Derivatives and Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional and Fair Values of Derivative Instruments

The notional and fair values of derivatives designated as hedging instruments are as follows at June 30, 2022 and December 31, 2021 (in millions):

			Derivative Assets			Derivative Liabilities
	Notional		Balance Sheet	Fair		Balance Sheet	Fair
Instrument	Amount		Classification	Value		Classification	Value
At June 30, 2022
Interest rate contracts	$	800.0	Other current assets	$	39.0	Accrued compensation and other current liabilities	$	—
			Other noncurrent assets		34.8	Other noncurrent liabilities		—
Foreign exchange contracts (1)		89.8	Other current assets		1.5	Accrued compensation and other current liabilities		16.2
			Other noncurrent assets		10.5	Other noncurrent liabilities		33.1
Total	$	889.8		$	85.8		$	49.3
At December 31, 2021
Interest rate contracts	$	1,000.0	Other current assets	$	4.8	Accrued compensation and other current liabilities	$	1.3
			Other noncurrent assets		3.4	Other noncurrent liabilities		11.5
Foreign exchange contracts (1)		17.3	Other current assets		4.3	Accrued compensation and other current liabilities		1.3
			Other noncurrent assets		4.3	Other noncurrent liabilities		7.2
Total	$	1,017.3		$	16.8		$	21.3

(1)Included within foreign exchange contracts at June 30, 2022 were $934.6 million of call options, offset with $934.6 million of put options, and $12.0 million of buy forwards, offset with $101.9 million of sell forwards. Included within foreign exchange contracts at December 31, 2021 were $483.8 million of call options, offset with $483.8 million of put options, and $10.5 million of buy forwards, offset with $27.9 million of sell forwards.

Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss

The effect of cash flow hedge accounting on accumulated other comprehensive loss for the three and six-month periods ended June 30, 2022 and 2021 were as follows (in millions):

							Amount of
				Amount of			Gain (Loss)
				Loss			Recognized
	Amount of			Reclassified			in Earnings
	Gain (Loss)			from			Related to
	Recognized in			Accumulated			Amount
	Accumulated			Other			Excluded
	Other			Comprehensive			from
	Comprehensive			Loss into			Effectiveness			Statement of Earnings
Instrument	Loss (1)			Earnings			Testing			Classification
Three-month period ended June 30, 2022
Interest rate contracts	$	68.5		$	(0.3	)	$	—		Interest expense
Foreign exchange contracts		(31.7	)		0.1			—		Commission revenue
					—			0.5		Compensation expense
					(0.1	)		0.4		Operating expense
Total	$	36.8		$	(0.3	)	$	0.9
Three-month period ended June 30, 2021
Interest rate contracts	$	(41.7	)	$	(0.3	)	$	—		Interest expense
Foreign exchange contracts		(4.4	)		(1.4	)		(0.1	)	Commission revenue
					(0.2	)		0.2		Compensation expense
					(0.1	)		0.2		Operating expense
Total	$	(46.1	)	$	(2.0	)	$	0.3
Six-month period ended June 30, 2022
Interest rate contracts	$	135.5		$	(0.6	)	$	—		Interest expense
Foreign exchange contracts		(38.2	)		(0.2	)		—		Commission revenue
					(0.2	)		0.8		Compensation expense
					(0.2	)		0.6		Operating expense
Total	$	97.3		$	(1.2	)	$	1.4
Six-month period ended June 30, 2021
Interest rate contracts	$	34.1		$	(0.6	)	$	—		Interest expense
Foreign exchange contracts		(6.1	)		(2.3	)		(0.2	)	Commission revenue
					(0.5	)		0.6		Compensation expense
					(0.3	)		0.5		Operating expense
Total	$	28.0		$	(3.7	)	$	0.9

(1)For the three and six-month periods ended June 30, 2022, the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a gain of $1.2 million and $0.5 million, respectively. For the three and six-month periods ended June 30, 2021, the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was zero and a loss of $1.2 million, respectively.