Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities at Fair Value

The table below summarizes our derivative assets (liabilities) that were measured at fair value as of March 31, 2026 and December 31, 2025. The fair value for all derivative contracts as of March 31, 2026 and December 31, 2025 were valued using significant other observable inputs, which are Level 2 inputs.

	As of
	March 31, 2026		December 31, 2025
	(In millions)
Forward starting interest rate swaps	$	86.9	$	83.7
Foreign currency forwards	2.4		0.4
Commodity swaps and options	151.6		52.1
Total	$	240.9	$	136.2

Schedule of Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets

The tables below include the results of our derivative activity on our unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 and our unaudited condensed consolidated statements of operations for the three months ended March 31, 2026 and March 31, 2025.

Fair Value of Derivative Instruments on the Unaudited Condensed Consolidated Balance Sheets (In millions):

	As of March 31, 2026
			Asset derivatives			Liability derivatives
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps	$	1,000.0	Other current assets	$	86.9	Accounts payable and other current liabilities	$	—
Foreign currency forwards	$	123.9	Other current assets	2.0		Accounts payable and other current liabilities	—
			Other non-current assets	0.4		Other liabilities	—
Total derivatives designated as hedging instruments				$	89.3		$	—
Derivatives not designated as hedging instruments
Commodity swaps(1)	$	672.2	Other current assets	$	131.9	Accounts payable and other current liabilities	$	(4.5)
			Other non-current assets	6.9		Other liabilities	(2.8)
Commodity options(1)	$	216.7	Other current assets	20.2		Accounts payable and other current liabilities	(0.1)
Total derivatives not designated as hedging instruments				$	159.0		$	(7.4)

	As of December 31, 2025
			Asset derivatives			Liability derivatives
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps	$	1,000.0	Other current assets	$	83.7	Accounts payable and other current liabilities	$	—
Foreign currency forwards	$	104.9	Other current assets	0.9		Accounts payable and other current liabilities	(0.3)
			Other non-current assets	—		Other liabilities	(0.2)
Total derivatives designated as hedging instruments				$	84.6		$	(0.5)
Derivatives not designated as hedging instruments
Commodity swaps(1)	$	442.1	Other current assets	$	55.9	Accounts payable and other current liabilities	$	(6.0)
			Other non-current assets	3.2		Other liabilities	(1.0)
Commodity options(1)	$	21.0	Other current assets	0.1		Accounts payable and other current liabilities	(0.1)
Total derivatives not designated as hedging instruments				$	59.2		$	(7.1)

(1)Notional includes certain offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.

Schedule of The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

The Pretax Effect of Cash Flow Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (In millions):

Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivatives		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI into income on derivatives
Three Months Ended March 31, 2026
Forward starting interest rate swaps	$	3.2	Interest income (expense), net	$	—
Foreign currency forwards	2.3		Cost of goods sold	0.4
			Other non-operating income (expense), net	(0.1)
Total	$	5.5		$	0.3
Three Months Ended March 31, 2025
Forward starting interest rate swaps	$	(21.1)	Interest income (expense), net	$	(0.9)
Foreign currency forwards	(0.4)		Cost of goods sold	1.8
			Other non-operating income (expense), net	(0.3)
Total	$	(21.5)		$	0.6

The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (In millions):

Net investment hedge relationships	Amount of gain (loss) recognized in OCI(1)
Three Months Ended March 31, 2026
EUR 800 million 3.8% senior notes due June 2032	$	15.4
Three Months Ended March 31, 2025
EUR 800 million 3.8% senior notes due June 2032	$	(36.8)

(1)The cumulative translation adjustments related to our net investment hedges remain in AOCI until the respective underlying net investment is sold or liquidated. During the three months ended March 31, 2026 and March 31, 2025, we did not reclassify any amounts related to net investment hedges from AOCI into earnings whether due to ineffectiveness, a sale or liquidation.

Schedule of Derivatives Not Designated as Hedging Instruments

The Effect of Derivatives Not Designated as Hedging Instruments on our Unaudited Condensed Consolidated Statements of Operations (In millions):

Derivatives not in hedging relationships	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized in income on derivatives
Three Months Ended March 31, 2026
Commodity swaps	Cost of goods sold	$	109.2
Commodity options	Cost of goods sold	8.5
Total		$	117.7
Three Months Ended March 31, 2025
Commodity swaps	Cost of goods sold	$	21.4