (in millions):

	March 31, 2025				December 31, 2024
Contracts designated as hedges:
Euro	$	275.6			$	210.5
Canadian dollar		156.8				111.7
British pound		113.6				75.6
Australian dollar		73.0				51.2
Swiss franc		58.1				41.6
Swedish krona		30.9			(b)
Other (a)		51.3				35.7
Contracts not designated as hedges:
Euro	$	483.4			$	499.1
British pound		131.9				118.1
Mexican peso		107.7				85.7
Philippine peso		95.6				89.8
Indonesian rupiah		95.4			(b)
Australian dollar		62.5				49.0
Indian rupee		55.0				57.7
Swiss franc		39.5				32.6
Canadian dollar		38.7				35.5
Chinese yuan		26.8			(b)
Thai baht		25.2			(b)
Singapore dollar	(b)					31.4
Other (a)		184.5				208.5

(a)Comprised of exposures to various currencies; none of these individual currency exposures is greater than $25 million.

(b)Amount is below $25 million for the relevant period; therefore, the balance has been included within “Other.”

Fair Value of Derivatives

The following table summarizes the fair value of derivatives reported in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in millions):

		Derivative Assets										Derivative Liabilities
				Fair Value										Fair Value
		Balance Sheet		March 31,				December 31,				Balance Sheet		March 31,				December 31,
		Location		2025				2024				Location		2025				2024
Derivatives designated as hedges:
Foreign currency cash flow hedges		Other assets		$	12.7			$	24.4			Other liabilities		$	9.6			$	0.2
Derivatives not designated as hedges:
Foreign currency		Other assets		$	5.2			$	5.1			Other liabilities		$	2.5			$	3.4
Total derivatives				$	17.9			$	29.5					$	12.1			$	3.6

Schedule of Amount and Location of Gains/(Losses) from Hedging Activities

The following table presents the pre-tax amount of unrealized gains/(losses) recognized in other comprehensive income from cash flow hedges for the three months ended March 31, 2025 and 2024 (in millions):

		Three Months Ended March 31,
		2025				2024
Foreign currency derivatives (a)		$	(19.1	)		$	13.6

(a)Gains/(losses) of $2.2 million and $(0.9) million for the three months ended March 31, 2025 and 2024, respectively, represent amounts excluded from the assessment of effectiveness and recognized in other comprehensive income, for which an amortization approach is applied.

The following table presents the location and amounts of pre-tax net gains from cash flow hedging relationships recognized in the Condensed Consolidated Statements of Income for the three months ended March 31, 2025 and 2024 (in millions):

		Three Months Ended March 31,
		2025				2024
		Revenues				Revenues
Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded		$	983.6			$	1,049.1
Gains on cash flow hedges:
Foreign currency derivatives:
Gains reclassified from AOCL to earnings			2.6				2.7
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach			2.1				1.6

Undesignated Hedges

The following table presents the location and amount of pre-tax net gains/(losses) from undesignated hedges in the Condensed Consolidated Statements of Income on derivatives for the three months ended March 31, 2025 and 2024 (in millions):

				Three Months Ended
				March 31,
Derivatives		Location		2025				2024
Foreign currency derivatives (a)		Selling, general, and administrative		$	(9.1	)		$	21.5

(a)The Company uses foreign currency forward contracts to offset foreign exchange rate fluctuations on settlement assets and obligations as well as certain foreign currency denominated positions. Foreign exchange gains/(losses) on settlement assets and obligations, cash balances, and other assets and liabilities, not including amounts related to derivative activity as displayed above and included in Selling, general, and administrative in the Condensed Consolidated Statements of Income, were $12.2 million and $(17.5) million for the three months ended March 31, 2025 and 2024, respectively.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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