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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024 were as follows (in millions):
| June 30, 2025 |  |  | December 31, 2024 |
Contracts designated as hedges: |  |  |  |  |
Euro | $ | 280.1 |  |  | $ | 210.5 |
Canadian dollar |  | 154.4 |  |  |  | 111.7 |
British pound |  | 115.8 |  |  |  | 75.6 |
Australian dollar |  | 74.1 |  |  |  | 51.2 |
Swiss franc |  | 58.7 |  |  |  | 41.6 |
Swedish krona |  | 31.4 |  |  | (b) |
Other (a) |  | 51.2 |  |  |  | 35.7 |
Contracts not designated as hedges: |  |  |  |  |
Euro | $ | 465.8 |  |  | $ | 499.1 |
British pound |  | 176.5 |  |  |  | 118.1 |
Mexican peso |  | 97.3 |  |  |  | 85.7 |
Philippine peso |  | 77.8 |  |  |  | 89.8 |
Australian dollar |  | 59.6 |  |  |  | 49.0 |
Indian rupee |  | 46.7 |  |  |  | 57.7 |
Canadian dollar |  | 39.9 |  |  |  | 35.5 |
Indonesian rupiah |  | 38.8 |  |  | (b) |
Swiss franc |  | 33.9 |  |  |  | 32.6 |
Chinese yuan |  | 28.3 |  |  | (b) |
Brazilian real |  | 28.0 |  |  | (b) |
Swedish krona |  | 26.5 |  |  | (b) |
Singapore dollar | (b) |  |  |  | 31.4 |
Other (a) |  | 151.1 |  |  |  | 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 June 30, 2025 and December 31, 2024 (in millions):
|  | Derivative Assets |  |  | Derivative Liabilities |
|  |  |  | Fair Value |  |  |  |  | Fair Value |
|  | Balance Sheet |  | June 30, |  |  | December 31, |  |  | Balance Sheet |  | June 30, |  |  | December 31, |
|  | Location |  | 2025 |  |  | 2024 |  |  | Location |  | 2025 |  |  | 2024 |
Derivatives designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency cash flow hedges |  | Other assets |  | $ | 6.7 |  |  | $ | 24.4 |  |  | Other liabilities |  | $ | 51.1 |  |  | $ | 0.2 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency |  | Other assets |  |  | 2.6 |  |  |  | 5.1 |  |  | Other liabilities |  |  | 5.6 |  |  |  | 3.4 |
Total derivatives |  |  |  | $ | 9.3 |  |  | $ | 29.5 |  |  |  |  | $ | 56.7 |  |  | $ | 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 and six months ended June 30, 2025 and 2024 (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Foreign currency derivatives (a) |  | $ | (52.7 | ) |  | $ | 1.6 |  |  | $ | (71.8 | ) |  | $ | 15.2 |
(a) Gains/(losses) of $0.6 million and $(0.2) million for the three months ended June 30, 2025 and 2024, respectively, and $2.8 million and $(1.1) million for the six months ended June 30, 2025 and 2024, respectively, represent the 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/(losses) from cash flow hedging relationships recognized in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 (in millions):
|  | Three Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  | Revenues |  |  | Interest Expense |  |  | Revenues |  |  | Interest Expense |
Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded |  | $ | 1,026.1 |  |  | $ | (36.7 | ) |  | $ | 1,066.4 |  |  | $ | (31.1 | )
Gains/(losses) on cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Gains/(losses) reclassified from AOCL into earnings |  |  | (4.1 | ) |  |  | — |  |  | 1.3 |  |  |  | — |
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach |  |  | 2.5 |  |  |  | — |  |  | 1.6 |  |  |  | — |
Interest rate derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Gains reclassified from AOCL into earnings |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  | Revenues |  |  | Interest Expense |  |  | Revenues |  |  | Interest Expense |
Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded |  | $ | 2,009.7 |  |  | $ | (69.3 | ) |  | $ | 2,115.5 |  |  | $ | (57.2 | )
Gains/(losses) on cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Gains/(losses) reclassified from AOCL into earnings |  |  | (1.5 | ) |  |  | — |  |  |  | 4.0 |  |  |  | — |
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach |  |  | 4.6 |  |  |  | — |  |  |  | 3.2 |  |  |  | — |
Interest rate derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Gains reclassified from AOCL into earnings |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |
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 and six months ended June 30, 2025 and 2024 (in millions):
|  |  |  | Three Months Ended |  |  | Six Months Ended |
|  |  |  | June 30, |  |  | June 30, |
Derivatives |  | Location |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Foreign currency derivatives (a) |  | Selling, general, and administrative |  | $ | (21.4 | ) |  | $ | 6.1 |  |  | $ | (30.5 | ) |  | $ | 27.6 |
(a) The C ompany 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 $25.7 million and $(12.9) million for the three months ended June 30, 2025 and 2024, respectively, and $37.9 million and $(30.4) million for the six months ended June 30, 2025 and 2024, respectively.

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