v3.26.1
Fair value of financial instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:
(In millions)
March 31, 2026December 31, 2025

2027 Senior Unsecured Notes
  
Carrying value$600.0 600.0 
Fair value571.5 579.0 
2029 Senior Unsecured Notes
Carrying value$400.0 400.0 
Fair value405.8 412.2 
2032 Senior Unsecured Notes
Carrying value$400.0 400.0 
Fair value402.9 416.0 
Derivatives Not Designated as Hedging Instruments
The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:
(In millions)
March 31, 2026December 31, 2025

Prepaid expenses and other
$9.2 4.2 
Accrued liabilities
(2.9)(5.3)
Net asset
$6.3 (1.1)

Amounts under these contracts were recognized in other operating income (expense) as follows:

Three Months
Ended March 31,
(in millions)20262025
Derivative instrument gains (losses) included in other operating income (expense)(a)
$10.4 (12.6)
(a)Derivative instrument gains in the three months ended March 31, 2026, and derivative instrument losses in the three months ended March 31, 2025, were primarily driven by the impact of hedging currency exposures on intercompany loans denominated in the euro, the British pound, and the Mexican peso.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:
(In millions)
March 31, 2026December 31, 2025

Euro net investment hedge(a)
Prepaid expenses and other
$2.1 2.1 
Accrued liabilities
(31.2)(34.2)
Other noncurrent liabilities
(25.1)(28.3)
Zero cost collar
Prepaid expenses and other$— 0.2 
Other noncurrent asset
— — 
Other currency net investment hedges(b)
Prepaid expenses and other
$0.9 0.5 
Other noncurrent asset0.3 0.2 
Accrued liabilities(0.2)(0.7)
Other noncurrent liabilities(1.6)(1.1)
Net asset (liability)$(54.8)(61.3)
(a)At March 31, 2026, swaps with a total notional value of $215 million will terminate in May 2026 and have a weighted average maturity of 0.1 years. Swaps with a total notional value of $185 million will terminate in April 2031 and have a weighted average maturity of 4.5 years.
(b)At March 31, 2026, the total notional value was $145 million with a weighted average maturity of 1.0 years. These contracts hedge portions of our net investments in subsidiaries with functional currencies of Hong Kong dollar; Singapore dollar; Japanese yen; Israeli shekel; Swiss franc; and Canadian dollar.
The fair values of our interest rate swaps were recognized in the condensed consolidated balance sheet as follows:
(In millions)
March 31, 2026December 31, 2025

$100 million notional - June 2027 maturity (a)
Accrued liabilities
$(0.1)(0.3)
Other noncurrent liabilities
— (0.3)
$50 million notional - June 2027 maturity (a)
Prepaid expenses and other$0.1 — 
Accrued liabilities— (0.1)
Other noncurrent liabilities
— (0.1)
Net asset (liability)$— (0.8)
(a)At March 31, 2026, swaps with a total notional value of $150 million will terminate in June 2027 and have a weighted average maturity of 0.7 years.
Schedule of Interest Rate Derivatives
The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:

Three Months
Ended March 31,
(In millions)20262025
Cross currency swaps designated as net investment hedges
$(1.5)(1.2)
Amounts under our interest rate swap contracts were recognized in interest expense as follows:

Three Months
Ended March 31,
(In millions)20262025

Impact to interest expense - (benefit) cost
$(1.1)(2.5)