v3.25.2
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Financial Instruments and Risk Management [Abstract]  
Schedule of Derivative Instruments
The tables below present information regarding the fair values of derivative instruments and the effects of derivative instruments on our consolidated financial statements:

Derivatives not designated as hedging instruments (economic hedges):
Asset DerivativesLiability Derivatives
Fair ValueFair Value
Balance sheet classificationJune 30, 2025December 31, 2024Balance sheet classificationJune 30, 2025December 31, 2024
Foreign currency forward contractsOther current assets$7.8 $8.9 Other current liabilities$8.2 $13.1 
TRSOther current assets79.1 99.4 Other current liabilities— — 
Location of Loss (Gain) RecognizedAmount of Loss (Gain) Recognized in Income
Three months ended June 30Six months ended June 30
2025202420252024
Foreign currency forward contracts
Cost of sales$— $0.3 $(0.3)$0.4 
SG&A(0.4)(2.2)2.2 2.3 
TRS (see note 9)
Cost of sales(40.6)(7.1)(33.1)(19.9)
SG&A(56.8)(8.6)(45.2)(27.3)

Derivatives designated as cash flow hedges:
Asset DerivativesLiability Derivatives
Fair ValueFair Value
Balance sheet classificationJune 30, 2025December 31, 2024Balance sheet classificationJune 30, 2025December 31, 2024
Foreign currency forward contracts (i)
Other current assets$16.4 $3.5 Other current liabilities$2.3 $17.8 
Interest rate swaps (ii)
Other current assets3.4 6.6 Other current liabilities— — 
Interest rate swaps (ii)
Other non-current assets— — Other non-current liabilities3.2 — 
(i)    In the next twelve months, we estimate that $12.1 of existing gains, net of tax, will be reclassified from AOCI into our consolidated statement of operations, to offset transactions denominated in foreign currencies. The maximum length of time we hedge our exposure to the variability in future cash flows for forecasted foreign currency transactions is 12 months.
(ii) In the next twelve months, we estimate that $3.4 of existing gains, net of tax, will be reclassified from AOCI into our consolidated statement of operations, to offset interest payments. The maximum length of time that we hedge our exposure to the variability in future cash flows for forecasted interest payments is 4.0 years.
Loss (gain) Reclassified from AOCI into IncomeThree months ended June 30Six months ended June 30
(see note 10 for activities recorded in AOCI for the periods indicated)
2025202420252024
Foreign currency forward contracts
Cost of sales$(2.6)$3.4 $1.1 $5.9 
SG&A(1.6)0.1 (0.7)0.4 
Miscellaneous expense
— 1.6 — 5.2 
Interest rate swaps
Finance costs$(1.9)$(3.1)$(3.7)$(6.2)
Miscellaneous expense
1.3 2.5 2.6 5.2