v3.25.4
Derivative and hedging activities (Tables)
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
As of December 31, 2025, we had the following outstanding foreign currency derivatives that were used to hedge our net investments in foreign operations:
(value in millions)
Foreign currency derivative
Number of instruments
Notional sold
Notional purchased
Cross-currency swaps
732.1 $750.0 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of cash flow hedge accounting on AOCI for the years ended December 31, 2025 and 2024.

(in millions)
Hedging relationshipsAmount of gain or (loss) recognized in OCI on DerivativeLocation of gain or (loss) reclassified from AOCI into incomeAmount of gain or (loss) reclassified from AOCI into income
Year ended December 31,
Year ended December 31,
2025
2024
2025
2024
Interest rate products
$0.1 $5.4 
Interest expense, net
$0.4 $21.7 
Total$0.1 $5.4 $0.4 $21.7 
Derivative Instruments, Gain (Loss)
The table below presents the effect of our derivative financial instruments on the statement of operations for the years ended December 31, 2025 and 2024.
Year ended December 31,
2025
2024
(in millions)Interest expense, netInterest expense, net
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded$(169.8)$(218.8)
Amount of gain reclassified from AOCI into income
$0.4 $21.7 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the years ended December 31, 2025 and 2024.
(in millions)
Hedging relationships
Amount of gain or (loss) recognized in OCI on Derivative
Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
Year ended December 31,
Year ended December 31,
2025
2024
2025
2024
Cross currency swaps
$(89.9)$60.9 
Interest expense, net
$9.2 $12.7 
Total$(89.9)$60.9 $9.2 $12.7 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2025 and 2024:

Derivative assets
Derivative liabilities
December 31,
December 31,
2025
2024
2025
2024
(in millions)
Balance sheet location
Fair value
Balance sheet location
Fair value
Balance sheet location
Fair value
Balance sheet location
Fair value
Derivatives designated as hedging instruments:
Interest rate products
Other current assets
$— 
Other current assets
$0.3 
Other current liabilities
$— 
Other current liabilities
$— 
Foreign exchange products
Other current assets
— 
Other current assets
— 
Other current liabilities
(106.1)
Other current liabilities
(7.0)
Total
$— $0.3 $(106.1)$(7.0)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
The amount of loss related to the foreign currency denominated debt designated as a net investment hedge, classified within the foreign currency translation adjustment component of other comprehensive income or loss, is presented below:
(in millions)Year ended December 31,
202520242023
Net investment hedges$3.0 $3.3 $15.0