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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 (in millions):
|  | Before-Tax Amount |  | Income Tax Expense (Benefit) |  | After-Tax Amount
Accumulated derivative net gains as of March 31, 2025 |  | $ | 9.8 |  |  | $ | 2.2 |  |  | $ | 7.6 |
Net changes in fair value of derivatives |  |  |  |  |  |
Foreign currency contracts(1) |  | 3.3 |  |  | 0.6 |  |  | 2.7 |
Total |  | 3.3 |  |  | 0.6 |  |  | 2.7 |
Net gains reclassified from accumulated other comprehensive loss into income |  |  |  |  |  |
Foreign currency contracts(1) |  | (1.4) |  |  | (0.4) |  |  | (1.0) |
Treasury rate locks |  | (0.2) |  |  | — |  |  | (0.2) |
Total |  | (1.6) |  |  | (0.4) |  |  | (1.2) |
Accumulated derivative net gains as of June 30, 2025 |  | $ | 11.5 |  |  | $ | 2.4 |  |  | $ | 9.1 |
____________________________________ (1) The outstanding contracts as of June 30, 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 June 30, 2024 (in millions):
|  | Before-Tax Amount |  | Income Tax Expense (Benefit) |  | After-Tax Amount
Accumulated derivative net gains as of March 31, 2024 |  | $ | 8.1 |  |  | $ | 2.0 |  |  | $ | 6.1 |
Net changes in fair value of derivatives |  |  |  |  |  |
Foreign currency contracts |  | (2.8) |  |  | 0.7 |  |  | (3.5) |
Total |  | (2.8) |  |  | 0.7 |  |  | (3.5) |
Net losses (gains) reclassified from accumulated other comprehensive loss into income |  |  |  |  |  |
Foreign currency contracts |  | 1.6 |  |  | 0.1 |  |  | 1.5 |
Commodity contracts |  | 0.2 |  |  | — |  |  | 0.2 |
Treasury rate locks |  | (0.3) |  |  | (0.1) |  |  | (0.2) |
Total |  | 1.5 |  |  | — |  |  | 1.5 |
Accumulated derivative net gains as of June 30, 2024 |  | $ | 6.8 |  |  | $ | 2.7 |  |  | $ | 4.1 |
The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2025 (in millions):
|  | Before-Tax Amount |  | Income 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) |  | 3.9 |  |  | 0.8 |  |  | 3.1 |
Total |  | 3.9 |  |  | 0.8 |  |  | 3.1 |
Net gains reclassified from accumulated other comprehensive loss into income |  |  |  |  |  |
Foreign currency contracts(1) |  | (3.7) |  |  | (1.1) |  |  | (2.6) |
Treasury rate locks |  | (0.4) |  |  | (0.1) |  |  | (0.3) |
Total |  | (4.1) |  |  | (1.2) |  |  | (2.9) |
Accumulated derivative net gains as of June 30, 2025 |  | $ | 11.5 |  |  | $ | 2.4 |  |  | $ | 9.1 |
____________________________________ (1) The outstanding contracts as of June 30, 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 six months ended June 30, 2024 (in millions):
|  | Before-Tax Amount |  | Income 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 |  | (3.9) |  |  | 0.8 |  |  | (4.7) |
Commodity contracts |  | (0.3) |  |  | — |  |  | (0.3) |
Treasury rate locks |  | 8.2 |  |  | 2.1 |  |  | 6.1 |
Total |  | 4.0 |  |  | 2.9 |  |  | 1.1 |
Net losses (gains) reclassified from accumulated other comprehensive loss into income |  |  |  |  |  |
Foreign currency contracts |  | 4.2 |  |  | 0.4 |  |  | 3.8 |
Commodity contracts |  | 0.2 |  |  | — |  |  | 0.2 |
Treasury rate locks |  | (0.3) |  |  | (0.1) |  |  | (0.2) |
Total |  | 4.1 |  |  | 0.3 |  |  | 3.8 |
Accumulated derivative net gains as of June 30, 2024 |  | $ | 6.8 |  |  | $ | 2.7 |  |  | $ | 4.1 |
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
| June 30, 2025 |  | December 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 and six months ended June 30, 2025 and 2024 (in millions):
| Gain (Loss) Recognized in Other Comprehensive Income (Loss) for the Three Months Ended |  |  |  | Gain (Loss) Recognized in Other Comprehensive Income (Loss) for the Six Months Ended
| Before-Tax Amount |  | Income Tax Expense (Benefit) |  | After-Tax Amount |  |  |  |  |  |  |  | Before-Tax Amount |  | Income Tax Expense (Benefit) |  | After-Tax Amount
June 30, 2025 | $ | (49.3) |  |  | $ | (12.7) |  |  | $ | (36.6) |  |  |  |  |  |  |  |  | $ | (59.3) |  |  | $ | (15.3) |  |  | $ | (44.0) |
June 30, 2024 | 3.4 |  |  | 0.8 |  |  | 2.6 |  |  |  |  |  |  |  |  | 8.1 |  |  | 2.0 |  |  | 6.1 |
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 |  | Gain (Loss) Recognized in Net Income for the Six Months Ended
| Classification of Gain (Loss) |  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Foreign currency contracts | Other expense, net |  | $ | 26.0 |  |  | $ | (33.5) |  |  | $ | 43.9 |  |  | $ | (41.8) |
Schedule of Fair Value of Derivative Instruments | The table below sets forth the fair value of derivative instruments as of June 30, 2025 (in millions):
| Asset Derivatives as of June 30, 2025 |  | Liability Derivatives as of June 30, 2025
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | 6.3 |  |  | Other current liabilities |  | $ | 1.7 |
Cross currency swap contracts | Other noncurrent assets |  | — |  |  | Other noncurrent liabilities |  | 43.1 |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts(1) | Other current assets |  | 5.6 |  |  | Other current liabilities |  | 2.9 |
Total derivative instruments |  |  | $ | 11.9 |  |  |  |  | $ | 47.7 |
____________________________________ (1) The outstanding contracts as of June 30, 2025 range in maturity through August 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 Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | 3.7 |  |  | Other current liabilities |  | $ | 1.6 |
Commodity contracts | Other current assets |  | — |  |  | Other current liabilities |  | — |
Cross currency swap contracts | Other noncurrent assets |  | 16.2 |  |  | Other noncurrent liabilities |  | — |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | 26.1 |  |  | Other current liabilities |  | 12.6 |
Total derivative instruments |  |  | $ | 46.0 |  |  |  |  | $ | 14.2 |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 4: http://www.xbrl.org/2003/role/disclosureRef -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
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- 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
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