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Financial Instruments
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
We use various derivative financial instruments to manage risks in foreign currency exchange rates, commodity prices and interest rates. We recognize derivative financial instruments as either assets or liabilities at fair value in the unaudited Condensed Consolidated Balance Sheets. Refer to Note 9, “Fair Value Measurements,” to the unaudited Condensed Consolidated Financial Statements for more information.
Fair Value Hedges
We enter into foreign currency forward contracts to hedge our euro-denominated debt to offset changes in the fair value of the hedged item attributable to foreign currency risk. As of September 30, 2026, the foreign currency forward contracts hedging our €500 million of senior notes due in the fourth quarter of 2034 and €500 million of senior notes due in the third quarter of 2035 mature in December 2026 and September 2027, respectively.
Cash Flow Hedges
We entered into U.S. dollar to euro cross-currency swap contracts with a total notional amount of $250 million to effectively convert our fixed-rate U.S. dollar-denominated debt to euro-denominated debt, including semiannual interest payments and the payment of principal at maturity. During the term of the contracts, which end on April 30, 2030, we pay fixed-rate interest in euros and receive fixed-rate interest in U.S. dollars.
We designate commodity forward contracts on forecasted purchases of commodities, as well as certain foreign currency forward contracts on forecasted transactions, as cash flow hedges.
Net Investment Hedges
We enter into foreign currency contracts and zero-cost collars, which are combined as net investment hedges for accounting purposes. These net investment hedges minimize the effect of foreign currency exchange rates on our net investment in certain foreign operations between the sold put strike and bought call strike rates of the contracts. As of September 30, 2026, the notional amount of these hedges was €1.0 billion, consisting of two €500 million tranches that mature in December 2026 and September 2027.
We enter into cross-currency swap contracts and zero-cost collars, which are also combined as net investment hedges for accounting purposes. These net investment hedges minimize the effect of foreign currency exchange rates on our net investment in certain foreign operations between the sold put strike and bought call strike rates of the contracts. These cross-currency swap contracts and zero-cost collars mature in February 2036 and February 2027, respectively.
Other Derivatives
We enter into foreign currency exchange contracts to reduce the risk from foreign currency exchange rate fluctuations associated with our receivables, payables, loans and firm commitments denominated in certain foreign currencies that arise primarily as a result of our operations outside the U.S. The impact of these foreign currency exchange contracts on the unaudited Condensed Consolidated Financial Statements was not material.
The following table shows the fair value and balance sheet locations of our derivative instruments as of September 30, 2026 and December 31, 2025:
(In millions)Notional AmountOther Current AssetsOther Non-Current AssetsOther Current LiabilitiesOther Non-Current LiabilitiesType of Hedge
September 30, 2026
Derivatives designated as hedges:
Foreign currency forward contracts$1,134.7 $— $— $39.5 $— Fair value
Cross-currency swap contracts250.0 — — — 4.9 Cash flow
Foreign currency forward contracts11.5 .4 — — — Cash flow
Commodity contracts4.4 — — .5 — Cash flow
Foreign currency forward contracts with collars1,134.7 26.6 — — — Net investment
Cross-currency swap contracts with collars
75.8 — .7 1.1 .9 
Net investment
Total$27.0 $.7 $41.1 $5.8 
December 31, 2025
Derivatives designated as hedges:
Foreign currency forward contracts$1,173.8 $— $— $— $4.5 
Fair value
Cross-currency swap contracts250.0 — — — 9.9 
Cash flow
Commodity contracts1.7 — — .3 — Cash flow
Foreign currency forward contracts with collars1,173.8 — 2.6 — — Net investment
Total$— $2.6 $.3 $14.4 
The following table shows the components of net gain (loss) recognized in income related to derivative instruments:
Three Months EndedNine Months Ended
(In millions)September 30, 2026September 27, 2025September 30, 2026September 27, 2025
Gain (loss) on derivatives designated as fair value hedges:
Foreign currency forward contracts - Marketing, general and administrative expense$(5.2)$(2.5)$(39.2)$63.8 
The impact of the hedged items associated with the derivatives in the table above is recorded to the same income statement line as the derivative instrument. The net gains (losses) recognized in income related to our cross-currency swap contracts and commodity contracts were not material to the unaudited Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2026 and September 27, 2025.
We recognized gains in translation for the net investment hedges of approximately $1 million and $22 million for the three and nine months ended September 30, 2026, respectively, and losses in translation of approximately $6 million and $41 million for the three and nine months ended September 27, 2025, respectively.