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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gains (Losses) Relating to Derivative Instruments Recorded in Other Comprehensive Income (Loss) | The following table summarize s gains (losses) relating to derivative instruments recorded in other comprehensive income (loss) during the three and six months ended June 30, 2025 and 2024:
|  | Amount of (Loss) Gain Recognized in Other Comprehensive Income (Loss) |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
|  | (in millions) |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts relating to inventory and intercompany management fee hedges |  | $ | (2.1 | ) |  | $ | 6.6 |  |  | $ | (2.0 | ) |  | $ | 4.8 |
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 and six months ended June 30, 2025 and 2024 was as follows:
|  | Location and Amount of Gain (Loss) Recognized in Income on Cash Flow Hedging Relationships |
|  | Three Months Ended |
|  | June 30, 2025 |  |  | June 30, 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 |  | $ | 276.9 |  |  | $ | 447.9 |  |  | $ | 53.6 |  |  | $ | 283.1 |  |  | $ | 502.3 |  |  | $ | 57.7 |
Foreign exchange currency contracts relating to inventory hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss to income |  |  | 3.0 |  |  |  | — |  |  |  | — |  |  |  | (0.5 | ) |  |  | — |  |  |  | — |
Amount of loss excluded from assessment of effectiveness recognized in income |  |  | (1.5 | ) |  |  | — |  |  |  | — |  |  |  | (1.0 | ) |  |  | — |  |  |  | — |
Foreign exchange currency contracts relating to intercompany management fee hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | (0.3 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | Location and Amount of Gain (Loss) Recognized in Income on Cash Flow Hedging Relationships |
|  | Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 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 |  | $ | 542.1 |  |  | $ | 879.8 |  |  | $ | 105.6 |  |  | $ | 568.1 |  |  | $ | 994.5 |  |  | $ | 95.6 |
Foreign exchange currency contracts relating to inventory hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss to income |  |  | 6.9 |  |  |  | — |  |  |  | — |  |  |  | (1.2 | ) |  |  | — |  |  |  | — |
Amount of loss excluded from assessment of effectiveness recognized in income |  |  | (2.4 | ) |  |  | — |  |  |  | — |  |  |  | (2.0 | ) |  |  | — |  |  |  | — |
Foreign exchange currency contracts relating to intercompany management fee hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | (0.1 | ) |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | — |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | 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 and six months ended June 30, 2025 and 2024:
|  | Amount of (Loss) Gain Recognized in Income |  |  |
|  | Three Months Ended |  |  | Six Months Ended |  |  |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |  |  | Location of (Loss) Gain Recognized in Income
|  | (in millions) |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts |  | $ | (9.4 | ) |  | $ | 3.8 |  |  | $ | (11.4 | ) |  | $ | 3.1 |  |  | Selling, general, and administrative expenses

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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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