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DERIVATIVES AND HEDGING TRANSACTIONS (Tables) | 9 Months Ended
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Sep. 30, 2025
DERIVATIVES AND HEDGING TRANSACTIONS |
Gross fair value and net value of the company's outstanding derivative assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Derivative Assets | Derivative Liabilities
​ | ​ | ​ | September 30 | ​ | December 31 | ​ | September 30 | ​ | December 31 | ​
(millions) |  | ​ | 2025 | ​ | 2024 |  | 2025 | ​ | 2024 |
Derivatives designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | $3.1 | ​ | ​ | ​ | $11.4 | ​ | ​ | $9.7 | ​ | ​ | ​ | $3.2 | ​
Interest rate swap agreements | ​ | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 85.4 | ​ | ​ | ​ | 138.5 | ​
Cross-currency swap derivative contracts | ​ | ​ | ​ | 3.7 | ​ | ​ | ​ | 82.1 | ​ | ​ | 181.1 | ​ | ​ | ​ | 19.5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | 9.7 | ​ | ​ | ​ | 27.0 | ​ | ​ | 8.6 | ​ | ​ | ​ | 24.8 | ​
Cross-currency swap derivative contracts | ​ | ​ | ​ | 2.9 | ​ | ​ | ​ | 36.9 | ​ | ​ | 2.9 | ​ | ​ | ​ | 36.9 | ​
Foreign currency option contracts | ​ | ​ | ​ | 1.2 | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | - | ​
Gross value of derivatives | ​ | ​ | ​ | 20.6 | ​ | ​ | ​ | 157.4 | ​ | ​ | 287.7 | ​ | ​ | ​ | 222.9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross amounts offset in the Consolidated Balance Sheets | ​ | ​ | ​ | (16.2) | ​ | ​ | ​ | (98.9) | ​ | ​ | (16.2) | ​ | ​ | ​ | (98.9) | ​
Net value of derivatives | ​ | ​ | ​ | $4.4 | ​ | ​ | ​ | $58.5 | ​ | ​ | $271.5 | ​ | ​ | ​ | $124.0 | ​
​ ​
Summary of notional values of outstanding derivatives | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional Values
​ | ​ | ​ | September 30 | ​ | ​ | December 31
(millions) | ​ |  | 2025 | ​ |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | $2,143 | ​ | ​ | ​ | $3,175 | ​
Interest rate swap agreements | ​ | ​ | 1,500 | ​ | ​ | ​ | 1,500 | ​
Cross-currency swap derivative contracts | ​ | ​ | 4,234 | ​ | ​ | ​ | 2,745 | ​
Foreign currency option contracts | ​ | ​ | 1,580 | ​ | ​ | ​ | - | ​
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 | ​
Line item in which the hedged item is included | ​ | September 30 | ​ | December 31 | ​ | September 30 | ​ | December 31
(millions) |  | 2025 | ​ | 2024 | ​ |  | 2025 | ​ | 2024
Long-term debt | ​ | ​ | $1,414.9 | ​ | ​ | ​ | $1,361.1 | ​ | ​ | ​ | ($87.5) | ​ | ​ | ​ | ($141.3) | ​
Revaluation gains and losses on euro notes and cross-currency swap derivative | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Third Quarter Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30 | ​ | September 30
(millions) |  | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024 |
Revaluation (loss) gain, net of tax: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Euronotes | ​ | ​ | $0.6 | ​ | ​ | ​ | ($8.9) | ​ | ​ | ​ | ($33.5) | ​ | ​ | ​ | ($8.4) | ​
Cross-currency swap derivative contracts | ​ | ​ | 26.4 | ​ | ​ | ​ | (32.2) | ​ | ​ | ​ | (180.0) | ​ | ​ | ​ | (20.5) | ​
Total revaluation (loss) gain, net of tax | ​ | ​ | $27.0 | ​ | ​ | ​ | ($41.1) | ​ | ​ | ​ | ($213.5) | ​ | ​ | ​ | ($28.9) | ​
Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Third Quarter Ended
​ | ​ | September 30
​ | ​ | 2025 | ​ | 2024
(millions) | ​ | ​ | COS | ​ | SG&A | ​ | Special | ​ | 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 | ​ | ​ | $0.3 | ​ | ($0.3) | ​ | $- | ​ | $- | ​ | ​ | $2.5 | ​ | $1.7 | ​ | $- | ​
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 | ​ | ​ | - | ​ | - | ​ | - | ​ | (0.4) | ​ | ​ | - | ​ | - | ​ | (0.5) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) on derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in income | ​ | ​ | - | ​ | (0.8) | ​ | - | ​ | - | ​ | ​ | - | ​ | 1.7 | ​ | - | ​
Foreign currency option contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in income | ​ | ​ | - | ​ | - | ​ | (1.6) | ​ | - | ​ | ​ | - | ​ | - | ​ | - | ​
Total gain (loss) of all derivative instruments | ​ | ​ | $0.3 | ​ | ($1.1) | ​ | ($1.6) | ​ | ($0.4) | ​ | ​ | $2.5 | ​ | $3.4 | ​ | ($0.5) | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended
​ | ​ | September 30
​ | ​ | 2025 | ​ | 2024
(millions) | ​ | ​ | COS | ​ | SG&A | ​ | Special | ​ | 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 | ​ | ​ | $5.0 | ​ | $1.1 | ​ | $- | ​ | $- | ​ | ​ | $3.7 | ​ | $3.7 | ​ | $- | ​
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 | ​ | ​ | - | ​ | - | ​ | - | ​ | (1.3) | ​ | ​ | - | ​ | - | ​ | (1.4) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) on derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in income | ​ | ​ | - | ​ | (2.2) | ​ | - | ​ | - | ​ | ​ | $- | ​ | (3.3) | ​ | $- | ​
Foreign currency option contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in income | ​ | ​ | - | ​ | - | ​ | (1.6) | ​ | - | ​ | ​ | - | ​ | - | ​ | - | ​
Total gain (loss) of all derivative instruments | ​ | ​ | $5.0 | ​ | ($1.1) | ​ | ($1.6) | ​ | ($1.3) | ​ | ​ | $3.7 | ​ | $0.4 | ​ | ($1.4) | ​
​

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