DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk

The Company uses derivative financial instruments to manage its currency exchange rate risk and 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
	June 30, 2025		December 31, 2024
	(in millions)
Foreign currency forward exchange contracts	$	2,076.9	$	1,926.9
Cross-currency swap contracts	300.0		300.0

Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets

The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions):

		Fair Value
Derivatives designated as hedging instruments	Balance Sheet Location	June 30, 2025		December 31, 2024
Assets
Foreign currency contracts	Other current assets	$	8.2	$	47.4
Foreign currency contracts	Other assets	$	1.0	$	—
Cross-currency swap contracts	Other assets	$	2.1	$	34.7
Liabilities
Foreign currency contracts	Accrued and other liabilities	$	54.2	$	6.4
Foreign currency contracts	Other liabilities	$	5.4	$	—
Derivatives not designated as hedging instruments
Liabilities
Foreign currency contracts	Accrued 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 condensed 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
June 30, 2025	Gross Amounts						Financial Instruments		Cash Collateral Received		Net Amount
Derivative assets
Foreign currency contracts	$	9.2	$	—	$	9.2	$	(8.2)	$	—	$	1.0
Cross-currency swap contracts	$	2.1	$	—	$	2.1	$	—	$	—	$	2.1
Derivative liabilities
Foreign currency contracts	$	59.6	$	—	$	59.6	$	(8.2)	$	—	$	51.4
December 31, 2024
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

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 condensed 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
June 30, 2025	Gross Amounts						Financial Instruments		Cash Collateral Received		Net Amount
Derivative assets
Foreign currency contracts	$	9.2	$	—	$	9.2	$	(8.2)	$	—	$	1.0
Cross-currency swap contracts	$	2.1	$	—	$	2.1	$	—	$	—	$	2.1
Derivative liabilities
Foreign currency contracts	$	59.6	$	—	$	59.6	$	(8.2)	$	—	$	51.4
December 31, 2024
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

Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income

The following table presents the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions):

	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cash flow hedges
Foreign currency contracts	$	(61.8)	$	21.7	$	(89.4)	$	57.9
Net investment hedges
Cross-currency swap contracts	$	(24.5)	$	2.7	$	(32.6)	$	7.1

Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Condensed Statements of Operations

The following tables present the effect of derivative instruments on the consolidated condensed statements of operations (in millions):

	Location and Amount of Gain or (Loss) Recognized in Income
	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	Cost of sales		Interest income, net		Other non-operating expense (income), net		Cost of sales		Interest income, net		Other non-operating expense (income), net
Total amounts presented in the consolidated condensed statements of operations	$	(344.4)	$	37.4	$	(1.3)	$	(646.0)	$	73.9	$	1.3
The effects of cash flow hedges:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income	$	10.9	$	—	$	—	$	21.1	$	—	$	—
The effects of net investment hedges:
Cross currency swap contracts:
Amount excluded from effectiveness testing	$	—	$	1.5	$	—	$	—	$	3.2	$	—
The effects of non-designated hedges:
Foreign currency contracts	$	—	$	—	$	6.8	$	—	$	—	$	(4.5)

	Location and Amount of Gain or (Loss) Recognized in Income
	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Cost of sales		Interest income, net		Other non-operating expense (income), net		Cost of sales		Interest income, net		Other non-operating expense (income), net
Total amounts presented in the consolidated condensed statements of operations	$	(275.5)	$	15.5	$	2.0	$	(562.4)	$	32.0	$	7.7
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 income	$	12.5	$	—	$	—	$	14.9	$	—	$	—
The effects of net investment hedges:
Cross currency swap contracts:
Amount excluded from effectiveness testing	$	—	$	1.8	$	—	$	—	$	3.5	$	—
The effects of non-designated hedges:
Foreign currency contracts	$	—	$	—	$	20.9	$	—	$	—	$	33.3