v3.26.1
DERIVATIVES AND HEDGING TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Gross fair value and net value of the company's outstanding derivative assets and liabilities
The following table summarizes the gross fair value and the net value of the Company’s outstanding derivatives:
Derivative AssetsDerivative Liabilities
(millions)June 30
2026		December 31
2025		June 30
2026		December 31
2025
Derivatives designated as hedging instruments
Foreign currency forward contracts$2.4 $2.9 $5.2 $6.5 
Interest rate swap agreements- - 75.4 74.4 
Cross-currency swap derivative contracts25.0 5.8 168.1 185.0 
Derivatives not designated as hedging instruments
Foreign currency forward contracts16.1 14.5 15.4 13.8 
Cross-currency swap derivative contracts11.2 5.6 11.2 5.6 
Gross value of derivatives54.7 28.8 275.3 285.3 
Gross amounts offset in the Consolidated Balance Sheets(43.9)(23.3)(43.9)(23.3)
Net value of derivatives$10.8 $5.5 $231.4 $262.0 
Schedule of notional values of outstanding derivatives
The following table summarizes the notional values of the Company’s outstanding derivatives:
Notional Values
(millions)June 30
2026		December 31
2025
Foreign currency forward contracts$2,612 $2,525 
Interest rate swap agreements1,500 1,500 
Cross-currency swap derivative contracts4,934 4,151 
Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges
The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:
Carrying amount of the hedged liabilitiesCumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities
Line item in which the hedged item is includedJune 30
2026		December 31
2025		June 30
2026		December 31
2025
(millions)
Short-term debt$248.2 $- ($1.8)$- 
Long-term debt1,175.2 1,424.4 (77.7)(78.0)
Schedule of revaluation gains and losses on euro notes and cross-currency swap derivative
The revaluation gains and losses on the Euronotes settled in 2025 and cross-currency swap derivative contracts, which are designated and effective as hedges of the Company’s net investments, have been included as a component of the cumulative translation adjustment account, and were as follows:
Second Quarter EndedSix Months Ended
June 30June 30
(millions)2026202520262025
Revaluation gain (loss), net of tax:
Euronotes$- ($41.2)$- ($34.1)
Cross-currency swap derivative contracts(8.8)(169.5)23.5 (206.4)
Total revaluation gain (loss), net of tax($8.8)($210.7)$23.5 ($240.5)
Schedule of impact on AOCI and earnings from derivative contracts qualified as cash flow hedges
The gain (loss) of all derivative instruments recognized in product and equipment cost of sales (“COS”), selling, general and administrative expenses (“SG&A”), and interest expense, net (“interest”) are summarized below.
Second Quarter Ended
June 30
20262025
(millions)COSSG&AInterestCOSSG&AInterest
Gain (loss) on derivatives designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income($3.3)($0.9)$- $2.6 $0.2 $- 
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value- - - - - - 
Interest rate swap and forward-starting lock agreements
Amount of (loss) gain reclassified from AOCI to income- - - - - (0.4)
Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income- 2.4 - - (0.9)- 
Treasury rate lock contracts
Amount of gain (loss) recognized in income- - 5.5 - - - 
Total gain (loss) of all derivative instruments($3.3)$1.5 $5.5 $2.6 ($0.7)($0.4)