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DERIVATIVES AND HEDGING
 3 Months Ended
Mar. 31, 2026
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 Condensed Consolidated Cash Flows. The outstanding contracts as of March 31, 2026 are summarized by maturity date in the table below.
Notional ValueMaturity 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
$1,712.7 
The following table summarizes the location of the net investment hedges on the Consolidated Balance Sheets. See Note 13 for further information on the fair value of these contracts.
March 31,December 31,March 31,
202620252025
Other current assets$— $— $1.0 
Other assets— — 3.3 
Other long-term liabilities87.7 122.6 3.6 
The changes in fair value of the net investment hedges are recognized in the foreign currency translation adjustments component of AOCI. See Note 11 for further information.
The following table summarizes gains (losses), net of taxes:
Three Months Ended
March 31,March 31,
20262025
Gains (losses)$34.9 $(48.2)
Tax effect(8.6)11.9 
Gains (losses), net of taxes
$26.3 $(36.3)
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 (income) expense - net. See Note 15 for further information.