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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2026
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 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
| June 30, 2026 |  | December 31, 2025
| (in millions)
Foreign currency forward exchange contracts | $ | 1,997.3 |  |  | $ | 2,079.5 |
Cross-currency swap contracts | 300.0 |  |  | 300.0 |
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Condensed Consolidated Balance Sheets | The following table presents the location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheets (in millions):
|  |  |  | Fair Value
Derivatives designated as hedging instruments |  | Balance Sheet Location |  | June 30, 2026 |  | December 31, 2025
Assets |  |  |  |  |  |
Foreign currency contracts |  | Other current assets |  | $ | 36.8 |  |  | $ | 15.6 |
Foreign currency contracts |  | Other assets |  | $ | 5.4 |  |  | $ | 1.5 |
Cross-currency swap contracts |  | Other assets |  | $ | 9.2 |  |  | $ | 4.3 |
Liabilities |  |  |  |  |  |
Foreign currency contracts |  | Accrued and other liabilities |  | $ | 6.3 |  |  | $ | 25.3 |
Foreign currency contracts |  | Other liabilities |  | $ | — |  |  | $ | 1.7 |
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 condensed consolidated 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 |  |
June 30, 2026 | Gross Amounts |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 42.2 |  |  | $ | — |  |  | $ | 42.2 |  |  | $ | (6.2) |  |  | $ | — |  |  | $ | 36.0 |
Cross-currency swap contracts | $ | 9.2 |  |  | $ | — |  |  | $ | 9.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 9.2 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 6.3 |  |  | $ | — |  |  | $ | 6.3 |  |  | $ | (6.2) |  |  | $ | — |  |  | $ | 0.1 |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 17.1 |  |  | $ | — |  |  | $ | 17.1 |  |  | $ | (10.4) |  |  | $ | — |  |  | $ | 6.7 |
Cross-currency swap contracts | $ | 4.3 |  |  | $ | — |  |  | $ | 4.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.3 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 27.0 |  |  | $ | — |  |  | $ | 27.0 |  |  | $ | (10.4) |  |  | $ | — |  |  | $ | 16.6 |
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 condensed consolidated 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 |  |
June 30, 2026 | Gross Amounts |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 42.2 |  |  | $ | — |  |  | $ | 42.2 |  |  | $ | (6.2) |  |  | $ | — |  |  | $ | 36.0 |
Cross-currency swap contracts | $ | 9.2 |  |  | $ | — |  |  | $ | 9.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 9.2 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 6.3 |  |  | $ | — |  |  | $ | 6.3 |  |  | $ | (6.2) |  |  | $ | — |  |  | $ | 0.1 |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 17.1 |  |  | $ | — |  |  | $ | 17.1 |  |  | $ | (10.4) |  |  | $ | — |  |  | $ | 6.7 |
Cross-currency swap contracts | $ | 4.3 |  |  | $ | — |  |  | $ | 4.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.3 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 27.0 |  |  | $ | — |  |  | $ | 27.0 |  |  | $ | (10.4) |  |  | $ | — |  |  | $ | 16.6 |
Schedule of Effect of Derivative Instruments on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income | The following table presents the effect of derivative and non-derivative hedging instruments on the condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (in millions):
|  | Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion)
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Cash flow hedges |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 16.1 |  |  | $ | (61.8) |  |  | $ | 38.1 |  |  | $ | (89.4) |
Net investment hedges |  |  |  |  |  |  |  |
Cross-currency swap contracts |  | $ | (0.8) |  |  | $ | (24.5) |  |  | $ | 4.9 |  |  | $ | (32.6) |
Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on the Condensed Consolidated Statements of Operations | The following tables present the effect of derivative instruments on the condensed consolidated statements of operations (in millions):
| Location and Amount of Gain or (Loss) Recognized in Income
| Three Months Ended June 30, 2026 |  | Six Months Ended June 30, 2026
| 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 condensed consolidated statements of operations | $ | (392.4) |  |  |  |  | $ | 30.0 |  |  | $ | 16.6 |  |  | $ | (755.0) |  |  |  |  | $ | 63.5 |  |  | $ | 88.1 |
The effects of cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss into income | $ | (10.9) |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (13.4) |  |  |  |  | $ | — |  |  | $ | — |
The effects of net investment hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount excluded from effectiveness testing | $ | — |  |  |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 3.2 |  |  | $ | — |
The effects of non-designated hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | — |  |  |  |  | $ | — |  |  | $ | (1.9) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (2.5) |
| Location and Amount of Gain or (Loss) Recognized in Income
| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
| Cost of sales |  |  |  | Interest income, net |  | Other non-operating expense, net |  | Cost of sales |  |  |  | Interest income, net |  | Other non-operating income, net
Total amounts presented in the condensed consolidated statements of operations | $ | (344.4) |  |  |  |  | $ | 37.4 |  |  | $ | (1.3) |  |  | $ | (646.0) |  |  |  |  | $ | 73.9 |  |  | $ | 1.3 |
The effects of cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss into income | $ | 10.9 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 21.1 |  |  |  |  | $ | — |  |  | $ | — |
The effects of net investment hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount excluded from effectiveness testing | $ | — |  |  |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 3.2 |  |  | $ | — |
The effects of non-designated hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | — |  |  |  |  | $ | — |  |  | $ | 6.8 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (4.5) |

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