DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2025

DERIVATIVES AND HEDGING TRANSACTIONS

Gross fair value and net value of the company's outstanding derivative assets and liabilities

	Derivative Assets				Derivative Liabilities
	June 30		December 31		June 30		December 31
(millions)	2025		2024		2025		2024
Derivatives designated as hedging instruments
Foreign currency forward contracts		$4.0		$11.4		$8.6		$3.2
Interest rate swap agreements		-		-		93.5		138.5
Cross-currency swap derivative contracts		0.5		82.1		209.9		19.5
Derivatives not designated as hedging instruments
Foreign currency forward contracts		23.7		27.0		23.0		24.8
Cross-currency swap derivative contracts		0.3		36.9		0.3		36.9
Gross value of derivatives		28.5		157.4		335.3		222.9
Gross amounts offset in the Consolidated Balance Sheets		(22.9)		(98.9)		(22.9)		(98.9)
Net value of derivatives		$5.6		$58.5		$312.4		$124.0

Summary of notional values of outstanding derivatives

	Notional Values
		June 30	December 31
(millions)		2025	2024
Foreign currency forward contracts		$2,778		$3,175
Interest rate swap agreements		1,500		1,500
Cross-currency swap derivative contracts		4,251		2,745

Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges

	Carrying amount of the hedged liabilities				Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities
Line item in which the hedged item is included	June 30		December 31		June 30		December 31
(millions)	2025		2024		2025		2024
Long-term debt		$1,405.5		$1,361.1		($96.9)		($141.3)

Revaluation gains and losses on euro notes and cross-currency swap derivative

	Second Quarter Ended				Six Months Ended
	June 30				June 30
(millions)	2025		2024		2025		2024
Revaluation gain (loss), net of tax:
Euronotes		($41.2)		($1.9)		($34.1)		$0.6
Cross-currency swap derivative contracts		(169.5)		5.2		(206.4)		11.6
Total revaluation gain (loss), net of tax		($210.7)		$3.3		($240.5)		$12.2

Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges

	Second Quarter Ended
	June 30
	2025				2024
(millions)		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$2.6	$0.2	$-		$1.2	$1.3	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	-		-	-	-
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(0.4)		-	-	(0.4)
Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-	(0.9)	-		-	(5.4)	-
Total gain (loss) of all derivative instruments		$2.6	($0.7)	($0.4)		$1.2	($4.1)	($0.4)
	Six Months Ended
	June 30
	2025				2024
(millions)		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$4.7	$1.4	$-		$1.2	$2.0	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	-		-	-	-
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(0.9)		-	-	(0.9)
Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-	(1.4)	-		-	(5.0)	-
Total gain (loss) of all derivative instruments		$4.7	$-	($0.9)		$1.2	($3.0)	($0.9)