v3.26.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk
The Company uses derivative financial instruments to manage its currency exchange rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.
Notional Amount
June 30,
2026		December 31,
2025
(in millions)
Foreign currency forward exchange contracts$1,997.3 $2,079.5 
Cross-currency swap contracts300.0 300.0 
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Condensed Consolidated Balance Sheets
The following table presents the location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheets (in millions):
Fair Value
Derivatives designated as hedging instrumentsBalance Sheet
Location		June 30,
2026		December 31,
2025
Assets
Foreign currency contractsOther current assets$36.8 $15.6 
Foreign currency contractsOther assets$5.4 $1.5 
Cross-currency swap contractsOther assets$9.2 $4.3 
Liabilities
Foreign currency contractsAccrued and other liabilities$6.3 $25.3 
Foreign currency contractsOther liabilities$— $1.7 
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets
The following table presents the effect of master-netting agreements and rights of offset on the condensed consolidated balance sheets (in millions):
Gross Amounts
Not Offset in
the Consolidated
Balance Sheet
Gross Amounts
Offset in the
Consolidated
Balance Sheet
Net Amounts
Presented in the
Consolidated
Balance Sheet
June 30, 2026Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative assets
Foreign currency contracts$42.2 $— $42.2 $(6.2)$— $36.0 
Cross-currency swap contracts$9.2 $— $9.2 $— $— $9.2 
Derivative liabilities
Foreign currency contracts$6.3 $— $6.3 $(6.2)$— $0.1 
December 31, 2025
Derivative assets
Foreign currency contracts$17.1 $— $17.1 $(10.4)$— $6.7 
Cross-currency swap contracts$4.3 $— $4.3 $— $— $4.3 
Derivative liabilities
Foreign currency contracts$27.0 $— $27.0 $(10.4)$— $16.6 
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Liabilities
The following table presents the effect of master-netting agreements and rights of offset on the condensed consolidated balance sheets (in millions):
Gross Amounts
Not Offset in
the Consolidated
Balance Sheet
Gross Amounts
Offset in the
Consolidated
Balance Sheet
Net Amounts
Presented in the
Consolidated
Balance Sheet
June 30, 2026Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative assets
Foreign currency contracts$42.2 $— $42.2 $(6.2)$— $36.0 
Cross-currency swap contracts$9.2 $— $9.2 $— $— $9.2 
Derivative liabilities
Foreign currency contracts$6.3 $— $6.3 $(6.2)$— $0.1 
December 31, 2025
Derivative assets
Foreign currency contracts$17.1 $— $17.1 $(10.4)$— $6.7 
Cross-currency swap contracts$4.3 $— $4.3 $— $— $4.3 
Derivative liabilities
Foreign currency contracts$27.0 $— $27.0 $(10.4)$— $16.6 
Schedule of Effect of Derivative Instruments on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income
The following table presents the effect of derivative and non-derivative hedging instruments on the condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (in millions):
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative
(Effective Portion)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Cash flow hedges
Foreign currency contracts$16.1 $(61.8)$38.1 $(89.4)
Net investment hedges
Cross-currency swap contracts$(0.8)$(24.5)$4.9 $(32.6)
Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on the Condensed Consolidated Statements of Operations
The following tables present the effect of derivative instruments on the condensed consolidated statements of operations (in millions):
Location and Amount of Gain or (Loss) Recognized in Income
Three Months Ended
June 30, 2026		Six Months Ended
June 30, 2026
Cost of salesInterest income, netOther non-operating income, netCost of salesInterest income, netOther non-operating income, net
Total amounts presented in the condensed consolidated statements of operations
$(392.4)$30.0 $16.6 $(755.0)$63.5 $88.1 
The effects of cash flow hedges:
Foreign currency contracts:
Amount of loss reclassified from accumulated other comprehensive loss into income$(10.9)$— $— $(13.4)$— $— 
The effects of net investment hedges:
Cross currency swap contracts:
Amount excluded from effectiveness testing$— $1.6 $— $— $3.2 $— 
The effects of non-designated hedges:
Foreign currency contracts$— $— $(1.9)$— $— $(2.5)
Location and Amount of Gain or (Loss) Recognized in Income
Three Months Ended
June 30, 2025		Six Months Ended
June 30, 2025
Cost of salesInterest income, netOther non-operating expense, netCost of salesInterest income, netOther non-operating income, net
Total amounts presented in the condensed consolidated statements of operations
$(344.4)$37.4 $(1.3)$(646.0)$73.9 $1.3 
The effects of cash flow hedges:
Foreign currency contracts:
Amount of gain reclassified from accumulated other comprehensive loss into income
$10.9 $— $— $21.1 $— $— 
The effects of net investment hedges:
Cross currency swap contracts:
Amount excluded from effectiveness testing$— $1.5 $— $— $3.2 $— 
The effects of non-designated hedges:
Foreign currency contracts$— $— $6.8 $— $— $(4.5)