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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments Used to Manage Currency Exchange and Interest Rate Risk
The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest 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
As of December 31,
 20242023
 (in millions)
Foreign currency forward exchange contracts$1,926.9 $1,460.3 
Cross currency swap contracts300.0 300.0 
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets
The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets (in millions):

  Fair Value
As of December 31,
 Balance Sheet Location20242023
Derivatives designated as hedging instruments   
Assets   
Foreign currency contractsOther current assets$47.4 $16.1 
Cross currency swap contractsOther assets$34.7 $23.4 
Liabilities   
Foreign currency contractsAccrued and other liabilities$6.4 $15.2 
Derivatives not designated as hedging instruments  
Liabilities
Foreign currency contractsAccrued and other liabilities$1.8 $— 
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 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
December 31, 2024Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative Assets      
Foreign currency contracts$47.4 $— $47.4 $(5.4)$— $42.0 
Cross currency swap contracts$34.7 $— $34.7 $— $— $34.7 
Derivative Liabilities      
Foreign currency contracts$8.2 $— $8.2 $(5.4)$— $2.8 
December 31, 2023      
Derivative Assets      
Foreign currency contracts$16.1 $— $16.1 $(9.4)$— $6.7 
Cross currency swap contracts$23.4 $— $23.4 $— $— $23.4 
Derivative Liabilities      
Foreign currency contracts$15.2 $— $15.2 $(9.4)$— $5.8 
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 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
December 31, 2024Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative Assets      
Foreign currency contracts$47.4 $— $47.4 $(5.4)$— $42.0 
Cross currency swap contracts$34.7 $— $34.7 $— $— $34.7 
Derivative Liabilities      
Foreign currency contracts$8.2 $— $8.2 $(5.4)$— $2.8 
December 31, 2023      
Derivative Assets      
Foreign currency contracts$16.1 $— $16.1 $(9.4)$— $6.7 
Cross currency swap contracts$23.4 $— $23.4 $— $— $23.4 
Derivative Liabilities      
Foreign currency contracts$15.2 $— $15.2 $(9.4)$— $5.8 
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income
The following table presents the effect of derivative and non-derivative hedging instruments on the consolidated statements of operations and consolidated statements of comprehensive income:

 Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative
(Effective Portion)
20242023
Cash flow hedges
Foreign currency contracts$83.8 $29.2 
Net investment hedges
Cross-currency swap contracts$11.3 $(17.3)
Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Operations
The following tables present the effect of fair value and cash flow hedge accounting on the consolidated statements of operations:

Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 
Year Ended December 31, 2024
 Cost of salesInterest income, netOther non-operating income, net
Total amounts presented in the consolidated statements of operations$(1,117.5)$(19.8)$68.9 
The effects of fair value hedges:
Foreign currency contracts:
Hedged items
— — (4.0)
Derivatives designated as hedging instruments
— — 4.0 
Amount excluded from effectiveness testing (amortized)— — 0.8 
The effects of cash flow hedges:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income35.8 — — 
The effects of net investment hedges:
Cross currency swap contracts
Amount excluded from effectiveness testing— 7.0 — 
The effects of non-designated hedges:
Foreign currency contracts:
— — 22.4 
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 
Year Ended December 31, 2023
 Cost of salesInterest income, netOther non-operating income, net
Total amounts presented in the consolidated statements of operations$(978.4)$(17.6)$13.9 
The effects of fair value hedges:
Foreign currency contracts:
Hedged items
— — (9.2)
Derivatives designated as hedging instruments
— — 9.2 
Amount excluded from effectiveness testing (amortized)— — 4.7 
The effects of cash flow hedges:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income58.9 — — 
The effects of net investment hedges:
Cross currency swap contracts
Amount excluded from effectiveness testing— 6.9 — 
The effects of non-designated hedges:
Foreign currency contracts:
— — 7.4