v3.26.1
Derivative and hedging activities (Tables)
6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
As of June 30, 2026, we had the following outstanding foreign currency derivatives that were used to hedge a portion of our net investment 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 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 three and six months ended June 30, 2026 and June 30, 2025.
Effect of Net Investment Hedges on AOCI and the Income Statement
(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)
June 30,
June 30,
2026
2025
2026
2025
Three months ended:
Cross-currency swaps$1.7 $(70.3)
Interest expense, net
$1.7 $2.1 
Total$1.7 $(70.3)$1.7 $2.1 
Six months ended:
Cross-currency swaps$22.5 $(100.7)
Interest expense, net
$3.6 $5.3 
Total$22.5 $(100.7)$3.6 $5.3 
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 June 30, 2026 and December 31, 2025:
Derivative liabilities
June 30, 2026
December 31, 2025
(in millions)
Balance sheet location
Fair value
Balance sheet location
Fair value
Derivatives designated as hedging instruments:
Foreign exchange products
Other current liabilities
(87.2)
Other current liabilities
(106.1)
Total
$(87.2)$(106.1)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
The amount of gain related to the foreign currency denominated debt instruments designated as net investment hedges, classified within the foreign currency translation adjustment component of other comprehensive income or loss for the three and six months ended June 30, 2026 and June 30, 2025 is presented below:
(in millions)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Net investment hedges$(17.8)$— $(20.9)$—