v3.26.1
DERIVATIVES AND HEDGING TRANSACTIONS (Tables)
3 Months Ended
Mar. 31, 2026
DERIVATIVES AND HEDGING TRANSACTIONS  
Gross fair value and net value of the company's outstanding derivative assets and liabilities

Derivative Assets

Derivative Liabilities

March 31

December 31

March 31

December 31

(millions)

  ​ ​ ​

2026

2025

  ​ ​ ​

2026

2025

 

Derivatives designated as hedging instruments

Foreign currency forward contracts

$1.2

$2.9

$8.0

$6.5

Interest rate swap agreements

-

-

76.2

74.4

Cross-currency swap derivative contracts

22.0

5.8

161.3

185.0

Forward-starting interest rate lock contracts

-

-

0.3

-

Derivatives not designated as hedging instruments

Foreign currency forward contracts

12.1

14.5

11.6

13.8

Cross-currency swap derivative contracts

11.6

5.6

11.6

5.6

Gross value of derivatives

46.9

28.8

269.0

285.3

Gross amounts offset in the Consolidated Balance Sheets

(39.0)

(23.3)

(39.0)

(23.3)

Net value of derivatives

$7.9

$5.5

$230.0

$262.0

Summary of notional values of outstanding derivatives

Notional Values

March 31

December 31

(millions)

  ​ ​ ​

2026

  ​ ​ ​

2025

Foreign currency forward contracts

$2,160

$2,525

Interest rate swap agreements

1,500

1,500

Cross-currency swap derivative contracts

4,351

4,151

Forward-starting interest rate lock contracts

150

-

Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges

Carrying amount of the hedged liabilities

Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities

Line item in which the hedged item is included

March 31

December 31

March 31

December 31

(millions)

  ​ ​ ​

2026

2025

  ​ ​ ​

2026

2025

Short-term debt

$248.2

$-

$1.7

$-

Long-term debt

1,175.3

1,424.4

77.6

(78.0)

Revaluation gains and losses on euro notes and cross-currency swap derivative

First Quarter Ended 

March 31

(millions)

  ​ ​ ​

2026

2025

Revaluation gain (loss), net of tax:

Euronotes

$-

$7.1

Cross-currency swap derivative contracts

32.3

(36.9)

Total revaluation gain (loss), net of tax

$32.3

($29.8)

Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges

First Quarter Ended 

March 31

2026

2025

(millions)

COS

SG&A

Interest

  ​ ​ ​

COS

SG&A

Interest

Gain (loss) on derivatives designated as hedging instruments:

Foreign currency forward contracts

Amount of gain (loss) reclassified from AOCI to income

($0.7)

($1.0)

$-

$2.1

$1.2

$-

Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value

-

-

-

-

-

-

Interest rate swap agreements

Amount of (loss) gain reclassified from AOCI to income

-

-

(0.2)

-

-

(0.5)

Gain (loss) on derivatives not designated as hedging instruments:

Foreign currency forward contracts

Amount of gain (loss) recognized in income

-

1.0

-

-

(0.5)

-

Total gain (loss) of all derivative instruments

($0.7)

$-

($0.2)

$2.1

$0.7

($0.5)