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Derivatives Instruments and Hedging Activities | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Note 20 - Derivative Instruments and Hedging Activities The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are foreign currency exchange rate risk and interest rate risk. Forward contracts on various foreign currencies are entered into in order to manage the foreign currency exchange rate risk associated with certain of the Company's commitments denominated in foreign currencies. From time to time, interest rate swaps are used to manage interest rate risk associated with the Company’s fixed, and floating-rate borrowings. The Company designates certain foreign currency forward contracts as cash flow hedges of forecasted revenues and certain interest rate hedges as cash flow hedges of fixed-rate borrowings. Net Investment Hedges: As of June 30, 2026 and December 31, 2025, the Company had designated €750 million of its Euro-denominated borrowings as a hedge against its net investments in certain European subsidiaries. The objective of the hedge transactions is to protect the net investment in the foreign operations against changes in the exchange rate between the U.S. dollar and the Euro. During the three months ended June 30, 2026 and 2025, the Company recognized a gain of $7.4 million and a loss of $48.2 million to other comprehensive earnings, respectively, on Euro-denominated borrowings, net of deferred income taxes. During the six months ended June 30, 2026 and 2025, the Company recognized a gain of $18.4 million and a loss of $71.2 million, respectively. Note 20 - Derivative Instruments and Hedging Activities (continued) Cash Flow Hedging: The following table summarizes the notional and fair values as of June 30, 2026 and December 31, 2025 as well as the balance sheet classification:
Balance at June 30, 2026 | Notional Amount | Other Current Assets | Other Current Liabilities | Type of hedge
Derivatives Designated as Hedges |  |  |  |
Currency Forward Contracts | $ | 71.1 |  | $ | — |  | $ | (0.3) |  | Cash Flow Hedge
Derivatives not designated as Hedges |  |  |  |
Currency Forward contracts | 362.2 |  | 7.0 |  | 3.0 |  |
Total | $ | 433.3 |  | $ | 7.0 |  | $ | 2.7 |  |
Balance at December 31, 2025 | Notional Amount | Other Current Assets | Other Current Liabilities | Type of hedge
Derivatives Designated as Hedges |  |  |  |
Currency Forward Contracts | $ | 67.8 |  | $ | — |  | $ | 1.3 |  | Cash Flow Hedge
Derivatives not designated as Hedges |  |  |  |
Currency Forward contracts | 304.0 |  | 2.5 |  | 0.5 |  |
Total | $ | 371.8 |  | $ | 2.5 |  | $ | 1.8 |  |
Derivative Instruments not designated as Hedging Instruments: The following table presents the impact of derivative instruments not designated as hedging instruments for the three and six months ended June 30, 2026 and 2025, and the related location within the Consolidated Statements of Income.
|  | Amount of gain or (loss) recognized in income | Amount of gain or (loss) recognized in income
|  | Three Months Ended June 30, | Six Months Ended June 30,
Derivatives not designated as hedging instruments: | Location of gain or (loss) recognized in income | 2026 | 2025 | 2026 | 2025
Foreign currency forward contracts | Other expense, net | $ | 2.6 |  | $ | 1.6 |  | $ | 3.9 |  | $ | 0.5 |

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