Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2025

Accumulated other comprehensive loss, as reflected in the condensed consolidated balance sheets, is comprised of the following:


(In millions)	June 30, 2025		December 31, 2024
Accumulated other comprehensive loss:
Net unrealized loss on available-for-sale fixed income securities, net of tax	$	(0.6)	$	(1.2)
Net unrecognized gain and prior service cost related to defined benefit plans, net of tax	253.8		254.2
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax	(12.8)		32.3
Net unrecognized gain on derivatives in net investment hedging relationships, net of tax	80.2		492.6
Foreign currency translation adjustment	(2,985.0)		(3,990.8)
	$	(2,664.4)	$	(3,212.9)


	Three Months Ended June 30, 2025
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Available-for-Sale Fixed Income Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at March 31, 2025, net of tax			$	9.0	$	359.1	$	(0.8)	$	253.8	$	(3,492.0)	$	(2,870.9)
Other comprehensive (loss) earnings before reclassifications, before tax			(29.5)		(355.2)		0.2		3.4		507.0		125.9
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(0.7)		(0.7)										(0.7)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.2	1.2										1.2


Amortization of actuarial gain included in SG&A									(2.9)				(2.9)
Net other comprehensive (loss) earnings, before tax			(29.0)		(355.2)		0.2		0.5		507.0		123.5
Income tax (benefit) provision			(7.2)		(76.3)		—		0.5		—		(83.0)

Balance at June 30, 2025, net of tax			$	(12.8)	$	80.2	$	(0.6)	$	253.8	$	(2,985.0)	$	(2,664.4)


















	Six Months Ended June 30, 2025
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Available-for-Sale Fixed Income Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2024, net of tax			$	32.3	$	492.6	$	(1.2)	$	254.2	$	(3,990.8)	$	(3,212.9)
Other comprehensive (loss) earnings before reclassifications, before tax			(48.3)		(528.9)		0.8		6.1		1,005.8		435.5
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(10.6)		(10.6)										(10.6)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		2.4	2.4										2.4


Amortization of actuarial gain included in SG&A									(5.8)				(5.8)
Net other comprehensive (loss) earnings, before tax			(56.5)		(528.9)		0.8		0.3		1,005.8		421.5
Income tax (benefit) provision			(11.4)		(116.5)		0.2		0.7		—		(127.0)

Balance at June 30, 2025, net of tax			$	(12.8)	$	80.2	$	(0.6)	$	253.8	$	(2,985.0)	$	(2,664.4)


	Three Months Ended June 30, 2024
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Available-for-Sale Fixed Income Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at March 31, 2024, net of tax			$	13.6	$	369.6	$	(1.4)	$	266.4	$	(3,589.2)	$	(2,941.0)
Other comprehensive earnings (loss) before reclassifications, before tax			17.1		68.4		—		(2.0)		(89.7)		(6.2)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(10.0)		(10.0)										(10.0)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.6	1.6										1.6

Amortization of prior service costs included in SG&A									0.6				0.6

Amortization of actuarial gain included in SG&A									(4.2)				(4.2)
Net other comprehensive earnings (loss), before tax			8.7		68.4		—		(5.6)		(89.7)		(18.2)
Income tax provision (benefit)			2.1		14.8		—		(0.9)		—		16.0

Balance at June 30, 2024, net of tax			$	20.2	$	423.2	$	(1.4)	$	261.7	$	(3,678.9)	$	(2,975.2)


















	Six Months Ended June 30, 2024
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Available-for-Sale Fixed Income Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2023, net of tax			$	(8.0)	$	237.1	$	(1.2)	$	271.4	$	(3,246.7)	$	(2,747.4)
Other comprehensive earnings (loss) before reclassifications, before tax			50.8		237.5		(0.3)		(4.4)		(432.2)		(148.6)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(16.6)		(16.6)										(16.6)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		3.2	3.2										3.2
Amortization of prior service costs included in SG&A									1.1				1.1

Amortization of actuarial gain included in SG&A									(8.5)				(8.5)
Net other comprehensive earnings (loss), before tax			37.4		237.5		(0.3)		(11.8)		(432.2)		(169.4)
Income tax provision (benefit)			9.2		51.4		(0.1)		(2.1)		—		58.4

Balance at June 30, 2024, net of tax			$	20.2	$	423.2	$	(1.4)	$	261.7	$	(3,678.9)	$	(2,975.2)