XML 51 R40.htm IDEA: XBRL DOCUMENT
v3.26.1

Hedging Activities and Derivative Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.
March 31, 2026
Derivative Classification |  | Notional Amount(1) |  | Fair Value(1) Other Current Assets |  | Fair Value(1) Other Assets |  | Fair Value(1) Accrued Liabilities |  | Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |  |
Interest rate swap contracts | Fair Value |  | $ | 1,000.0 |  |  | $ | 1.6 |  |  | $ | 10.7 |  |  | $ | — |  |  | $ | — |
Cross-currency interest rate swap contracts | Net investment |  | 1,332.7 |  |  | 15.6 |  |  | — |  |  | — |  |  | 107.6 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign currency forwards | Fair value |  | $ | 185.9 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency forwards | Fair value |  | 101.9 |  |  | — |  |  | — |  |  | 0.3 |  |  | — |
December 31, 2025
Derivative Classification |  | Notional Amount(1) |  | Fair Value(1) Other Current Assets |  | Fair Value(1) Other Assets |  | Fair Value(1) Accrued Liabilities |  | Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |  |
Interest rate swap contracts | Fair Value |  | $ | 1,000.0 |  |  | $ | 4.5 |  |  | $ | 15.3 |  |  | $ | — |  |  | $ | — |
Cross-currency interest rate swap contracts | Net investment |  | 1,332.7 |  |  | 10.7 |  |  | — |  |  | — |  |  | 130.5 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign currency forwards | Fair Value |  | $ | 15.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency forwards | Fair Value |  | 171.6 |  |  | — |  |  | — |  |  | 0.9 |  |  | — |
(1)Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
|  | March 31, 2026 |  | December 31, 2025
Long-term debt: |  |  |  |
Carrying amount of hedged debt |  | $ | 1,012.4 |  |  | $ | 1,019.8 |
Cumulative hedging adjustments, included in carrying amount |  | 12.4 |  |  | 19.8 |
Schedule of Cash Flow Hedges included in Other Comprehensive Income (Loss) | Gains on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2026 and 2025 are as presented in the table below.
|  |  | For the Three Month Period Ended March 31,
|  |  |  |  | 2026 |  | 2025
Gain (loss) reclassified from AOCI into income (effective portion)(1) |  |  |  |  | $ | (0.1) |  |  | $ | 3.0 |
(1)Gains (losses) on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
Schedule of Net Investment Hedges in Other Comprehensive Income (Loss) | Gains (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2026 and 2025 are as presented in the table below.
|  |  | For the Three Month Period Ended March 31,
|  |  |  |  | 2026 |  | 2025
Gain (loss) recognized in OCI on derivatives |  |  |  |  | $ | 32.2 |  |  | $ | (35.6) |
Gain reclassified from AOCI into income (effective portion)(1) |  |  |  |  | 4.4 |  |  | 5.0 |
(1)Gains on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
Schedule of Gains (Losses) on Derivative Instruments Not Designated as Accounting Hedges and Total Net Foreign Currency Gains (Losses) | The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three month periods ended March 31, 2026 and 2025 were as follows.
|  |  | For the Three Month Period Ended March 31,
|  |  |  |  | 2026 |  | 2025
Foreign currency forward contracts gains (losses) |  |  |  |  | $ | (5.4) |  |  | $ | 3.2 |
Total foreign currency transaction losses, net |  |  |  |  | (2.2) |  |  | (6.8) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CCC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC + Details
Name: | us-gaap_ScheduleOfNetInvestmentHedgesInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration