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DERIVATIVES AND HEDGING TRANSACTIONS (Tables) | 3 Months Ended
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Mar. 31, 2025
DERIVATIVES AND HEDGING TRANSACTIONS |
Gross fair value and net value of the company's outstanding derivative assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Derivative Assets | Derivative Liabilities
​ | ​ | ​ | March 31 | ​ | December 31 | ​ | March 31 | ​ | December 31 | ​
(millions) |  | ​ | 2025 | ​ | 2024 |  | 2025 | ​ | 2024 |
Derivatives designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | $14.1 | ​ | ​ | ​ | $11.4 | ​ | ​ | $3.2 | ​ | ​ | ​ | $3.2 | ​
Interest rate swap agreements | ​ | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 114.3 | ​ | ​ | ​ | 138.5 | ​
Cross-currency swap derivative contracts | ​ | ​ | ​ | 45.9 | ​ | ​ | ​ | 82.1 | ​ | ​ | 34.6 | ​ | ​ | ​ | 19.5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | 14.6 | ​ | ​ | ​ | 27.0 | ​ | ​ | 15.1 | ​ | ​ | ​ | 24.8 | ​
Cross-currency swap derivative contracts | ​ | ​ | ​ | 28.6 | ​ | ​ | ​ | 36.9 | ​ | ​ | 28.6 | ​ | ​ | ​ | 36.9 | ​
Gross value of derivatives | ​ | ​ | ​ | 103.2 | ​ | ​ | ​ | 157.4 | ​ | ​ | 195.8 | ​ | ​ | ​ | 222.9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross amounts offset in the Consolidated Balance Sheets | ​ | ​ | ​ | (56.6) | ​ | ​ | ​ | (98.9) | ​ | ​ | (56.6) | ​ | ​ | ​ | (98.9) | ​
Net value of derivatives | ​ | ​ | ​ | $46.6 | ​ | ​ | ​ | $58.5 | ​ | ​ | $139.2 | ​ | ​ | ​ | $124.0 | ​
​
Summary of notional values of outstanding derivatives | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional Values
​ | ​ | ​ | March 31 | ​ | ​ | December 31
(millions) | ​ |  | 2025 | ​ |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | $2,146 | ​ | ​ | ​ | $3,175 | ​
Interest rate swap agreements | ​ | ​ | 1,500 | ​ | ​ | ​ | 1,500 | ​
Cross-currency swap derivative contracts | ​ | ​ | 3,370 | ​ | ​ | ​ | 2,745 | ​
​
Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying amount of the hedged liabilities | ​ | ​ | Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities | ​
​ | ​ | First Quarter Ended | ​ | ​ | First Quarter Ended | ​
Line item in which the hedged item is included | ​ | March 31 | ​ | ​ | March 31 | ​
(millions) |  | 2025 | ​ | 2024 | ​ |  | 2025 | ​ | 2024 |
Long-term debt | ​ | ​ | $1,385.8 | ​ | ​ | ​ | $1,333.6 | ​ | ​ | ​ | ($116.6) | ​ | ​ | ​ | ($168.7) | ​
Revaluation gains and losses on euro notes and cross-currency swap derivative | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended
​ | ​ | March 31
(millions) |  | 2025 | ​ | 2024
Revaluation gain (loss), net of tax: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Euronotes | ​ | ​ | $7.1 | ​ | ​ | ​ | $2.5 | ​
Cross-currency swap derivative contracts | ​ | ​ | (36.9) | ​ | ​ | ​ | 6.4 | ​
Total revaluation gain (loss), net of tax | ​ | ​ | ($29.8) | ​ | ​ | ​ | $8.9 | ​
Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended | ​
​ | ​ | March 31 | ​
​ | ​ | 2025 | ​ | 2024 | ​
(millions) | ​ | ​ | COS | ​ | SG&A | ​ | Interest | ​ |  | ​ | COS | ​ | SG&A | ​ | Interest | ​
Gain (loss) on derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) reclassified from AOCI to income | ​ | ​ | $2.1 | ​ | $1.2 | ​ | $- | ​ | ​ | ​ | $- | ​ | $0.7 | ​ | $- | ​
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value | ​ | ​ | - | ​ | - | ​ | - | ​ | ​ | ​ | - | ​ | - | ​ | - | ​
Interest rate swap agreements | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of (loss) gain reclassified from AOCI to income | ​ | ​ | - | ​ | - | ​ | (0.5) | ​ | ​ | ​ | - | ​ | - | ​ | (0.5) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) on derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in income | ​ | ​ | - | ​ | (0.5) | ​ | - | ​ | ​ | ​ | - | ​ | 0.4 | ​ | - | ​
Total gain (loss) of all derivative instruments | ​ | ​ | $2.1 | ​ | $0.7 | ​ | ($0.5) | ​ | ​ | ​ | $- | ​ | $1.1 | ​ | ($0.5) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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