v3.25.2
DERIVATIVES AND HEDGING
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
Net Investment Hedges
The Company has entered into U.S. Dollar to euro cross currency swap contracts with various counterparties to hedge the Company’s net investment in its European operations. During the term of the contracts, the Company will pay fixed-rate interest in euros and receive fixed-rate interest in U.S. Dollars, thereby effectively converting a portion of the Company’s U.S. Dollar denominated fixed-rate debt to euro denominated fixed-rate debt. The outstanding contracts as of June 30, 2025 are summarized by maturity date in the table below.
Notional ValueMaturity Date
$200.0 August 8, 2025
687.7 June 1, 2027
100.0 March 1, 2028
525.0 August 15, 2029
200.0 September 1, 2031
$1,712.7 
The following table summarizes the balance sheet location of the cross currency swap contracts. See Note 13 for additional information on the fair value of these contracts.
June 30,December 31,June 30,
202520242024
Other current assets$— $9.4 $1.5 
Other assets— 39.5 7.0 
Other accruals16.5 — — 
Other long-term liabilities127.6 — 0.1 
The changes in fair value of the cross currency swap contracts are recognized in the foreign currency translation adjustments component of AOCI. The following table summarizes the unrealized (losses) gains:
Three Months EndedSix Months Ended
June 30,June 30,June 30,June 30,
2025202420252024
(Losses) gains$(144.7)$7.7 $(192.9)$32.0 
Tax effect35.7 (1.9)47.6 (7.9)
(Losses) gains, net of taxes
$(109.0)$5.8 $(145.3)$24.1 
Cash Flow Hedges
In April 2025, the Company entered into interest rate lock contracts with an aggregate notional amount of $300 million in anticipation of a probable issuance of new long-term fixed rate debt within the next twelve months. These contracts hedge the variability in the benchmark interest rate (US Treasury) and were recorded as an asset of $4.1 million within Other current assets at June 30, 2025. See Notes 11 and 13 for information on the related component recognized in AOCI and fair value, respectively.
Derivatives Not Designated as Hedging Instruments
The Company enters into foreign currency option and forward contracts with maturity dates less than twelve months primarily to hedge against value changes in foreign currency. The related gains and losses are recorded in Other expense (income) - net. See Note 15 for further details. There were no material foreign currency option and forward contracts outstanding at June 30, 2025, December 31, 2024 and June 30, 2024.