Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Amounts Recorded On Balance Sheet Related To Cumulative Basis Adjustments For Fair Value Hedges

As of December 31, 2024 and December 31, 2023, the following amounts were recorded on our consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in millions):

	Carrying Amount of the Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Balance Sheet Line Item	December 31, 2024		December 31, 2023		December 31, 2024			December 31, 2023
Long-term debt	$	837.6	$	851.3	$	(158.6	)	$	(144.7	)

Gross Unrealized Losses from Derivative Instruments

Derivative instruments designated as cash flow hedges had the following effects, before taxes, on AOCI and net earnings on our consolidated statements of earnings, consolidated statements of comprehensive income (loss) and consolidated balance sheets (in millions):

	Amount of Gain							Amount of Gain / (Loss)
	Recognized in AOCI						Location on	Reclassified from AOCI
	Years Ended December 31,						Statement of	Years Ended December 31,
Derivative Instrument	2024		2023		2022		Earnings	2024			2023			2022
Foreign exchange forward    contracts	$	116.0	$	84.8	$	100.5	Cost of products sold	$	85.3		$	94.1		$	54.8
Forward starting interest rate    swaps		-		-		-	Interest expense, net		(0.7	)		(0.7	)		(0.7	)
	$	116.0	$	84.8	$	100.5		$	84.6		$	93.4		$	54.1

Effects of Fair Value, Cash Flow and Net Investment Hedge Accounting on Consolidated Statements of Earnings

The following table presents the effects of fair value, cash flow and net investment hedge accounting on our consolidated statements of earnings (in millions):

				Location and Amount of Gain/(Loss) Recognized in Income on Fair Value, Cash Flow and Net Investment Hedging Relationships
				Years Ended December 31,
				2024					2023					2022
				Cost of		Interest			Cost of		Interest			Cost of		Interest
				Products		Expense,			Products		Expense,			Products		Expense,
				Sold		Net			Sold		Net			Sold		Net
Total amounts of income and expense line items presented in the statements of earnings in which the effects of fair value, cash flow and net investment hedges are recorded				$	2,191.2	$	(218.0	)	$	2,083.8	$	(201.2	)	$	2,019.5	$	(164.8	)
	The effects of fair value, cash flow and net investment hedging:
		Loss on fair value hedging relationships
			Interest rate swaps		-		(41.1	)		-		(38.9	)		-		(4.0	)
		Gain (loss) on cash flow hedging relationships
			Foreign exchange forward contracts		85.3		-			94.1		-			54.8		-
			Forward starting interest rate swaps		-		(0.7	)		-		(0.7	)		-		(0.7	)
		Gain on net investment hedging relationships
			Cross-currency interest rate swaps		-		30.9			-		33.7			-		21.6

Derivative Instruments Not Designated as Hedging Instruments

The following gains/(losses) from these derivative instruments were recognized on our consolidated statements of earnings (in millions):

	Location on	Years Ended December 31,
Derivative Instrument	Statements of Earnings	2024		2023		2022
Foreign exchange forward contracts	Other expense, net	$	10.5	$	4.4	$	(26.1	)
Forward Exchange Agreement	Other expense, net		-		-		1.1

Fair Value of Derivative Instruments on Gross Basis

The fair value of derivative instruments on a gross basis is as follows (in millions):

	As of December 31, 2024			As of December 31, 2023
	Balance Sheet	Fair		Balance Sheet	Fair
	Location	Value		Location	Value
Asset Derivatives Designated as Hedges
Foreign exchange forward contracts	Other current assets	$	82.3	Other current assets	$	58.4
Cross-currency interest rate swaps	Other current assets		1.6	Other current assets		-
Foreign exchange forward contracts	Other assets		24.5	Other assets		17.2
Cross-currency interest rate swaps	Other assets		48.7	Other assets		5.4
Total asset derivatives		$	157.1		$	81.0
Asset Derivatives Not Designated as Hedges
Foreign exchange forward contracts	Other current assets	$	7.1	Other current assets	$	1.2
Total asset derivatives not designated as hedges		$	7.1		$	1.2
Liability Derivatives Designated as Hedges
Foreign exchange forward contracts	Other current liabilities	$	13.8	Other current liabilities	$	13.9
Cross-currency interest rate swaps	Other current liabilities		12.0	Other current liabilities		33.3
Foreign exchange forward contracts	Other long-term liabilities		5.3	Other long-term liabilities		11.0
Cross-currency interest rate swaps	Other long-term liabilities		2.2	Other long-term liabilities		34.8
Interest rate swaps	Other long-term liabilities		158.6	Other long-term liabilities		144.7
Total liability derivatives		$	191.9		$	237.7
Liability Derivatives Not Designated as Hedges
Foreign exchange forward contracts	Other current liabilities	$	6.1	Other current liabilities	$	2.4

Schedule of Effects of Master Netting Agreements on Consolidated Balance Sheets

The table below presents the effects of our master netting agreements on our consolidated balance sheets (in millions):

		As of December 31, 2024						As of December 31, 2023
Description	Location	Gross Amount		Offset		Net Amount in Balance Sheet		Gross Amount		Offset		Net Amount in Balance Sheet
Asset Derivatives
Cash flow hedges	Other current assets	$	82.3	$	12.6	$	69.7	$	58.4	$	13.0	$	45.4
Cash flow hedges	Other assets		24.5		4.7		19.8		17.2		8.2		9.0
Derivatives not designated as hedges	Other current assets		7.1		5.3		1.8		1.2		0.8		0.4
Liability Derivatives
Cash flow hedges	Other current liabilities		13.8		12.6		1.2		13.9		13.0		0.9
Cash flow hedges	Other long-term liabilities		5.3		4.7		0.6		11.0		8.2		2.8
Derivatives not designated as hedges	Other current liabilities		6.1		5.3		0.8		2.4		0.8		1.6

Net Investment Hedge Gains (Losses) Recognized on Consolidated Statements of Comprehensive Income (Loss)

The following net investment hedge gains (losses) were recognized on our consolidated statements of comprehensive income (loss) (in millions):

	Amount of Gain / (Loss)
	Recognized in AOCI
	Years Ended December 31,
Derivative Instrument	2024		2023			2022
Euro Notes	$	80.8	$	(37.4	)	$	113.1
Cross-currency interest rate swaps		79.5		(16.9	)		6.4
	$	160.3	$	(54.3	)	$	119.5