v3.26.1
Derivative Financial Instruments and Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Effect of Net Investment Hedges on AOCI

The effect of our net investment hedges on AOCL for the three months ended March 31, 2026 and 2025 was as follows:

 

 

Gain (Loss) Recognized in Other Comprehensive Income

 

 

 

Three Months Ended March 31,

 

Instrument

 

2026

 

 

2025

 

Euro Notes

 

$

16.9

 

 

$

(41.8

)

Cross-currency swaps

 

 

1.4

 

 

 

(10.5

)

 

Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCI and Earnings

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCL and earnings for the three months ended March 31, 2026 and 2025:

 

 

 

Gain (Loss) Recognized in OCI

 

 

 

 

Gain (Loss) Reclassified from AOCL into Income

 

 

 

Three Months Ended March 31,

 

 

Location of Gain (Loss) Reclassified

 

Three Months Ended March 31,

 

Instrument

 

2026

 

 

2025

 

 

from AOCL into Income

 

2026

 

 

2025

 

Forward starting interest swap

 

$

 

 

$

 

 

Interest and other expenses, net

 

$

0.1

 

 

$

0.1

 

 

Schedule of fair value hedges instruments

The following tables present the impact that the fair value hedges had on our Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025:

 

 

 

Gain (Loss) Recognized in OCI

 

 

 

 

Gain (Loss) Recognized in Income

 

 

 

Three Months Ended March 31,

 

 

Location of Gain (Loss)

 

Three Months Ended March 31,

 

Instrument

 

2026

 

 

2025

 

 

Recognized in Income

 

2026

 

 

2025

 

Intercompany CHF notes

 

$

 

 

$

 

 

 Interest and other expenses, net

 

$

(2.1

)

 

$

5.8

 

Cross-currency swaps

 

 

1.4

 

 

 

(0.8

)

 

 Interest and other expenses, net

 

 

2.1

 

 

 

(5.8

)

 

Effect of Forward Contracts not Designated as Hedging Instrument The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2026 and 2025 was as follows:

 

 

 

 

 

Gain Recognized in Income

 

 

Location of Gain

 

Three Months Ended March 31,

 

 

Instrument

 

Recognized in Income

 

2026

 

 

2025

 

 

Foreign currency forward contracts

 

 Interest and other expenses, net

 

$

0.7

 

 

$

1.3

 

 

Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:

 

 

 

Assets

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

Balance Sheet Location

 

2026

 

 

2025

 

Instruments designated as fair value hedges:

 

 

 

 

 

 

 

 

Cross-currency swaps

 

Other assets

 

 

18.4

 

 

 

14.6

 

Instruments not designated as hedges:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Accounts receivable, net

 

 

0.1

 

 

 

 

Total instruments

 

 

 

$

18.5

 

 

$

14.6

 

 

 

 

Liabilities

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

Balance Sheet Location

 

2026

 

 

2025

 

Instruments designated as net investment hedges:

 

 

 

 

 

 

 

 

Euro Notes due in 2026

 

Short-term borrowings and current maturities of long-term debt

 

$

 

 

$

586.9

 

Euro Notes due in 2027

 

Long-term debt

 

 

460.9

 

 

 

468.3

 

Euro Notes due in 2030

 

Long-term debt

 

 

573.4

 

 

 

 

Cross-currency swaps

 

Accrued liabilities

 

 

30.8

 

 

 

33.1

 

Cross-currency swaps

 

Other long-term liabilities

 

 

67.2

 

 

 

69.8

 

Instruments not designated as hedges:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Accrued liabilities

 

 

0.2

 

 

 

0.8

 

Euro Notes due in 2030

 

Long-term debt

 

 

 

 

 

583.8

 

Total instruments

 

 

 

$

1,132.5

 

 

$

1,742.7