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DERIVATIVES AND HEDGING
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
Net Investment Hedges
The Company has entered into U.S. dollar to euro cross currency swap contracts with various counterparties to hedge the Company’s net investment in its European operations. These contracts qualified for and were designated as net investment hedges under US GAAP. During the term of the contracts, the Company will pay fixed-rate interest in euros and receive fixed-rate interest in U.S. dollars, thereby effectively converting a portion of the Company’s U.S. dollar denominated fixed-rate debt to euro denominated fixed-rate debt. The cash flow impact of these net investment hedges is classified as an investing activity in the Statements of Condensed Consolidated Cash Flows.
On September 22, 2026, the Company entered into a new cross currency swap with a notional value of $250 million, with $100 million maturing on August 15, 2028 and $150 million maturing on May 15, 2030. On August 27, 2026, the Company entered into a new cross currency swap with a notional amount of $150 million maturing on September 1, 2031. On July 29, 2026, the Company entered into a new cross currency swap with a notional amount of $100 million maturing on August 15, 2030. On April 17, 2026, the Company entered into a new cross currency swap with a notional value of $150.0 million maturing on August 15, 2030. The outstanding contracts as of September 30, 2026 are summarized by maturity date in the table below.
Notional ValueMaturity Date
$687.7 June 1, 2027
100.0 March 1, 2028
300.0 August 15, 2028
525.0 August 15, 2029
150.0 May 15, 2030
250.0 August 15, 2030
350.0 September 1, 2031
$2,362.7 
The following table summarizes the location of the net investment hedges on the Consolidated Balance Sheets. See Note 13 for further information on the fair value of these contracts.
September 30,December 31,September 30,
202620252025
Other assets$5.7 $— $— 
Other accruals27.6 — — 
Other long-term liabilities42.6 122.6 128.3 
The changes in fair value of the net investment hedges are recognized in the foreign currency translation adjustments component of AOCI. See Note 11 for further information.
The following table summarizes gains (losses), net of taxes:
Three Months EndedNine Months Ended
September 30,September 30,September 30,September 30,
2026202520262025
Gains (losses)$17.5 $15.8 $58.1 $(177.1)
Tax effect(4.3)(3.9)(14.3)43.7 
Gains (losses), net of taxes
$13.2 $11.9 $43.8 $(133.4)
Cash Flow Hedges
In April 2025, the Company entered into interest rate lock contracts with an aggregate notional amount of $300.0 million in anticipation of a probable issuance of new long-term fixed rate debt within the next twelve months. These contracts hedge the variability in the benchmark interest rate (US Treasury) and settled in July 2025 for a $4.7 million gain, net of tax, which was
recognized in Other comprehensive income (loss), net of tax in the Statements of Consolidated Comprehensive Income at September 30, 2025. See Note 11 for further information on the related component recognized in AOCI.
Derivatives Not Designated as Hedging Instruments
The Company enters into foreign currency option and forward contracts with maturity dates less than twelve months, primarily to hedge against value changes in foreign currency. The related gains and losses are recorded in Other expense (income) - net. See Note 15 for further information.