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v3.25.2

Comprehensive Loss (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss, as reflected in the condensed consolidated balance sheets, is comprised of the following:
(In millions) | June 30, 2025 |  | December 31, 2024
Accumulated other comprehensive loss: |  |  |
Net unrealized loss on available-for-sale fixed income securities, net of tax | $ | (0.6) |  |  | $ | (1.2) |
Net unrecognized gain and prior service cost related to defined benefit plans, net of tax | 253.8 |  |  | 254.2 |
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | (12.8) |  |  | 32.3 |
Net unrecognized gain on derivatives in net investment hedging relationships, net of tax | 80.2 |  |  | 492.6 |
Foreign currency translation adjustment | (2,985.0) |  |  | (3,990.8) |
| $ | (2,664.4) |  |  | $ | (3,212.9) |
Components of Other Comprehensive Loss |
| Three Months Ended June 30, 2025
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |  | Gains and Losses on Net Investment Hedges |  | Gains and Losses on Available-for-Sale Fixed Income Securities |  | Defined Pension Plan Items |  | Foreign Currency Translation Adjustment |  | Totals
(In millions) | Foreign Currency Forward Contracts |  | Interest Rate Swaps |  | Total |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2025, net of tax |  |  |  |  | $ | 9.0 |  |  | $ | 359.1 |  |  | $ | (0.8) |  |  | $ | 253.8 |  |  | $ | (3,492.0) |  |  | $ | (2,870.9) |
Other comprehensive (loss) earnings before reclassifications, before tax |  |  |  |  | (29.5) |  |  | (355.2) |  |  | 0.2 |  |  | 3.4 |  |  | 507.0 |  |  | 125.9 |
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (0.7) |  |  |  |  | (0.7) |  |  |  |  |  |  |  |  |  |  | (0.7) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 1.2 |  |  | 1.2 |  |  |  |  |  |  |  |  |  |  | 1.2 |
Amortization of actuarial gain included in SG&A |  |  |  |  |  |  |  |  |  |  | (2.9) |  |  |  |  | (2.9) |
Net other comprehensive (loss) earnings, before tax |  |  |  |  | (29.0) |  |  | (355.2) |  |  | 0.2 |  |  | 0.5 |  |  | 507.0 |  |  | 123.5 |
Income tax (benefit) provision |  |  |  |  | (7.2) |  |  | (76.3) |  |  | — |  |  | 0.5 |  |  | — |  |  | (83.0) |
Balance at June 30, 2025, net of tax |  |  |  |  | $ | (12.8) |  |  | $ | 80.2 |  |  | $ | (0.6) |  |  | $ | 253.8 |  |  | $ | (2,985.0) |  |  | $ | (2,664.4) |
| Six Months Ended June 30, 2025
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |  | Gains and Losses on Net Investment Hedges |  | Gains and Losses on Available-for-Sale Fixed Income Securities |  | Defined Pension Plan Items |  | Foreign Currency Translation Adjustment |  | Totals
(In millions) | Foreign Currency Forward Contracts |  | Interest Rate Swaps |  | Total |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2024, net of tax |  |  |  |  | $ | 32.3 |  |  | $ | 492.6 |  |  | $ | (1.2) |  |  | $ | 254.2 |  |  | $ | (3,990.8) |  |  | $ | (3,212.9) |
Other comprehensive (loss) earnings before reclassifications, before tax |  |  |  |  | (48.3) |  |  | (528.9) |  |  | 0.8 |  |  | 6.1 |  |  | 1,005.8 |  |  | 435.5 |
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (10.6) |  |  |  |  | (10.6) |  |  |  |  |  |  |  |  |  |  | (10.6) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 2.4 |  |  | 2.4 |  |  |  |  |  |  |  |  |  |  | 2.4 |
Amortization of actuarial gain included in SG&A |  |  |  |  |  |  |  |  |  |  | (5.8) |  |  |  |  | (5.8) |
Net other comprehensive (loss) earnings, before tax |  |  |  |  | (56.5) |  |  | (528.9) |  |  | 0.8 |  |  | 0.3 |  |  | 1,005.8 |  |  | 421.5 |
Income tax (benefit) provision |  |  |  |  | (11.4) |  |  | (116.5) |  |  | 0.2 |  |  | 0.7 |  |  | — |  |  | (127.0) |
Balance at June 30, 2025, net of tax |  |  |  |  | $ | (12.8) |  |  | $ | 80.2 |  |  | $ | (0.6) |  |  | $ | 253.8 |  |  | $ | (2,985.0) |  |  | $ | (2,664.4) |
| Three Months Ended June 30, 2024
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |  | Gains and Losses on Net Investment Hedges |  | Gains and Losses on Available-for-Sale Fixed Income Securities |  | Defined Pension Plan Items |  | Foreign Currency Translation Adjustment |  | Totals
(In millions) | Foreign Currency Forward Contracts |  | Interest Rate Swaps |  | Total |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2024, net of tax |  |  |  |  | $ | 13.6 |  |  | $ | 369.6 |  |  | $ | (1.4) |  |  | $ | 266.4 |  |  | $ | (3,589.2) |  |  | $ | (2,941.0) |
Other comprehensive earnings (loss) before reclassifications, before tax |  |  |  |  | 17.1 |  |  | 68.4 |  |  | — |  |  | (2.0) |  |  | (89.7) |  |  | (6.2) |
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (10.0) |  |  |  |  | (10.0) |  |  |  |  |  |  |  |  |  |  | (10.0) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 1.6 |  |  | 1.6 |  |  |  |  |  |  |  |  |  |  | 1.6 |
Amortization of prior service costs included in SG&A |  |  |  |  |  |  |  |  |  |  | 0.6 |  |  |  |  | 0.6 |
Amortization of actuarial gain included in SG&A |  |  |  |  |  |  |  |  |  |  | (4.2) |  |  |  |  | (4.2) |
Net other comprehensive earnings (loss), before tax |  |  |  |  | 8.7 |  |  | 68.4 |  |  | — |  |  | (5.6) |  |  | (89.7) |  |  | (18.2) |
Income tax provision (benefit) |  |  |  |  | 2.1 |  |  | 14.8 |  |  | — |  |  | (0.9) |  |  | — |  |  | 16.0 |
Balance at June 30, 2024, net of tax |  |  |  |  | $ | 20.2 |  |  | $ | 423.2 |  |  | $ | (1.4) |  |  | $ | 261.7 |  |  | $ | (3,678.9) |  |  | $ | (2,975.2) |
| Six Months Ended June 30, 2024
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |  | Gains and Losses on Net Investment Hedges |  | Gains and Losses on Available-for-Sale Fixed Income Securities |  | Defined Pension Plan Items |  | Foreign Currency Translation Adjustment |  | Totals
(In millions) | Foreign Currency Forward Contracts |  | Interest Rate Swaps |  | Total |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023, net of tax |  |  |  |  | $ | (8.0) |  |  | $ | 237.1 |  |  | $ | (1.2) |  |  | $ | 271.4 |  |  | $ | (3,246.7) |  |  | $ | (2,747.4) |
Other comprehensive earnings (loss) before reclassifications, before tax |  |  |  |  | 50.8 |  |  | 237.5 |  |  | (0.3) |  |  | (4.4) |  |  | (432.2) |  |  | (148.6) |
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (16.6) |  |  |  |  | (16.6) |  |  |  |  |  |  |  |  |  |  | (16.6) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 3.2 |  |  | 3.2 |  |  |  |  |  |  |  |  |  |  | 3.2 |
Amortization of prior service costs included in SG&A |  |  |  |  |  |  |  |  |  |  | 1.1 |  |  |  |  | 1.1 |
Amortization of actuarial gain included in SG&A |  |  |  |  |  |  |  |  |  |  | (8.5) |  |  |  |  | (8.5) |
Net other comprehensive earnings (loss), before tax |  |  |  |  | 37.4 |  |  | 237.5 |  |  | (0.3) |  |  | (11.8) |  |  | (432.2) |  |  | (169.4) |
Income tax provision (benefit) |  |  |  |  | 9.2 |  |  | 51.4 |  |  | (0.1) |  |  | (2.1) |  |  | — |  |  | 58.4 |
Balance at June 30, 2024, net of tax |  |  |  |  | $ | 20.2 |  |  | $ | 423.2 |  |  | $ | (1.4) |  |  | $ | 261.7 |  |  | $ | (3,678.9) |  |  | $ | (2,975.2) |

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