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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gains (Losses) Relating to Derivative Instruments Recorded in Other Comprehensive Income (Loss) | The following table summarizes gains (losses) relating to derivative instruments recorded in other comprehensive income (loss) during the three months ended March 31, 2025 and 2024:
|  | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) |
|  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
|  | (in millions) |
Derivatives designated as hedging instruments: |  |  |  |  |  |
Foreign exchange currency contracts relating to inventory and intercompany management fee hedges |  | $ | 0.1 |  |  | $ | (1.8 | )
Effect of Cash Flow Hedging Relationships on Condensed Consolidated Statements of Income | The effect of cash flow hedging relationships on the Company’s condensed consolidated statements of income for the three months ended March 31, 2025 and 2024 was as follows:
|  | Location and Amount of Gain (Loss) Recognized in Income on Cash Flow Hedging Relationships |
|  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
|  | Cost of sales |  |  | Selling, general, and administrative expenses |  |  | Interest expense, net |  |  | Cost of sales |  |  | Selling, general, and administrative expenses |  |  | Interest expense, net |
|  | (in millions) |
Total amounts presented in the condensed consolidated statements of income |  | $ | 265.2 |  |  | $ | 431.9 |  |  | $ | 52.0 |  |  | $ | 285.0 |  |  | $ | 492.2 |  |  | $ | 37.9 |
Foreign exchange currency contracts relating to inventory hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss to income |  |  | 3.9 |  |  |  | — |  |  |  | — |  |  |  | (0.7 | ) |  |  | — |  |  |  | — |
Amount of loss excluded from assessment of effectiveness recognized in income |  |  | (0.9 | ) |  |  | — |  |  |  | — |  |  |  | (1.0 | ) |  |  | — |  |  |  | — |
Foreign exchange currency contracts relating to intercompany management fee hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | — |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
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 three months ended March 31, 2025 and 2024:
|  | Amount of Loss Recognized in Income |  |  |
|  | Three Months Ended |  |  |
|  | March 31, 2025 |  |  | March 31, 2024 |  |  | Location of Loss Recognized in Income
|  | (in millions) |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange currency contracts |  | $ | (2.0 | ) |  | $ | (0.7 | ) |  | Selling, general, and administrative expenses

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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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