v3.25.2
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value and balance sheet location of derivative instruments

The following table presents the Company’s notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements, and long-term debt designated as net investment hedges, as well as the respective fair value of the instruments (in millions):

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

Notional
(in USD)

 

 

Fair Value

 

 

Notional
(in USD)

 

 

Fair Value

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

 

 

 

$

7.3

 

 

 

 

 

$

10.7

 

Other assets

 

 

 

 

 

1.9

 

 

 

 

 

 

11.1

 

Other long-term liabilities

 

 

 

 

 

(42.8

)

 

 

 

 

 

(17.2

)

 

$

255.8

 

 

$

(33.6

)

 

$

263.3

 

 

$

4.6

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,660.7

 

 

 

(216.2

)

 

 

1,453.0

 

 

 

(8.5

)

Total derivatives designated as hedging instruments

 

$

1,916.5

 

 

$

(249.8

)

 

$

1,716.3

 

 

$

(3.9

)

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

$

52.9

 

 

$

0.2

 

 

$

841.9

 

 

$

6.0

 

Other current liabilities

 

 

956.6

 

 

 

(3.3

)

 

 

78.6

 

 

 

(0.5

)

Total derivatives not designated as hedging instruments

 

$

1,009.5

 

 

$

(3.1

)

 

$

920.5

 

 

$

5.5

 

Total derivatives

 

$

2,926.0

 

 

$

(252.9

)

 

$

2,636.8

 

 

$

1.6

 

 
Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments

The following table is a summary of the gain (loss) included in Interest and other income (expense), net in the consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

$

(26.2

)

 

$

(7.1

)

 

$

(22.0

)

 

$

(5.1

)

Embedded derivatives in purchase and delivery contracts

 

 

0.9

 

 

 

0.2

 

 

 

1.1

 

 

 

(1.1

)

 

 

(25.3

)

 

 

(6.9

)

 

 

(20.9

)

 

 

(6.2

)

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

1.8

 

 

$

2.6

 

 

$

3.7

 

 

$

5.3

 

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

1.2

 

 

 

1.4

 

 

 

2.5

 

 

 

2.9

 

 

 

3.0

 

 

 

4.0

 

 

 

6.2

 

 

 

8.2

 

Total

 

$

(22.3

)

 

$

(2.9

)

 

$

(14.7

)

 

$

2.0

 

 

The following table is a summary of the gain (loss) included in Accumulated other comprehensive income, net of tax in the consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

(1.4

)

 

$

(0.9

)

 

$

(3.5

)

 

$

0.5

 

 

 

(1.4

)

 

 

(0.9

)

 

 

(3.5

)

 

 

0.5

 

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

(20.6

)

 

$

(0.3

)

 

$

(26.0

)

 

$

9.9

 

Long-term debt

 

 

(126.9

)

 

 

(6.3

)

 

 

(158.0

)

 

 

44.2

 

 

 

(147.5

)

 

 

(6.6

)

 

 

(184.0

)

 

 

54.1

 

Total

 

$

(148.9

)

 

$

(7.5

)

 

$

(187.5

)

 

$

54.6