XML 50 R39.htm IDEA: XBRL DOCUMENT v3.25.2
Derivatives and Hedging (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets
The following table summarizes the fair value of our derivative instruments as well as the location of the asset and/or liability on the condensed consolidated balance sheets as of the periods presented below (in millions):
Balance Sheet LocationFair Value of
Asset Derivatives
June 30, 2025December 31, 2024
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contractsOther current assets$0.3 $0.1 
Interest rate swap contractOther current assets1.8 3.0 
Interest rate swap contract
Other assets, net
— 4.8 
Total$2.1 $7.9 
Derivatives not designated as hedging instruments:
Foreign currency forward contractsOther current assets1.2 5.6 
Total asset position$3.3 $13.5 
Balance Sheet LocationFair Value of
Liability Derivatives
June 30, 2025December 31, 2024
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contractsAccounts payable and accrued expenses$5.1 $0.8 
Interest rate swap contractsOther long-term liabilities1.8 — 
$6.9 $0.8 
Derivatives not designated as hedging instruments:
Foreign currency forward contractsAccounts payable and accrued expenses4.4 0.2 
Total liability position$11.3 $1.0 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following tables summarize the net effect of all cash flow hedges for each of our derivative contracts on the condensed consolidated financial statements for the periods presented (in millions):
(Loss)/Gain Recognized in Other Comprehensive Income
Three Months Ended June 30,Six Months Ended June 30,
Derivatives designated as cash flow hedging instruments2025202420252024
Foreign currency forward contracts$(5.2)$2.4 $(7.8)$7.2 
Interest rate swap contracts(1.7)3.3 (5.8)12.5 
Total$(6.9)$5.7 $(13.6)$19.7 
(Loss)/Gain Reclassified from Other Comprehensive Income into Earnings
Three Months Ended June 30,Six Months Ended June 30,
Derivatives designated as cash flow hedging instrumentsStatement of Operations Location2025202420252024
Foreign currency forward contractsCost of Products$(1.5)$2.4 $(0.6)$3.7 
Interest rate swap contractsInterest Expense1.0 2.8 2.2 5.5 
Total$(0.5)$5.2 $1.6 $9.2 
Schedule of Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type
The following table summarizes the location of net gains and losses on foreign currency forward contracts recognized in the condensed consolidated statements of operations for the periods presented, which partially offset the gains and losses from foreign currency transactions and translation (in millions):
Location of Net (Loss)/Gain Recognized in Income on Derivative InstrumentsNet (Loss)/Gain Recognized in Income on 
Derivative Instruments
Derivatives not designated as hedging instrumentsThree Months Ended June 30,Six Months Ended June 30,
2025202420252024
Foreign currency forward contractsOther income, net$(17.3)$11.6 $(27.2)$29.2