v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Exchange Gain (Loss) Associated with Foreign Exchange Contracts Not Designated as Hedging Instruments
The foreign exchange gain (loss) in our condensed consolidated statements of income (loss) included the following gains (losses) associated with foreign exchange contracts not designated as hedging instruments (in millions):
Three Months Ended
March 31,
Foreign Exchange Forward Contracts:20262025
Gain (loss) recognized in foreign exchange gain (loss)$(8.5)$8.6 
Schedule of Fair Value of Outstanding Derivatives
The following tables summarize the fair value of outstanding derivatives (in millions):
ClassificationMarch 31,
2026		December 31,
2025
Assets
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsOther current assets$— $6.3 
Total fair value of derivative asset instruments$— $6.3 
Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsAccrued liabilities$8.4 $3.7 
Derivatives designated as hedging instruments:
Interest rate contractsAccrued liabilities0.1 0.5 
Total fair value of derivative liability instruments$8.5 $4.2 
Schedule of Offsetting Assets The following table summarizes the potential effect on our condensed consolidated balance sheets of offsetting our interest rate and foreign exchange forward contracts subject to such provisions as of December 31, 2025 (in millions):
December 31, 2025
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets/ Liabilities Presented in the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance Sheet
DescriptionDerivative Financial InstrumentsCash Collateral Received (Pledged)Net Amount
Derivative assets$6.3 $— $6.3 $(4.0)$— $2.3 
Derivative liabilities(4.2)— (4.2)4.0 — (0.2)
Schedule of Offsetting Liabilities The following table summarizes the potential effect on our condensed consolidated balance sheets of offsetting our interest rate and foreign exchange forward contracts subject to such provisions as of December 31, 2025 (in millions):
December 31, 2025
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets/ Liabilities Presented in the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance Sheet
DescriptionDerivative Financial InstrumentsCash Collateral Received (Pledged)Net Amount
Derivative assets$6.3 $— $6.3 $(4.0)$— $2.3 
Derivative liabilities(4.2)— (4.2)4.0 — (0.2)