v3.26.3
Hedging Activities
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Hedging Activities Hedging Activities
The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of September 30, 2026, these net investment hedges included British pound sterling-, Euro-, and Canadian dollar-denominated long-term debt. These borrowings are intended to offset translation gains and losses on the Company's net investments arising from changes in foreign currency exchange rates. The Company's hedge designations are supported by contemporaneous documentation maintained by management. Gains and losses on the designated debt instruments subsequent to hedge designation are recorded in Accumulated Other Comprehensive Income ("AOCI") as part of the foreign currency translation adjustment, consistent with the treatment of the related hedged net investments. Spot exchange rates are used to assess hedge effectiveness.
At September 30, 2026, the Company had $298.5 million of British pound sterling-denominated borrowings, $351.8 million of Canadian dollar-denominated borrowings and $1,276.2 million in Euro-denominated borrowings, designated as hedges of net investments in British pound sterling-, Canadian dollar-, and Euro-functional foreign subsidiaries. As a result of these net investment hedges, which were fully effective during the period, the Company recorded pre-tax foreign currency gains of $49.2 million in the foreign currency translation component of AOCI during the nine months ended September 30, 2026