Derivative and hedging activities (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 30, 2026, we had the following outstanding foreign currency derivatives that were used to hedge a portion of our net investment in foreign operations:

(value in millions)
Foreign currency derivative	Number of instruments	Notional sold		Notional purchased
Cross-currency swaps	3	€	732.1	$	750.0

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)

The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three and nine months ended September 30, 2026 and September 30, 2025.

Effect of Net Investment Hedges on AOCI and the Income Statement
(in millions)
Hedging relationships	Amount of gain or (loss) recognized in OCI on Derivative				Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
	September 30,					September 30,
	2026		2025			2026		2025
Three months ended:
Cross-currency swaps	$	7.3	$	6.8	Interest expense, net	$	1.7	$	1.9
Total	$	7.3	$	6.8		$	1.7	$	1.9
Nine months ended:
Cross-currency swaps	$	29.8	$	(93.9)	Interest expense, net	$	5.2	$	7.2
Total	$	29.8	$	(93.9)		$	5.2	$	7.2

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of September 30, 2026 and December 31, 2025:

	Derivative liabilities
	September 30, 2026			December 31, 2025
(in millions)	Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Foreign exchange products	Other current liabilities	(81.5)		Other current liabilities	(106.1)
Total		$	(81.5)		$	(106.1)

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location

The gains related to the foreign-currency-denominated debt instruments designated as net investment hedges, classified within the foreign currency translation adjustment component of other comprehensive income or loss for the three and nine months ended September 30, 2026 and 2025, are presented below:

(in millions)	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Net investment hedges	$	(5.0)	$	—	$	(25.9)	$	—