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DERIVATIVES AND HEDGING | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVES AND HEDGING | DERIVATIVES AND HEDGING Net Investment Hedges The Company has entered into U.S. Dollar to euro cross currency swap contracts with various counterparties to hedge the Company’s net investment in its European operations. During the term of the contracts, the Company will pay fixed-rate interest in euros and receive fixed-rate interest in U.S. Dollars, thereby effectively converting a portion of the Company’s U.S. Dollar denominated fixed-rate debt to euro denominated fixed-rate debt. The outstanding contracts as of September 30, 2025 are summarized by maturity date in the table below.
Notional Value |  | Maturity Date
$ | 687.7 |  |  | June 1, 2027
100.0 |  |  | March 1, 2028
200.0 |  |  | August 15, 2028
525.0 |  |  | August 15, 2029
200.0 |  |  | September 1, 2031
$ | 1,712.7 |  |  |
In August 2025, the Company extended the maturity date of a net investment hedge with a notional value of $200.0 million from August 8, 2025 to August 15, 2028. The following table summarizes the location of the cross currency swap contracts on the Consolidated Balance Sheets. See Note 13 for additional information on the fair value of these contracts.
| September 30, |  | December 31, |  | September 30,
| 2025 |  | 2024 |  | 2024
Other current assets | $ | — |  |  | $ | 9.4 |  |  | $ | — |
Other assets | — |  |  | 39.5 |  |  | — |
Other accruals | — |  |  | — |  |  | 4.5 |
Other long-term liabilities | 128.3 |  |  | — |  |  | 27.5 |
The changes in fair value of the cross currency swap contracts are recognized in the foreign currency translation adjustments component of AOCI. The following table summarizes the unrealized gains (losses):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Gains (losses) | $ | 15.8 |  |  | $ | (41.7) |  |  | $ | (177.1) |  |  | $ | (9.7) |
Tax effect | (3.9) |  |  | 10.3 |  |  | 43.7 |  |  | 2.4 |
Gains (losses), net of taxes | $ | 11.9 |  |  | $ | (31.4) |  |  | $ | (133.4) |  |  | $ | (7.3) |
Cash Flow Hedges In April 2025, in anticipation of a probable issuance of new long-term fixed rate debt within the next twelve months, the Company entered into a series of interest rate lock contracts with an aggregate notional amount of $300 million. The interest rate locks were designated as cash flow hedges with an objective to hedge the variability in the benchmark interest rate (US Treasury). The interest rate locks settled in July 2025 for a $4.7 million gain, net of tax, which was recognized in Other comprehensive income (loss), net of tax in the Statements of Consolidated Comprehensive Income. Derivatives Not Designated as Hedging Instruments The Company enters into foreign currency option and forward contracts with maturity dates less than twelve months primarily to hedge against value changes in foreign currency. The related gains and losses are recorded in Other expense (income) - net. See Note 15 for further details. There were no material foreign currency option and forward contracts outstanding at September 30, 2025, December 31, 2024 and September 30, 2024.

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