v3.26.1
Comprehensive (Loss) Earnings
6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Comprehensive (Loss) Earnings Comprehensive (Loss) Earnings
Accumulated other comprehensive loss, as reflected in the condensed consolidated balance sheets, is comprised of the following:
(In millions)June 30,
2026
December 31,
2025
Accumulated other comprehensive loss:
Net unrealized loss on available-for-sale fixed income securities, net of tax$(0.9)$(0.4)
Net unrecognized gain and prior service cost related to defined benefit plans, net of tax276.2 279.6 
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships, net of tax7.2 (3.1)
Net unrecognized gain on derivatives in net investment hedging relationships, net of tax175.5 105.1 
Foreign currency translation adjustment(3,282.8)(3,088.2)
$(2,824.8)$(2,707.0)
Components of accumulated other comprehensive loss, before tax, consist of the following, for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
Gains and Losses on Derivatives in Cash Flow Hedging RelationshipsGains and Losses on Net Investment Hedges
Gains and Losses on Available-for-Sale Fixed Income Securities
Defined Pension Plan ItemsForeign Currency Translation AdjustmentTotals
(In millions)Foreign Currency Forward ContractsInterest Rate SwapsTotal
Balance at March 31, 2026, net of tax$2.1 $142.9 $(0.8)$277.8 $(3,221.8)$(2,799.8)
Other comprehensive earnings (loss) before reclassifications, before tax0.4 41.7 (0.1)(1.1)(61.0)(20.1)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales5.4 5.4 5.4 
Loss on interest rate swaps classified as cash flow hedges, included in interest expense0.9 0.9 0.9 
Amortization of prior service costs included in other (income) expense, net0.7 0.7 
Amortization of actuarial gain included in SG&A (2.3)(2.3)
Net other comprehensive earnings (loss), before tax6.7 41.7 (0.1)(2.7)(61.0)(15.4)
Income tax provision (benefit)1.6 9.1 — (1.1)— 9.6 
Balance at June 30, 2026, net of tax$7.2 $175.5 $(0.9)$276.2 $(3,282.8)$(2,824.8)
Six Months Ended June 30, 2026
Gains and Losses on Derivatives in Cash Flow Hedging RelationshipsGains and Losses on Net Investment Hedges
Gains and Losses on Available-For-Sale Fixed Income Securities
Defined Pension Plan ItemsForeign Currency Translation AdjustmentTotals
(In millions)Foreign Currency Forward ContractsInterest Rate SwapsTotal
Balance at December 31, 2025, net of tax$(3.1)$105.1 $(0.4)$279.6 $(3,088.2)$(2,707.0)
Other comprehensive earnings (loss) before reclassifications, before tax
3.0 89.9 (0.6)(1.0)(194.6)(103.3)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales
8.7 8.7 8.7 
Loss on interest rate swaps classified as cash flow hedges, included in interest expense2.1 2.1 2.1 
Amortization of prior service costs included in other (income) expense, net
1.3 1.3 
Amortization of actuarial gain included in SG&A
(4.5)(4.5)
Net other comprehensive earnings (loss), before tax
13.8 89.9 (0.6)(4.2)(194.6)(95.7)
Income tax provision (benefit)
3.5 19.5 (0.1)(0.8)— 22.1 
Balance at June 30, 2026, net of tax$7.2 $175.5 $(0.9)$276.2 $(3,282.8)$(2,824.8)
Three Months Ended June 30, 2025
Gains and Losses on Derivatives in Cash Flow Hedging RelationshipsGains and Losses on Net Investment Hedges
Gains and Losses on Available-for-Sale Fixed Income Securities
Defined Pension Plan ItemsForeign Currency Translation AdjustmentTotals
(In millions)Foreign Currency Forward ContractsInterest Rate SwapsTotal
Balance at March 31, 2025, net of tax$9.0 $359.1 $(0.8)$253.8 $(3,492.0)$(2,870.9)
Other comprehensive (loss) earnings before reclassifications, before tax(29.5)(355.2)0.2 3.4 507.0 125.9 
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales(0.7)(0.7)(0.7)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense1.2 1.2 1.2 
Amortization of actuarial gain included in SG&A (2.9)(2.9)
Net other comprehensive (loss) earnings, before tax
(29.0)(355.2)0.2 0.5 507.0 123.5 
Income tax (benefit) provision
(7.2)(76.3)— 0.5 — (83.0)
Balance at June 30, 2025, net of tax$(12.8)$80.2 $(0.6)$253.8 $(2,985.0)$(2,664.4)
Six Months Ended June 30, 2025
Gains and Losses on Derivatives in Cash Flow Hedging RelationshipsGains and Losses on Net Investment Hedges
Gains and Losses on Available-For-Sale Fixed Income Securities
Defined Pension Plan ItemsForeign Currency Translation AdjustmentTotals
(In millions)Foreign Currency Forward ContractsInterest Rate SwapsTotal
Balance at December 31, 2024, net of tax$32.3 $492.6 $(1.2)$254.2 $(3,990.8)$(3,212.9)
Other comprehensive (loss) earnings before reclassifications, before tax
(48.3)(528.9)0.8 6.1 1,005.8 435.5 
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales(10.6)(10.6)(10.6)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense2.4 2.4 2.4 
Amortization of actuarial gain included in SG&A (5.8)(5.8)
Net other comprehensive (loss) earnings, before tax
(56.5)(528.9)0.8 0.3 1,005.8 421.5 
Income tax (benefit) provision
(11.4)(116.5)0.2 0.7 — (127.0)
Balance at June 30, 2025, net of tax$(12.8)$80.2 $(0.6)$253.8 $(2,985.0)$(2,664.4)