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DERIVATIVES AND HEDGING
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
Net Investment Hedges
The Company has entered into U.S. dollar to euro cross currency swap contracts with various counterparties to hedge the Company’s net investment in its European operations. These contracts qualified for and were designated as net investment hedges under US GAAP. During the term of the contracts, the Company will pay fixed-rate interest in euros and receive fixed-rate interest in U.S. dollars, thereby effectively converting a portion of the Company’s U.S. dollar denominated fixed-rate debt to euro denominated fixed-rate debt. The cash flow impact of these net investment hedges is classified as an investing activity in the Statements of Condensed Consolidated Cash Flows. On April 17, 2026, the Company entered into a new cross currency swap with a notional value of $150.0 million maturing on August 15, 2030. The outstanding contracts as of June 30, 2026 are summarized by maturity date in the table below.
Notional ValueMaturity Date
$687.7 June 1, 2027
100.0 March 1, 2028
200.0 August 15, 2028
525.0 August 15, 2029
150.0 August 15, 2030
200.0 September 1, 2031
$1,862.7 
The following table summarizes the location of the net investment hedges on the Consolidated Balance Sheets. See Note 13 for further information on the fair value of these contracts.
June 30,December 31,June 30,
202620252025
Other assets$2.4 $— $— 
Other accruals34.1 — 16.5 
Other long-term liabilities50.4 122.6 127.6 
The changes in fair value of the net investment hedges are recognized in the foreign currency translation adjustments component of AOCI. See Note 11 for further information.
The following table summarizes gains (losses), net of taxes:
Three Months EndedSix Months Ended
June 30,June 30,June 30,June 30,
2026202520262025
Gains (losses)$5.7 $(144.7)$40.6 $(192.9)
Tax effect(1.4)35.7 (10.0)47.6 
Gains (losses), net of taxes
$4.3 $(109.0)$30.6 $(145.3)
Cash Flow Hedges
In April 2025, the Company entered into interest rate lock contracts with an aggregate notional amount of $300.0 million in anticipation of a probable issuance of new long-term fixed rate debt within the next twelve months. These contracts hedge the variability in the benchmark interest rate (US Treasury) and were recorded as an asset of $4.1 million within Other current assets at June 30, 2025. See Notes 11 and 13 for further information on the related component recognized in AOCI and fair value, respectively.
Derivatives Not Designated as Hedging Instruments
The Company enters into foreign currency option and forward contracts with maturity dates less than twelve months, primarily to hedge against value changes in foreign currency. The related gains and losses are recorded in Other (income) expense - net. See Note 15 for further information.