Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

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 summarizes 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