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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk | The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.
| Notional Amount
| September 30, 2024 |  | December 31, 2023
| (in millions)
Foreign currency forward exchange contracts | $ | 2,219.8 |  |  | $ | 1,460.3 |
Cross-currency swap contracts | 300.0 |  |  | 300.0 |
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets | The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions):
|  |  |  | Fair Value
Derivatives designated as hedging instruments |  | Balance Sheet Location |  | September 30, 2024 |  | December 31, 2023
Assets |  |  |  |  |  |
Foreign currency contracts |  | Other current assets |  | $ | 5.8 |  |  | $ | 16.1 |
Cross-currency swap contracts |  | Other assets |  | $ | 21.8 |  |  | $ | 23.4 |
Liabilities |  |  |  |  |  |
Foreign currency contracts |  | Accrued and other liabilities |  | $ | 21.2 |  |  | $ | 15.2 |
Derivatives not designated as hedging instruments |  |  |  |  |  |
Liabilities |  |  |  |  |  |
Foreign currency contracts |  | Accrued and other liabilities |  | $ | 3.1 |  |  | $ | — |
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets | The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions):
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |  |
|  |  | Gross Amounts Offset in the Consolidated Balance Sheet |  |  |  |
|  |  | Net Amounts Presented in the Consolidated Balance Sheet |  |
September 30, 2024 | Gross Amounts |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 5.8 |  |  | $ | — |  |  | $ | 5.8 |  |  | $ | (3.8) |  |  | $ | — |  |  | $ | 2.0 |
Cross-currency swap contracts | $ | 21.8 |  |  | $ | — |  |  | $ | 21.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 21.8 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 24.3 |  |  | $ | — |  |  | $ | 24.3 |  |  | $ | (3.8) |  |  | $ | — |  |  | $ | 20.5 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 16.1 |  |  | $ | — |  |  | $ | 16.1 |  |  | $ | (9.4) |  |  | $ | — |  |  | $ | 6.7 |
Cross-currency swap contracts | $ | 23.4 |  |  | $ | — |  |  | $ | 23.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 23.4 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 15.2 |  |  | $ | — |  |  | $ | 15.2 |  |  | $ | (9.4) |  |  | $ | — |  |  | $ | 5.8 |
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Liabilities | The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions):
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |  |
|  |  | Gross Amounts Offset in the Consolidated Balance Sheet |  |  |  |
|  |  | Net Amounts Presented in the Consolidated Balance Sheet |  |
September 30, 2024 | Gross Amounts |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 5.8 |  |  | $ | — |  |  | $ | 5.8 |  |  | $ | (3.8) |  |  | $ | — |  |  | $ | 2.0 |
Cross-currency swap contracts | $ | 21.8 |  |  | $ | — |  |  | $ | 21.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 21.8 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 24.3 |  |  | $ | — |  |  | $ | 24.3 |  |  | $ | (3.8) |  |  | $ | — |  |  | $ | 20.5 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 16.1 |  |  | $ | — |  |  | $ | 16.1 |  |  | $ | (9.4) |  |  | $ | — |  |  | $ | 6.7 |
Cross-currency swap contracts | $ | 23.4 |  |  | $ | — |  |  | $ | 23.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 23.4 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 15.2 |  |  | $ | — |  |  | $ | 15.2 |  |  | $ | (9.4) |  |  | $ | — |  |  | $ | 5.8 |
Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income | The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions):
|  | Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion)
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Cash flow hedges |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | (40.9) |  |  | $ | 33.5 |  |  | $ | 17.0 |  |  | $ | 60.4 |
Net investment hedges |  |  |  |  |  |  |  |
Cross-currency swap contracts |  | $ | (8.7) |  |  | $ | 3.8 |  |  | $ | (1.6) |  |  | $ | (5.2) |
Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Condensed Statements of Operations | The following tables present the effect of derivative instruments on the consolidated condensed statements of operations (in millions):
| Location and Amount of Gain or (Loss) Recognized in Income
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
| Cost of sales |  |  |  | Interest income, net |  | Other non-operating income, net |  | Cost of sales |  |  |  | Interest income, net |  | Other non-operating income, net
Total amounts presented in the consolidated condensed statements of operations | $ | (262.9) |  |  |  |  | $ | 24.3 |  |  | $ | 27.9 |  |  | $ | (825.3) |  |  |  |  | $ | 56.3 |  |  | $ | 35.6 |
The effects of fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged items | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (4.0) |
Derivatives designated as hedging instruments | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 4.0 |
Amount excluded from effectiveness testing (amortized) | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 0.8 |
The effects of cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income | $ | 17.0 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 31.9 |  |  |  |  | $ | — |  |  | $ | — |
The effects of net investment hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount excluded from effectiveness testing | $ | — |  |  |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 5.1 |  |  | $ | — |
The effects of non-designated hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | — |  |  |  |  | $ | — |  |  | $ | (29.6) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 3.7 |
| Location and Amount of Gain or (Loss) Recognized in Income
| Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
| Cost of sales |  |  |  | Interest income, net |  | Other non-operating income, net |  | Cost of sales |  |  |  | Interest income, net |  | Other non-operating income, net
Total amounts presented in the consolidated condensed statements of operations | $ | (250.6) |  |  |  |  | $ | 15.1 |  |  | $ | 6.6 |  |  | $ | (727.4) |  |  |  |  | $ | 32.8 |  |  | $ | 10.3 |
The effects of fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged items | $ | — |  |  |  |  | $ | — |  |  | $ | (3.6) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (12.5) |
Derivatives designated as hedging instruments | $ | — |  |  |  |  | $ | — |  |  | $ | 3.6 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 12.5 |
Amount excluded from effectiveness testing (amortized) | $ | — |  |  |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 3.6 |
The effects of cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income | $ | 9.3 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 53.0 |  |  |  |  | $ | — |  |  | $ | — |
The effects of net investment hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount excluded from effectiveness testing | $ | — |  |  |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 5.2 |  |  | $ | — |
The effects of non-designated hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | — |  |  |  |  | $ | — |  |  | $ | 14.6 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 19.1 |

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