
		June 30, 2026				December 31, 2025
		Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Liabilities	Borrowings (Note 7)	$	971.7	$	1,012.1	$	970.7	$	1,030.1

Assets and liabilities that are reflected in the accompanying condensed consolidated financial statements at fair value are not included in the above disclosures; such items include short- and long-term investment, deferred compensation and derivative financial instruments. Substantially all of these assets are considered to be Level 1 and substantially all of the Company's liabilities' fair value are considered Level 2, with the exception of derivative instruments which are considered Level 2 for both assets and liabilities.

Derivatives and Hedging. The Company is exposed to various market risks such as changes in foreign currency rates. The Company uses derivatives to manage risks related to changes in foreign currency exchange rates arising from international trade, foreign currency monetary asset and liability balances and investments in foreign subsidiaries. Refer to Note 15 of the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further information.

Net Investment Hedges. The Company designates foreign currency forwards to hedge a portion of foreign investments in its EUR and BRL denominated operations. As of June 30, 2026, this included 36 EUR-USD and 14 BRL-USD foreign currency forward instruments. The Company uses the forward method to assess hedge effectiveness for its net investment hedges. Gains and losses on these instruments are initially recognized in our Statement of Other Comprehensive Income (Loss) and are reclassified out of AOCI into gain or loss on sale of investment when the hedged net investment is either sold or substantially liquidated. Cash flows from the net investment hedges are classified as Certain other assets and liabilities on the Statement of Cash Flows.

Non-Designated Hedges. The Company uses non-designated foreign exchange forward contracts with maturities of up to 12 months to mitigate the impact of currency fluctuations on foreign currency asset and liability balances. Forward-based gains/losses are classified as foreign exchange gain (loss), net on the Statement of Earnings. Cash flows from the foreign exchange forward contracts are classified as Certain other assets and liabilities on the Statement of Cash Flows.

Fair Value of Derivatives. The following table presents the fair value of our derivative instruments and identifies the statement of financial position line items in which these amounts are included. All fair values are presented on a gross basis, consistent with the Company's policy to not elect to net derivative assets and liabilities that are subject to master netting agreements:


	June 30, 2026						December 31, 2025
	Gross notional		Other current assets		Other current liabilities		Gross notional		Other current assets		Other current liabilities
Designated forward currency exchange contracts1	$	573.1	$	7.8	$	7.0	$	417.3	$	1.0	$	(2.3)
Non-Designated forward exchange contracts2	$	845.0	8.0		10.4		$	777.7	2.2		(2.1)


Net derivatives recognized in statement of financial position			$	15.8	$	17.4			$	3.2	$	(4.4)

1 Gains (losses) in our Other comprehensive Income (loss) driven by net investment hedges was $0.6 and $3.5 for the three and six months ended June 30, 2026.