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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value and balance sheet location of derivative instruments

The Company had the following notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements and long-term debt designated as net investment hedges and the respective fair value of the instruments recorded in the consolidated balance sheets as follows (in millions):

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Notional
(in USD)

 

 

Fair Value

 

 

Notional
(in USD)

 

 

Fair Value

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

 

 

 

$

10.7

 

 

 

 

 

$

12.0

 

Other assets

 

 

 

 

 

11.1

 

 

 

 

 

 

8.3

 

Other long-term liabilities

 

 

 

 

 

(17.2

)

 

 

 

 

 

(26.8

)

 

$

263.3

 

 

$

4.6

 

 

$

378.3

 

 

$

(6.5

)

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,453.0

 

 

 

(8.5

)

 

 

876.0

 

 

 

(85.3

)

Total derivatives designated as hedging instruments

 

$

1,716.3

 

 

$

(3.9

)

 

$

1,254.3

 

 

$

(91.8

)

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

$

841.9

 

 

$

6.0

 

 

$

177.8

 

 

$

1.3

 

Other current liabilities

 

 

78.6

 

 

 

(0.5

)

 

 

311.7

 

 

 

(0.6

)

Total derivatives not designated as hedging instruments

 

$

920.5

 

 

$

5.5

 

 

$

489.5

 

 

$

0.7

 

Total derivatives

 

$

2,636.8

 

 

$

1.6

 

 

$

1,743.8

 

 

$

(91.1

)
Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments

The following is a summary of the gain (loss) included in Interest and other income (expense), net in the consolidated statements of income and comprehensive income related to the derivative instruments described above (in millions):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Derivatives not designated as
   hedging instruments

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

$

(1.3

)

 

$

12.4

 

 

$

(3.2

)

Embedded derivatives in purchase and
delivery contracts

 

 

(1.4

)

 

 

1.1

 

 

 

(0.1

)

 

 

(2.7

)

 

 

13.5

 

 

 

(3.3

)

Derivatives designated as cash flow
   hedging instruments

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

10.2

 

 

 

10.4

 

 

 

0.1

 

Derivatives designated as net
   investment hedging instruments

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

5.6

 

 

 

7.9

 

 

 

8.5

 

Total

 

$

13.1

 

 

$

31.8

 

 

$

5.3

 

 

The following is a summary of the gain (loss) included in Accumulated other comprehensive income, net of tax in the consolidated statements of income and comprehensive income related to the derivative instruments described above (in millions):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

(3.5

)

 

$

(5.5

)

 

$

21.2

 

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

12.9

 

 

 

(19.5

)

 

 

9.1

 

Long-term debt

 

 

58.8

 

 

 

(52.1

)

 

 

13.9

 

 

 

71.7

 

 

 

(71.6

)

 

 

23.0

 

Total

 

$

68.2

 

 

$

(77.1

)

 

$

44.2