v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
During the six months ended June 30, 2026, we entered into forward contracts to hedge foreign currency risk that were not designated as hedges which generally have a maturity of less than 90 days. The following table details the gross notional value and net basis of these contracts.

(in billions)June 30, 2026December 31, 2025
Foreign currency forward contracts, gross notional value$1.63 2.04 
Foreign currency forward contracts, net basis1.08 1.23 
Schedule of Derivative Assets at Fair Value
The following table summarizes the asset and liability positions of our derivatives on a gross basis and the net asset or net liability position with the financial institutions from which we purchase these contracts.
Fair Value AssetFair Value Liability
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
(in millions)
Derivatives designated as hedging instruments:
Net investment hedges:
Gross amount of derivative$8.7 3.6 $2.3 10.0 
Offsetting derivative(1.7)(1.1)(1.7)(1.1)
Net amount of net investment hedges$7.0 2.5 $0.6 8.9 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts:
Gross amount of derivative$6.1 2.2 $12.6 4.2 
Offsetting derivative(1.8)(0.6)(1.8)(0.6)
Net amount of foreign currency forward contracts$4.3 1.6 $10.8 3.6 
Total derivatives at fair value$11.3 4.1 $11.4 12.5 
Derivative Instruments, Gain (Loss)
The following table summarizes the pre-tax impact of the outstanding derivatives on the Consolidated Statements of Comprehensive Income.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Derivatives designated as hedging instruments:
Interest income$2.6 — $5.1 — 
(Loss) gain recognized in Accumulated other comprehensive loss(10.4)— 12.8 — 
Derivatives not designated as hedging instruments:
Gain (loss) recognized in Operating, administrative and other$1.2 (0.4)$(4.5)6.9