XML 41 R31.htm IDEA: XBRL DOCUMENT v3.25.3

Derivatives (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 were as follows (in millions):

	September 30, 2025				December 31, 2024
Contracts designated as hedges:
Euro	$	284.7			$	210.5
Canadian dollar		149.1				111.7
British pound		117.9				75.6
Australian dollar		74.2				51.2
Swiss franc		58.9				41.6
Swedish krona		32.4			(b)
Other (a)		50.5				35.7
Contracts not designated as hedges:
Euro	$	443.1			$	499.1
British pound		141.0				118.1
Mexican peso		98.2				85.7
Australian dollar		96.6				49.0
Thai baht		68.9			(b)
Indian rupee		52.6				57.7
Canadian dollar		50.4				35.5
Chinese yuan		40.3			(b)
Philippine peso		39.8				89.8
Swiss franc		30.1				32.6
Singapore dollar		29.6				31.4
Brazilian real		28.0			(b)
Other (a)		162.2				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 September 30, 2025 and December 31, 2024 (in millions):

		Derivative Assets										Derivative Liabilities
				Fair Value										Fair Value
		Balance Sheet		September 30,				December 31,				Balance Sheet		September 30,				December 31,
		Location		2025				2024				Location		2025				2024
Derivatives designated as hedges:
Foreign currency cash flow hedges		Other assets		$	8.8			$	24.4			Other liabilities		$	40.6			$	0.2
Derivatives not designated as hedges:
Foreign currency		Other assets			3.9				5.1			Other liabilities			2.6				3.4
Total derivatives				$	12.7			$	29.5					$	43.2			$	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 nine months ended September 30, 2025 and 2024 (in millions):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Foreign currency derivatives (a)		$	8.6			$	(17.8	)		$	(63.2	)		$	(2.6	)

(a)Gains of $1.2 million and $1.7 million for the three months ended September 30, 2025 and 2024, respectively, and $4.0 million and $0.6 million for the nine months ended September 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 nine months ended September 30, 2025 and 2024 (in millions):

		Three Months Ended September 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		$	1,032.6			$	(37.0	)		$	1,036.0			$	(32.2	)
Gains/(losses) on cash flow hedges:
Foreign currency derivatives:
Losses reclassified from AOCL into earnings			(3.0	)			—				(2.2	)			—
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach			2.6				—				1.6				—
Interest rate derivatives:
Losses reclassified from AOCL into earnings			—				(0.1	)			—				—

		Nine Months Ended September 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		$	3,042.3			$	(106.3	)		$	3,151.5			$	(89.4	)
Gains/(losses) on cash flow hedges:
Foreign currency derivatives:
Gains/(losses) reclassified from AOCL into earnings			(4.5	)			—				1.8				—
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach			7.2				—				4.8				—
Interest rate derivatives:
Gains reclassified from AOCL into earnings			—				—				—				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 nine months ended September 30, 2025 and 2024 (in millions):

				Three Months Ended								Nine Months Ended
				September 30,								September 30,
Derivatives		Location		2025				2024				2025				2024
Foreign currency derivatives (a)		Selling, general, and administrative		$	13.3			$	(22.5	)		$	(17.2	)		$	5.1

(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 $(12.4) million and $25.1 million for the three months ended September 30, 2025 and 2024, respectively, and $25.5 million and $(5.3) million for the nine months ended September 30, 2025 and 2024, respectively.

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration