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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 Notional Amounts of Foreign Currency Forward Contracts

Notional amounts of foreign currency forward contracts were as follows (in millions):

						Year Ended
						December 31, 2024						December 31, 2023
European Euro (EUR)						$	54.9					$	79.9
British Pound (GBP)						101.3						72.4
Swedish Krona (SEK)						66.5						36.5
United States Dollar (USD)						97.9						22.1
Chinese Yuan (CNH)						31.9						14.1
Canadian Dollar (CAD)						35.5						7.1
Danish Krone (DKK)						57.8						5.9
Norwegian Krone (NOK)						6.8						4.4
Hungarian Forint (HUF)						6.3						3.9
Polish Zloty (PLZ)						26.7						3.8
Other(1)						16.9						3.5
Total						$	502.5					$	253.6

(1) Number consists of various currencies notional amounts, none of which individually exceed $10.0 million in either year presented.

Schedule of Balance Sheet Location and Gross Fair Value of Derivative Instruments

The balance sheet location and gross fair value of our derivative instruments were as follows (in millions):

												Year Ended
						Balance Sheet Location						December 31, 2024						December 31, 2023
Designated derivative assets:
Foreign currency forward contracts						Prepaid expenses and other current assets						$	2.1					$	—
Cross-currency swaps						Other non-current assets						14.2						—
Interest rate swap agreements						Other non-current assets						9.3						30.5
Foreign currency forward contracts						Other non-current assets						—						0.4
Total designated derivative assets												$	25.6					$	30.9
Non-designated derivative assets:
Foreign currency forward contracts						Prepaid expenses and other current assets						$	3.4					$	0.2
Total non-designated derivatives												$	3.4					$	0.2
Designated derivative liabilities:
Foreign currency forward contracts						Other accrued liabilities						$	4.1					$	—
Cross-currency swaps						Other accrued liabilities						—						75.1
Cross-currency swaps						Other non-current liabilities						46.8						96.9
Interest rate swap agreements						Other non-current liabilities						9.0						11.7
Total designated derivative liabilities												$	59.9					$	183.7
Non-designated derivative liabilities:
Foreign currency forward contracts						Other accrued liabilities						$	1.5					$	2.7
Interest rate swap agreements						Other non-current liabilities						13.6						—
Total non-designated derivative liabilities												$	15.1					$	2.7

Schedule of Amounts of (Income)/Expense Recognized in Earnings Related to Non-Designated Derivatives on the Consolidated Statements of Operations

The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Consolidated Statements of Operations were as follows (in millions):

												Year Ended
Non-Designated Derivatives						Income Statement Location						December 31, 2024						December 31, 2023						December 31, 2022
Foreign currency forward contracts						Other (income) expense, net						$	(3.4)					$	(4.0)					$	8.2
						Interest expense, net						—						(1.5)						(2.0)
												$	(3.4)					(5.5)						$	6.2
Foreign currency options						Other (income) expense, net						$	—					$	—					$	16.2

Schedule of Effect of Derivative Instruments Designated as Hedging Instruments in AOCI

The following tables summarize the effect of derivative instruments designated as hedging instruments in AOCI (in millions):

												Gain or (Loss) Reclassified from AOCI into Earnings
												Related to Amounts Included in Effectiveness Testing												Related to Amounts Excluded from Effectiveness Testing
						Amount of Gain or (Loss) Recognized in OCI(1)						Location of Gain or (Loss)						Amount Reclassified(2)						Location of Gain or (Loss)						Amount Reclassified(2)
Year Ended December 31, 2024
Cash flow hedges
Interest rate swap agreements						44.1						Interest expense, net						31.8						Interest expense, net						—
Foreign currency forward contracts						(2.1)						Net sales						(0.4)						Net sales						0.1
												Cost of sales						0.1						Cost of sales						—
																								Other (income) expense, net						(0.2)
Total Cash flow hedges						$	42.0											$	31.5											$	(0.1)
Net investment hedges
Cross-currency swaps						$	116.9																	Interest expense, net						$	28.9
Euro Notes Due 2032						$	24.6
Total Net investment hedges						$	141.5
Year Ended December 31, 2023
Cash flow hedges
Treasury locks						$	—					Interest expense, net						$	(0.1)					Interest expense, net						$	—
Interest rate swap agreements						(31.7)						Interest expense, net						23.5						Interest expense, net						—
Foreign currency forward contracts						(0.5)						Net sales						(0.1)						Net sales						0.6
												Cost of sales						0.3						Cost of sales						0.3
																								Other (income) expense, net						(0.3)
Total Cash flow hedges						$	(32.2)											$	23.6											$	0.6
Net investment hedges
Cross-currency swaps						$	(75.9)																	Interest expense, net						$	26.0
Year Ended December 31, 2022
Cash flow hedges
Treasury locks						$	—					Interest expense, net						$	(0.1)					Interest expense, net						$	—
Interest rate swap agreements						50.5						Interest expense, net						4.6						Interest expense, net						—
Foreign currency forward contracts						4.1						Net sales						1.6						Net sales						(0.5)
												Cost of sales						(4.8)						Cost of sales						(0.2)
																								Other (income) expense, net						(1.4)
Total Cash flow hedges						$	54.6											$	1.3											$	(2.1)
Net investment hedges
Cross-currency swaps						$	5.3																	Interest expense, net						$	(17.2)

(1) Net income of $29.1 million is expected to be reclassified out of AOCI into earnings during 2025.

(2) For additional details about the effect of the amounts reclassified from AOCI refer to Note 16.

Schedule of Classification and Amount of Gain/(Loss) Recognized in Earnings on Fair Value and Hedging Relationships

The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships were as follows (in millions):

						Net Sales						Cost of Sales						Interest Expense, net						Other (Income) Expense, net
Year Ended December 31, 2024
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded						$	4,373.4					$	2,830.7					$	187.8					$	(0.9)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings						$	(0.4)					$	0.1					$	—					$	—
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach						$	0.1					$	—					$	—					$	(0.2)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings						$	—					$	—					$	31.8					$	—
Year Ended December 31, 2023
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded						$	4,655.6					$	2,975.2					$	173.8					$	(10.4)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings						$	(0.1)					$	0.3					$	—					$	—
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach						$	0.6					$	0.3					$	—					$	(0.3)
Treasury locks
Amount of gain or (loss) reclassified from AOCI into earnings						$	—					$	—					$	(0.1)					$	—
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings						$	—					$	—					$	23.5					$	—
Year Ended December 31, 2022
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded						$	4,451.6					$	2,996.2					$	156.0					$	53.1
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings						$	1.6					$	(4.8)					$	—					$	—
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach						$	(0.5)					$	(0.2)					$	—					$	(1.4)
Treasury locks
Amount of gain or (loss) reclassified from AOCI into earnings						$	—					$	—					$	(0.1)					$	—
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings						$	—					$	—					$	4.6					$	—

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