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DERIVATIVES AND HEDGING | 12 Months Ended
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Dec. 31, 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. These contracts qualified for and were designated as net investment hedges under US GAAP. 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 cash flow impact of these net investment hedges is classified as an investing activity in the Statements of Consolidated Cash Flows. The outstanding contracts as of December 31, 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. In August 2024, the Company settled its $150.0 million U.S. dollar to euro net investment hedge contract entered into on March 28, 2023. In May 2024, the Company settled its $500.0 million U.S. dollar to euro net investment hedge contract entered into on February 13, 2020. At the time of both of these settlements, an immaterial unrealized loss, net of tax, was recognized in AOCI. In December 2023, the Company settled its $100.0 million U.S. dollar to euro net investment hedge contract entered into on August 1, 2023. At the time of settlement, an immaterial unrealized gain, net of tax, was recognized in AOCI. The following table summarizes the balance sheet location of the net investment hedge contracts. See Note 17 for further information on the fair value of these contracts.
| December 31, |  | December 31, |  | December 31,
| 2025 |  | 2024 |  | 2023
Other current assets | $ | — |  |  | $ | 9.4 |  |  | $ | — |
Other assets | — |  |  | 39.5 |  |  | — |
Other accruals | — |  |  | — |  |  | 12.0 |
Other long-term liabilities | 122.6 |  |  | — |  |  | 12.4 |
The changes in fair value of the net investment hedges are recognized in the foreign currency translation adjustments component of AOCI. See Note 15 for further information. The following table summarizes the unrealized (losses) gains, net of taxes, for the years ended December 31:
| 2025 |  | 2024 |  | 2023
(Losses) gains | $ | (171.5) |  |  | $ | 71.2 |  |  | $ | (33.1) |
Tax effect | 42.3 |  |  | (17.6) |  |  | 8.2 |
(Losses) gains, net of taxes | $ | (129.2) |  |  | $ | 53.6 |  |  | $ | (24.9) |
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 $300.0 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 within 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 value changes in foreign currency. The related gains and losses are recorded in Other expense (income) - net. See Note 19 for further information.

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