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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Interest Rate Swap
During the second quarter of 2021, the Company entered into fixed-to-variable interest rate swap agreements for its 2.70% senior notes due 2031 with an aggregate notional amount of $500.0 and variable interest rates based on three-month Secured Overnight Financing Rate (SOFR), which changed from London Interbank Offered Rate (LIBOR) to SOFR during 2023, plus 1.0706%. These agreements were designated as hedges against changes in the fair value of a portion of the Company’s long-term debt.
Cross Currency Swaps
During the fourth quarter of 2018, the Company entered into U.S. Dollar (USD) to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0. During the second quarter of 2022, the Company terminated $300.0 of those cross-currency swap agreements and entered into new USD to Swiss Franc cross-currency swap agreements with an aggregate notional value of $300.0. The initial cross-currency swap matures in 2025 and the cross currency swap entered into in 2022 matures in 2024. These instruments are designated as a hedge against the impact of foreign exchange movements on its net investment in a Swiss subsidiary.
During the first quarter of 2024, the Company terminated its 2024 and 2025 USD to Swiss Franc cross currency swaps and entered into two new swaps, each with a notional value of $300.0 and maturity dates of 2031 and 2034, respectively.
During the third quarter of 2024, the Company entered into five new USD to Swiss Franc cross currency swaps, with an aggregate notional value of $600.0, of which, $300.0 matures in 2029 and $300.0 matures in 2034.
The table below presents the fair value of derivatives and the balance sheet classification of those instruments:
December 31, 2024December 31, 2023
Fair Value of DerivativeFair Value of Derivative
 
Consolidated Balance Sheets Caption
AssetLiabilityU.S. Dollar NotionalAssetLiabilityU.S. Dollar Notional
Interest rate swapOther liabilities$— $76.8 $500.0 $— $69.6 $500.0 
Cross currency swapsAccrued expenses and other/Other liabilities$— $142.7 $1,200.0 $— $109.0 $600.0 
The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging relationships:
Amounts included in other comprehensive income
Amounts reclassified to the Consolidated Statement of Operations
Year Ended December 31, Year Ended December 31,
202420232022202420232022
Cross currency swaps$(33.7)$(63.3)$(12.9)$— $— $0.9