Derivative Financial Instruments and Hedging Activities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location |
The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | | | Fair Value, Gross | | Fair Value, Net | | | | Derivative Assets | | Derivative Liabilities | | Derivative Assets | | Derivative Liabilities | | | | | | Derivatives - undesignated: | | | | | | | | | | | | | Foreign exchange contracts | $ | 1,894.1 | | | $ | 1,741.0 | | | $ | 968.7 | | | $ | 815.6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | Fair Value, Gross | | Fair Value, Net | | | | Derivative Assets | | Derivative Liabilities | | Derivative Assets | | Derivative Liabilities | | | | | | Derivatives - undesignated: | | | | | | | | | | | | | Foreign exchange contracts | $ | 1,406.7 | | | $ | 1,297.3 | | | $ | 833.7 | | | $ | 724.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents the fair value of the Company’s cross-currency interest rate swaps designated as net investment hedges, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2025 and December 31, 2024 (in millions). | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Balance Sheet Classification | | Fair Value | | Cross-currency interest rate swaps designated as net investment hedges: | | | | | | Net investment hedge | Prepaid expenses and other current assets | | $ | 13.4 | | | $ | 22.6 | | Net investment hedge | Other assets | | $ | — | | | $ | 8.0 | | Net investment hedge | Other current liabilities | | $ | 59.1 | | | $ | — | | Net investment hedge | Other noncurrent liabilities | | $ | 109.3 | | | $ | 5.2 | |
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| Schedule of Derivative Assets at Fair Value |
The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2025 and December 31, 2024 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Gross | | Offset on the Balance Sheet | | Net | | Gross | | Offset on the Balance Sheet | | Net | | Assets | | | | | | | | | | | | | Accounts Receivable | $ | 7,998.3 | | | $ | (7,795.7) | | | $ | 202.6 | | | $ | 2,305.6 | | | $ | (2,131.8) | | | $ | 173.8 | | | Liabilities | | | | | | | | | | | | | Accounts Payable | $ | 8,042.0 | | | $ | (7,795.7) | | | $ | 246.3 | | | $ | 2,218.3 | | | $ | (2,131.8) | | | $ | 86.5 | |
| | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Balance Sheet Classification | | Fair Value | | | | | | | | Derivative Assets | Prepaid expenses and other current assets | | $ | 730.9 | | | $ | 630.2 | | | Derivative Assets | Other assets | | $ | 237.9 | | | $ | 203.5 | | | Derivative Liabilities | Other current liabilities | | $ | 609.3 | | | $ | 538.6 | | | Derivative Liabilities | Other noncurrent liabilities | | $ | 206.2 | | | $ | 185.7 | |
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| Schedule of Derivative Liabilities at Fair Value |
The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2025 and December 31, 2024 (in millions): | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Balance Sheet Classification | | Fair Value | | | | | | | | Derivative Assets | Prepaid expenses and other current assets | | $ | 730.9 | | | $ | 630.2 | | | Derivative Assets | Other assets | | $ | 237.9 | | | $ | 203.5 | | | Derivative Liabilities | Other current liabilities | | $ | 609.3 | | | $ | 538.6 | | | Derivative Liabilities | Other noncurrent liabilities | | $ | 206.2 | | | $ | 185.7 | |
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| Schedule of Notional Amounts of Outstanding Derivative Positions |
As of June 30, 2025, the Company had the following outstanding interest rate swap derivatives that qualify as hedging instruments within designated cash flow hedges of variable interest rate risk (in millions): | | | | | | | | | | | | | | | | Notional Amount | | Weighted Average Fixed Rate | | Maturity Date | | $500 | | 4.01% | | 7/31/2025 | | $500 | | 3.80% | | 1/31/2026 | | $1,500 | | 4.15% | | 7/31/2026 | | $750 | | 4.14% | | 1/31/2027 | | $500 | | 4.19% | | 7/31/2027 | | $250 | | 4.00% | | 1/31/2028 | | $500 | | 3.19% | | 7/31/2028 |
At June 30, 2025, the Company had the following cross-currency interest rate swaps designated as net investment hedges of our investments in foreign-denominated operations: | | | | | | | | | | | | | | | | | | | | | | | U.S. dollar equivalent notional (in millions) | | Fixed Rates | | Maturity Date | Euro (EUR) | | $500 | | 2.15% | | 5/26/2026 | Canadian Dollar (CAD) | | $800 | | 1.35% | | 1/24/2028 | British Pound (GBP) | | $750 | | 0.317% | | 5/8/2028 |
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| Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
The following table presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2025 and December 31, 2024 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts. | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Balance Sheet Classification | | Fair Value | | Derivatives designated as cash flow hedges: | | | | | | | Swap contracts | Prepaid expenses and other current assets | | $ | 4.5 | | | $ | 9.7 | | | Swap contracts | Other assets | | $ | — | | | $ | 10.0 | | | Swap contracts | Other current liabilities | | $ | 10.6 | | | $ | 3.9 | | | Swap contracts | Other noncurrent liabilities | | $ | 14.7 | | | $ | 6.0 | |
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