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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

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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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.

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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.

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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.

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