v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Accumulated Other Comprehensive Loss and Net Income Related to Derivatives The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended June 30, 2026 (in millions):
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net gains as of March 31, 2026
$0.9 $0.6 $0.3 
Net changes in fair value of derivatives:
Foreign currency contracts(1)
(3.0)(0.7)(2.3)
Total
(3.0)(0.7)(2.3)
Net losses (gains) reclassified from accumulated other comprehensive loss into income:
Foreign currency contracts(1)
3.3 0.6 2.7 
Treasury rate locks
(0.2)(0.1)(0.1)
Total3.1 0.5 2.6 
Accumulated derivative net gains as of June 30, 2026
$1.0 $0.4 $0.6 
____________________________________
(1)    The outstanding contracts as of June 30, 2026 range in maturity through December 2026.
The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended June 30, 2025 (in millions):
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net gains as of March 31, 2025$9.8 $2.2 $7.6 
Net changes in fair value of derivatives:
Foreign currency contracts
3.3 0.6 2.7 
Total
3.3 0.6 2.7 
Net gains reclassified from accumulated other comprehensive loss into income:
Foreign currency contracts
(1.4)(0.4)(1.0)
Treasury rate locks
(0.2)— (0.2)
Total(1.6)(0.4)(1.2)
Accumulated derivative net gains as of June 30, 2025
$11.5 $2.4 $9.1 

    The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2026 (in millions):

Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net gains as of December 31, 2025
$4.6 $1.4 $3.2 
Net changes in fair value of derivatives:
Foreign currency contracts(1)
(8.3)(1.9)(6.4)
Total
(8.3)(1.9)(6.4)
Net losses (gains) reclassified from accumulated other comprehensive loss into income:
Foreign currency contracts(1)
5.1 1.0 4.1 
Treasury rate locks
(0.4)(0.1)(0.3)
Total4.7 0.9 3.8 
Accumulated derivative net gains as of June 30, 2026
$1.0 $0.4 $0.6 
____________________________________
(1)    The outstanding contracts as of June 30, 2026 range in maturity through December 2026.
The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2025 (in millions):
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net gains as of December 31, 2024
$11.7 $2.8 $8.9 
Net changes in fair value of derivatives:
Foreign currency contracts
3.9 0.8 3.1 
Total
3.9 0.8 3.1 
Net gains reclassified from accumulated other comprehensive loss into income:
Foreign currency contracts
(3.7)(1.1)(2.6)
Treasury rate locks
(0.4)(0.1)(0.3)
Total(4.1)(1.2)(2.9)
Accumulated derivative net gains as of June 30, 2025
$11.5 $2.4 $9.1 
Schedule of Derivative Instruments The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):
Notional Amount as of
June 30, 2026December 31, 2025
Cross currency swap contracts
$600.0 $600.0 
    The following table summarizes the changes in the fair value of the cross currency swap contracts designated as a net investment hedge during the three and six months ended June 30, 2026 and 2025 (in millions):

Gain (Loss) Recognized in Other Comprehensive Income for the
Three Months Ended
Gain (Loss) Recognized in Other Comprehensive Income for the
Six Months Ended
Before-Tax AmountIncome Tax Expense (Benefit)
After-Tax Amount
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
June 30, 2026$0.6 $0.1 $0.5 $6.2 $1.6 $4.6 
June 30, 2025(49.3)(12.7)(36.6)(59.3)(15.3)(44.0)
Schedule of Derivatives Not Designated as Hedging Instrument The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions):
Gain (Loss) Recognized in Net Income for the Three Months Ended
Gain (Loss) Recognized in Net Income for the Six Months Ended
Classification of Gain (Loss)
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Foreign currency contracts
Other expense, net
$(13.8)$26.0 $(35.4)$43.9 
Schedule of Fair Value of Derivative Instruments The table below sets forth the fair value of derivative instruments as of June 30, 2026 (in millions):
Asset Derivatives as of
June 30, 2026
Liability Derivatives as of
June 30, 2026
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$1.8 Other current liabilities$6.7 
Cross currency swap contracts
Other noncurrent assets— Other noncurrent liabilities31.0 
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)
Other current assets5.8 Other current liabilities7.8 
Total derivative instruments$7.6 $45.5 
____________________________________
(1)    The outstanding contracts as of June 30, 2026 range in maturity through August 2026.

    The table below sets forth the fair value of derivative instruments as of December 31, 2025 (in millions):

Asset Derivatives as of
December 31, 2025
Liability Derivatives as of
December 31, 2025
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$0.8 Other current liabilities$2.5 
Cross currency swap contracts
Other noncurrent assets— Other noncurrent liabilities37.2 
Derivative instruments not designated as hedging instruments:
Foreign currency contracts
Other current assets19.4 Other current liabilities8.7 
Total derivative instruments$20.2 $48.4