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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Accumulated Other Comprehensive Loss and Net Income Related to Derivatives The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2025 (in millions):
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net gains as of December 31, 2024
$11.7 $2.8 $8.9 
Net changes in fair value of derivatives
Foreign currency contracts(1)
0.6 0.2 0.4 
Total
0.6 0.2 0.4 
Net gains reclassified from accumulated other comprehensive loss into income
Foreign currency contracts(1)
(2.3)(0.7)(1.6)
Treasury rate locks
(0.2)(0.1)(0.1)
Total(2.5)(0.8)(1.7)
Accumulated derivative net gains as of March 31, 2025
$9.8 $2.2 $7.6 
____________________________________
(1)    The outstanding contracts as of March 31, 2025 range in maturity through December 2025.
The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2024 (in millions):
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net losses as of December 31, 2023
$(1.3)$(0.5)$(0.8)
Net changes in fair value of derivatives
Foreign currency contracts
(1.1)0.1 (1.2)
Commodity contracts
(0.3)— (0.3)
Treasury rate locks
8.2 2.1 6.1 
Total
6.8 2.2 4.6 
Net losses reclassified from accumulated other comprehensive loss into income
Foreign currency contracts
2.6 0.3 2.3 
Total2.6 0.3 2.3 
Accumulated derivative net gains as of March 31, 2024
$8.1 $2.0 $6.1 
Schedule of Derivative Instruments The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):
Notional Amount as of
March 31, 2025December 31, 2024
Cross currency swap contracts
$600.0 $600.0 

    The following table summarizes the changes in the fair value of the cross currency swap contracts designated as a net investment hedge during the three months ended March 31, 2025 and 2024 (in millions):

Gain (Loss) Recognized in Other Comprehensive Income (Loss) for the
Three Months Ended
Before-Tax AmountIncome Tax Expense (Benefit)
After-Tax Amount
March 31, 2025$(10.0)$(2.6)$(7.4)
March 31, 20244.7 1.2 3.5 
Schedule of Derivatives Not Designated as Hedging Instrument The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions):
Gain (Loss) Recognized in Net Income for the Three Months Ended
Classification of Gain (Loss)
March 31, 2025March 31, 2024
Foreign currency contractsOther expense, net$17.9 $(8.3)
Schedule of Fair Value of Derivative Instruments The table below sets forth the fair value of derivative instruments as of March 31, 2025 (in millions):
Asset Derivatives as of
March 31, 2025
Liability Derivatives as of
March 31, 2025
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$4.2 Other current liabilities$1.9 
Cross currency swap contracts
Other noncurrent assets6.2 Other noncurrent liabilities— 
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)
Other current assets5.6 Other current liabilities1.2 
Total derivative instruments$16.0 $3.1 
____________________________________
(1)    The outstanding contracts as of March 31, 2025 range in maturity through May 2025.

    The table below sets forth the fair value of derivative instruments as of December 31, 2024 (in millions):

Asset Derivatives as of
December 31, 2024
Liability Derivatives as of
December 31, 2024
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$3.7 Other current liabilities$1.6 
Commodity contractsOther current assets— Other current liabilities— 
Cross currency swap contracts
Other noncurrent assets16.2 Other noncurrent liabilities— 
Derivative instruments not designated as hedging instruments:
Foreign currency contracts
Other current assets26.1 Other current liabilities12.6 
Total derivative instruments$46.0 $14.2