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DERIVATIVES AND HEDGING
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING
Note 14 — DERIVATIVES AND HEDGING
We are exposed to market risks, such as changes in foreign currency exchange rates and interest rates. To manage the volatility related to these exposures we may enter into various derivative transactions. We formally assess, designate and document, as a hedge of an underlying exposure, the qualifying derivative instrument that will be accounted for as an accounting hedge at inception. Additionally, we assess both at inception and at least quarterly thereafter, whether the financial instruments used in the hedging transaction are effective at offsetting changes in either the fair values or cash flows of the underlying exposures. In accordance with ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12), that ongoing assessment may be done qualitatively for highly effective relationships.
Net Investment Hedge
As a means of mitigating the impact of currency fluctuations on our Euro investments in foreign entities, we have executed cross-currency swaps, in which we pay fixed-rate interest in Euros and receive fixed-rate interest in U.S. dollars related to our future obligations to exchange Euros for U.S. dollars. In November 2024, the Company completed a transaction to effectively amend and extend cross-currency swaps maturing in May 2025, which had a combined notional amount of €1,467.2 million. The liability position of the existing cross-currency swaps was blended into new cross-currency swap agreements. In November 2024, the Company also entered into an additional cross-currency swap agreement, which had a combined notional amount of €208.2 million, to further hedge its net investment in its European operations.
We designated the cross-currency swaps as net investment hedges of our net investment in our European operations under ASU 2017-12 and applied the spot method to these hedges. The changes in fair value of the derivative instruments that are designated and qualify as hedges of net investments in foreign operations are recognized within Accumulated Other Comprehensive Income (Loss) (AOCI) to offset the changes in the values of the net investment being hedged. For the years ended December 31, 2025 and 2024, a loss of $210.2 million and a gain of $77.3 million, respectively, were recognized within translation adjustments in AOCI, net of tax.
These cross-currency swaps effectively convert a portion of our U.S. dollar denominated fixed-rate debt to Euro denominated fixed-rate debt. Included in Interest expense, net within the Consolidated Statements of Income are benefits of $36.1 million, $38.4 million and $38.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, related to net interest payments received from counterparties.
All of our derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. We determine the fair value of our derivatives based on valuation methods, which project future cash flows and discount the future amounts present value using market based observable inputs, including interest rate curves and foreign currency rates. The fair value of derivative financial instruments recognized in the Consolidated Balance Sheets as of December 31, 2025 and 2024 is as follows:
(In millions)Notional
Amount		Other non-current
assets		Other current
liabilities		Other non-current
liabilities
December 31, 2025
November 2026 maturity€700.0 $— $94.8 $— 
August 2027 maturity900.0 — — 155.5 
January 2028 maturity510.5 — — 68.8 
January 2029 maturity464.9 — — 61.8 
Total€2,575.4 $— $94.8 $286.1 
December 31, 2024
November 2026 maturity€700.0 $4.9 $— $15.5 
August 2027 maturity900.0 — — 55.7 
January 2028 maturity510.5 1.2 — 15.9 
January 2029 maturity464.9 — — 17.6 
Total€2,575.4 $6.1 $— $104.7