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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Foreign Currency Forward Contracts Outstanding | The tables below provide information about the details of all foreign currency forward contracts that were outstanding as of December 31, 2024 and 2023:
|  | Weighted- Average Contract Rate |  |  | Notional Amount |  |  | Fair Value Gain (Loss) |
|  | (in millions, except weighted-average contract rate) |
As of December 31, 2024 |  |  |  |  |  |  |  |  |
Buy British pound sell Euro |  |  | 0.93 |  |  | $ | 10.5 |  |  | $ | — |
Buy British pound sell U.S. dollar |  |  | 1.26 |  |  |  | 12.6 |  |  |  | (0.1 | )
Buy Canadian dollar sell U.S. dollar |  |  | 1.43 |  |  |  | 1.5 |  |  |  | — |
Buy Chinese yuan sell Euro |  |  | 7.57 |  |  |  | 1.0 |  |  |  | — |
Buy Chinese yuan sell U.S. dollar |  |  | 7.24 |  |  |  | 34.4 |  |  |  | (0.4 | )
Buy Czech koruna sell U.S. dollar |  |  | 23.95 |  |  |  | 3.2 |  |  |  | — |
Buy Danish krone sell U.S. dollar |  |  | 7.12 |  |  |  | 1.9 |  |  |  | — |
Buy Euro sell Australian dollar |  |  | 1.65 |  |  |  | 1.6 |  |  |  | — |
Buy Euro sell British pound |  |  | 0.83 |  |  |  | 2.6 |  |  |  | — |
Buy Euro sell Canadian dollar |  |  | 1.49 |  |  |  | 2.1 |  |  |  | — |
Buy Euro sell Chinese yuan |  |  | 7.71 |  |  |  | 10.8 |  |  |  | (0.2 | )
Buy Euro sell Indonesian rupiah |  |  | 16,926.33 |  |  |  | 3.7 |  |  |  | — |
Buy Euro sell Malaysian ringgit |  |  | 4.73 |  |  |  | 3.3 |  |  |  | (0.1 | )
Buy Euro sell Mexican peso |  |  | 21.38 |  |  |  | 122.0 |  |  |  | 2.6 |
Buy Euro sell Peruvian nuevo sol |  |  | 3.94 |  |  |  | 4.2 |  |  |  | (0.1 | )
Buy Euro sell Swiss franc |  |  | 0.94 |  |  |  | 24.9 |  |  |  | 0.1 |
Buy Euro sell Taiwan dollar |  |  | 34.54 |  |  |  | 27.9 |  |  |  | (0.4 | )
Buy Euro sell U.S. dollar |  |  | 1.05 |  |  |  | 26.6 |  |  |  | (0.3 | )
Buy Euro sell Vietnamese dong |  |  | 27,114.54 |  |  |  | 7.7 |  |  |  | (0.2 | )
Buy Hong Kong dollar sell U.S. dollar |  |  | 7.77 |  |  |  | 0.8 |  |  |  | — |
Buy Kazakhstani tenge sell U.S. dollar |  |  | 498.69 |  |  |  | 8.0 |  |  |  | (0.4 | )
Buy Korean won sell U.S. dollar |  |  | 1,440.40 |  |  |  | 7.0 |  |  |  | (0.2 | )
Buy Malaysian ringgit sell U.S. dollar |  |  | 4.47 |  |  |  | 10.6 |  |  |  | — |
Buy Mexican peso sell Euro |  |  | 21.67 |  |  |  | 35.9 |  |  |  | 0.1 |
Buy Mexican peso sell U.S. dollar |  |  | 20.32 |  |  |  | 9.9 |  |  |  | (0.3 | )
Buy Norwegian krone sell U.S. dollar |  |  | 11.17 |  |  |  | 3.7 |  |  |  | (0.1 | )
Buy Polish zloty sell U.S. dollar |  |  | 4.07 |  |  |  | 8.6 |  |  |  | (0.1 | )
Buy Romanian leu sell U.S. dollar |  |  | 4.75 |  |  |  | 0.7 |  |  |  | — |
Buy Singapore dollar sell U.S. dollar |  |  | 1.34 |  |  |  | 1.5 |  |  |  | — |
Buy Swedish krona sell U.S. dollar |  |  | 10.99 |  |  |  | 2.8 |  |  |  | — |
Buy Swiss franc sell U.S. dollar |  |  | 0.89 |  |  |  | 24.0 |  |  |  | (0.4 | )
Buy Taiwan dollar sell U.S. dollar |  |  | 32.41 |  |  |  | 6.2 |  |  |  | (0.1 | )
Buy U.S. dollar sell Brazilian real |  |  | 5.71 |  |  |  | 6.4 |  |  |  | 0.5 |
Buy U.S. dollar sell British pound |  |  | 1.27 |  |  |  | 19.0 |  |  |  | 0.3 |
Buy U.S. dollar sell Canadian dollar |  |  | 1.44 |  |  |  | 1.9 |  |  |  | — |
Buy U.S. dollar sell Colombian peso |  |  | 4,381.38 |  |  |  | 2.7 |  |  |  | — |
Buy U.S. dollar sell Euro |  |  | 1.05 |  |  |  | 214.6 |  |  |  | 3.3 |
Buy U.S. dollar sell Hong Kong dollar |  |  | 7.77 |  |  |  | 0.8 |  |  |  | — |
Buy U.S. dollar sell Korean won |  |  | 1,436.22 |  |  |  | 3.4 |  |  |  | 0.1 |
Buy U.S. dollar sell Mexican peso |  |  | 20.36 |  |  |  | 13.0 |  |  |  | 0.3 |
Buy U.S. dollar sell Philippine peso |  |  | 57.81 |  |  |  | 2.6 |  |  |  | — |
Buy U.S. dollar sell Polish zloty |  |  | 4.08 |  |  |  | 1.2 |  |  |  | — |
Buy U.S. dollar sell Romanian leu |  |  | 4.74 |  |  |  | 0.8 |  |  |  | — |
Buy U.S. dollar sell Singapore dollar |  |  | 1.34 |  |  |  | 1.1 |  |  |  | — |
Buy U.S. dollar sell Taiwan dollar |  |  | 32.45 |  |  |  | 1.8 |  |  |  | — |
Total forward contracts |  |  |  |  | $ | 691.5 |  |  | $ | 3.9 |
|  | Weighted- Average Contract Rate |  |  | Notional Amount |  |  | Fair Value Gain (Loss) |
|  | (in millions, except weighted-average contract rate) |
As of December 31, 2023 |  |  |  |  |  |  |  |  |
Buy Chinese yuan sell U.S. dollar |  |  | 7.13 |  |  | $ | 21.8 |  |  | $ | — |
Buy Danish krone sell U.S. dollar |  |  | 6.79 |  |  |  | 0.9 |  |  |  | — |
Buy Euro sell Chilean peso |  |  | 956.26 |  |  |  | 2.3 |  |  |  | — |
Buy Euro sell British pound |  |  | 0.87 |  |  |  | 1.3 |  |  |  | — |
Buy Euro sell Hong Kong dollar |  |  | 8.58 |  |  |  | 5.8 |  |  |  | — |
Buy Euro sell Indonesian rupiah |  |  | 17,045.60 |  |  |  | 3.9 |  |  |  | — |
Buy Euro sell Kazakhstani tenge |  |  | 508.75 |  |  |  | 8.9 |  |  |  | — |
Buy Euro sell Mexican peso |  |  | 20.10 |  |  |  | 70.0 |  |  |  | (2.9 | )
Buy Euro sell Peruvian nuevo sol |  |  | 4.06 |  |  |  | 1.1 |  |  |  | — |
Buy Euro sell Taiwan dollar |  |  | 34.12 |  |  |  | 1.0 |  |  |  | — |
Buy Euro sell U.S. dollar |  |  | 1.11 |  |  |  | 19.8 |  |  |  | (0.1 | )
Buy Euro sell Vietnamese dong |  |  | 26,800.00 |  |  |  | 6.2 |  |  |  | — |
Buy Kazakhstani tenge sell U.S. dollar |  |  | 457.70 |  |  |  | 9.6 |  |  |  | — |
Buy Korean won sell U.S. dollar |  |  | 1,296.13 |  |  |  | 22.2 |  |  |  | 0.1 |
Buy Mexican peso sell U.S. dollar |  |  | 17.18 |  |  |  | 12.5 |  |  |  | 0.1 |
Buy Norwegian krone sell U.S. dollar |  |  | 10.30 |  |  |  | 1.8 |  |  |  | — |
Buy Polish zloty sell U.S. dollar |  |  | 3.97 |  |  |  | 1.0 |  |  |  | — |
Buy Romanian leu sell U.S. dollar |  |  | 4.54 |  |  |  | 1.3 |  |  |  | — |
Buy Swedish krona sell U.S. dollar |  |  | 10.13 |  |  |  | 1.1 |  |  |  | — |
Buy Taiwan dollar sell U.S. dollar |  |  | 31.05 |  |  |  | 8.7 |  |  |  | 0.2 |
Buy U.S. dollar sell Brazilian real |  |  | 4.91 |  |  |  | 7.4 |  |  |  | (0.1 | )
Buy U.S. dollar sell Colombian peso |  |  | 3,970.58 |  |  |  | — |  |  |  | — |
Buy U.S. dollar sell Euro |  |  | 1.10 |  |  |  | 144.2 |  |  |  | (1.0 | )
Buy U.S. dollar sell British pound |  |  | 1.27 |  |  |  | 1.3 |  |  |  | — |
Buy U.S. dollar sell Indian rupee |  |  | 83.30 |  |  |  | 9.0 |  |  |  | — |
Buy U.S. dollar sell Japanese yen |  |  | 143.00 |  |  |  | 2.6 |  |  |  | — |
Buy U.S. dollar sell Malaysian ringgit |  |  | 4.64 |  |  |  | 7.4 |  |  |  | (0.1 | )
Buy U.S. dollar sell Mexican peso |  |  | 17.18 |  |  |  | 6.6 |  |  |  | (0.1 | )
Buy U.S. dollar sell Philippine peso |  |  | 55.70 |  |  |  | 3.6 |  |  |  | — |
Total forward contracts |  |  |  |  | $ | 383.3 |  |  | $ | (3.9 | )
Gains (Losses) Relating to Derivative Instruments Recorded in Other Comprehensive (Loss) Income | The following table summarizes gains (losses) relating to derivative instruments recorded in other comprehensive (loss) income during the years ended December 31, 2024, 2023, and 2022:
|  | Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in millions) |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts relating to inventory and intercompany management fee hedges |  | $ | 13.5 |  |  | $ | (7.7 | ) |  | $ | (5.5 | )
Interest rate swaps |  |  | — |  |  |  | — |  |  |  | 0.5 |
Effect of Cash Flow Hedging Relationships on Condensed Consolidated Statements of Income | The effect of cash flow hedging relationships on the Company’s consolidated statements of income for the years ended December 31, 2024, 2023, and 2022 was as follows:
|  | Location and Amount of Gain (Loss) Recognized in Income on Cash Flow Hedging Relationships |
|  | Year Ended December 31, |
|  | 2024 |
|  | Cost of sales |  |  | Selling, general, and administrative expenses |  |  | Interest expense |
|  | (in millions) |
Total amounts presented in the consolidated statements of income |  | $ | 1,104.3 |  |  | $ | 1,875.4 |  |  | $ | 218.3 |
Foreign exchange currency contracts relating to inventory hedges: |  |  |  |  |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss to income |  |  | 0.6 |  |  |  | — |  |  |  | — |
Amount of loss excluded from assessment of effectiveness recognized in income |  |  | (4.9 | ) |  |  | — |  |  |  | — |
Foreign exchange currency contracts relating to intercompany management fee hedges: |  |  |  |  |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | 0.1 |  |  |  | — |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | 0.3 |  |  |  | — |
|  | Location and Amount of (Loss) Gain Recognized in Income on Cash Flow Hedging Relationships |
|  | Year Ended December 31, |
|  | 2023 |
|  | Cost of sales |  |  | Selling, general, and administrative expenses |  |  | Interest expense |
|  | (in millions) |
Total amounts presented in the consolidated statements of income |  | $ | 1,191.0 |  |  | $ | 1,866.0 |  |  | $ | 165.9 |
Foreign exchange currency contracts relating to inventory hedges: |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss to income |  |  | (7.6 | ) |  |  | — |  |  |  | — |
Amount of loss excluded from assessment of effectiveness recognized in income |  |  | (5.7 | ) |  |  | — |  |  |  | — |
Foreign exchange currency contracts relating to intercompany management fee hedges: |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | (0.8 | ) |  |  | — |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | 0.4 |  |  |  | — |
Interest rate swaps: |  |  |  |  |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | — |  |  |  | 0.3 |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | — |  |  |  | — |
|  | Location and Amount of (Loss) Gain Recognized in Income on Cash Flow Hedging Relationships |
|  | Year Ended December 31, |
|  | 2022 |
|  | Cost of sales |  |  | Selling, general, and administrative expenses |  |  | Interest expense |
|  | (in millions) |
Total amounts presented in the consolidated statements of income |  | $ | 1,173.6 |  |  | $ | 1,810.4 |  |  | $ | 139.3 |
Foreign exchange currency contracts relating to inventory hedges: |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss to income |  |  | (5.3 | ) |  |  | — |  |  |  | — |
Amount of loss excluded from assessment of effectiveness recognized in income |  |  | (6.2 | ) |  |  | — |  |  |  | — |
Foreign exchange currency contracts relating to intercompany management fee hedges: |  |  |  |  |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | 2.1 |  |  |  | — |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | 0.4 |  |  |  | — |
Interest rate swaps: |  |  |  |  |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | — |  |  |  | 0.2 |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | — |  |  |  | — |
Gains (Losses) Relating to Derivative Instruments Not Designated As Hedging Instruments Recorded to Income | The following table summarizes gains (losses) recorded to income relating to derivative instruments not designated as hedging instruments during the December 31, 2024, 2023, and 2022:
|  | Amount of Gain (Loss) Recognized in Income |  |  |
|  | Year Ended December 31, |  |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | Location of Gain (Loss) Recognized in Income
|  | (in millions) |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts |  | $ | 2.8 |  |  | $ | (5.9 | ) |  | $ | (6.5 | ) |  | Selling, general, and administrative expenses

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