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DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
17. DERIVATIVE INSTRUMENTS

Interest Rate Swap Agreements — The Company manages its exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps to hedge our exposure to changes in interest rates, to reduce the volatility of our financing costs, and to achieve a desired proportion of fixed versus floating-rate debt, based on current and projected market conditions.

The Company has entered into long-term interest rate swap agreements to lock into a fixed interest rate base that have a notional value of $875.0 million as of June 30, 2025 and $1,750.0 million as of December 31, 2024. Under the terms of the agreements, $875.0 million in variable-rate debt is swapped for a weighted average fixed interest rate base of approximately 3.69% through February 29, 2028.

Commodity Contracts — Certain commodities the Company uses in the production and distribution of its products are exposed to market price risk. The Company utilizes derivative contracts to manage this risk. The majority of commodity forward contracts are not derivatives, and those that are generally qualify for the normal purchases and normal sales scope exception under the guidance for derivative instruments and hedging activities and, therefore, are not subject to its provisions. For derivative commodity contracts that do not qualify for the normal purchases and normal sales scope exception, the Company accounts for the contracts as derivatives.

The Company's derivative commodity contracts may include contracts for diesel, oil, plastics, resin, and other commodity contracts that do not meet the requirements for the normal purchases and normal sales scope exception. Diesel contracts are used to manage the Company's risk associated with the underlying cost of diesel fuel used to deliver products. Contracts for oil, plastics, and resin are used to manage the Company's risk associated with the underlying commodity cost of a significant component used in packaging materials. Other commodity contracts that are derivatives that do not meet the normal purchases and normal sales scope exception are used to manage the price risk associated with raw material costs. As of June 30, 2025 and December 31, 2024, the notional value of the commodity contracts outstanding was $77.6 million and $61.5 million, respectively. These commodity contracts have maturities expiring throughout 2025 and 2026 as of June 30, 2025.

 The following table identifies the fair value of each derivative instrument:
 Balance Sheet LocationJune 30, 2025December 31, 2024
(In millions)
Asset derivatives
Commodity contractsPrepaid expenses and other current assets$1.6 $9.1 
Interest rate swap agreementsPrepaid expenses and other current assets— 2.2 
Interest rate swap agreementsOther assets, net0.1 7.6 
 $1.7 $18.9 
Liability derivatives
Commodity contractsAccrued expenses$7.8 $— 
Interest rate swap agreementsAccrued expenses7.1 0.4 
 $14.9 $0.4 

The fair values of the commodity contracts and interest rate swap agreements are determined using Level 2 inputs. Level 2 inputs are inputs other than quoted market prices that are observable for an asset or liability, either directly or indirectly. The fair values of the commodity contracts and interest rate swap agreements are based on an analysis comparing the contract rates to the market rates at the balance sheet date.
We recognized the following gains and losses on our derivative contracts in the Condensed Consolidated Statements of Operations:
Location of (Loss) Gain
Three Months Ended
June 30,		Six Months Ended
June 30,
 
Recognized in Net Loss
2025202420252024
  (In millions)(In millions)
Mark-to-market unrealized (loss) gain
    
Commodity contractsOther expense (income), net$(9.3)$2.3 $(15.3)$1.9 
Interest rate swap agreementsOther expense (income), net(5.4)(0.8)(16.4)6.6 
Total unrealized (loss) gain
 $(14.7)$1.5 $(31.7)$8.5 
Realized (loss) gain
 
Commodity contracts
Manufacturing-related to Cost of sales and transportation-related to Selling and distribution
$(0.4)$2.3 $10.7 $3.8 
Interest rate swap agreementsInterest expense1.4 5.6 4.1 11.2 
Total realized gain
 $1.0 $7.9 $14.8 $15.0 
Total (loss) gain
 $(13.7)$9.4 $(16.9)$23.5