Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Foreign Currency Forward Contracts

The aggregate equivalent United States dollar notional amounts of foreign currency forward contracts as of March 31, 2026 and December 31, 2025 were as follows (in millions):


	March 31, 2026		December 31, 2025
Contracts designated as hedges:
Euro	$	283.1	$	283.8
Canadian dollar		137.4		142.9
British pound		120.8		120.0
Australian dollar		70.8		73.4
Swiss franc		59.9		59.2
Swedish krona		34.7		33.4
Other (a)		48.7		49.4
Contracts not designated as hedges:
Euro	$	456.9	$	437.6
British pound		123.0		144.3
Mexican peso		106.9		86.4
Philippine peso		98.3		59.9
Norwegian krone		70.0	(b)
Australian dollar		58.1		72.8
Indonesian rupiah		57.3		30.0
Kuwaiti dinar		57.1		81.6
Indian rupee		48.8		50.6
Canadian dollar		40.9		38.0
Brazilian real		31.7		28.5
Swedish krona		31.2		25.5
Swiss franc		31.0		36.9
Singapore dollar	(b)			33.8
Chinese yuan	(b)			33.2
Thai baht	(b)			29.3
Other (a)		141.1		106.5

(a)

Comprised of exposures to various currencies; none of these individual currency exposures is greater than $25 million.

(b)

Amount is below $25 million for the relevant period; therefore, the balance has been included within “Other.”

Fair Value of Derivatives

The following table summarizes the fair value of derivatives reported in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (in millions):


	Derivative Assets					Derivative Liabilities
		Fair Value					Fair Value
	Balance Sheet	March 31,		December 31,		Balance Sheet	March 31,		December 31,
	Location	2026		2025		Location	2026		2025
Derivatives designated as hedges:
Foreign currency cash flow hedges	Other assets	$	14.8	$	11.4	Other liabilities	$	24.8	$	37.6
Derivatives not designated as hedges:
Foreign currency	Other assets		5.5		3.9	Other liabilities		3.6		2.6
Total derivatives		$	20.3	$	15.3		$	28.4	$	40.2

Schedule of Amount and Location of Gains/(Losses) from Hedging Activities

The following table presents the pre-tax amount of unrealized gains/(losses) recognized in other comprehensive income from cash flow hedges for the three months ended March 31, 2026 and 2025 (in millions):


	Three Months Ended March 31,
	2026		2025
Foreign currency derivatives (a)	$	10.5	$	(19.1	)

(a)

Gains/(losses) of $(0.3) million and $2.2 million for the three months ended March 31, 2026 and 2025, respectively, represent the amounts excluded from the assessment of effectiveness and recognized in other comprehensive income, for which an amortization approach is applied.

The following table presents the location and amounts of pre-tax net gains/(losses) from cash flow hedging relationships recognized in the Condensed Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (in millions):


	Three Months Ended March 31,
	2026			2025
	Revenues			Revenues
Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	982.7		$	983.6
Gains/(losses) on cash flow hedges:
Foreign currency derivatives:
Gains/(losses) reclassified from AOCL into earnings		(6.6	)		2.6
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach		1.9			2.1

Undesignated Hedges

The following table presents the location and amount of pre-tax net gains/(losses) from undesignated hedges in the Condensed Consolidated Statements of Income on derivatives for the three months ended March 31, 2026 and 2025 (in millions):


		Three Months Ended
		March 31,
Derivatives	Location	2026		2025
Foreign currency derivatives (a)	Selling, general, and administrative	$	0.9	$	(9.1	)

(a)

The Company uses foreign currency forward contracts to offset foreign exchange rate fluctuations on settlement assets and obligations as well as certain foreign currency denominated positions. Foreign exchange gains/(losses) on settlement assets and obligations, cash balances, and other assets and liabilities, not including amounts related to derivative activity as displayed above and included in Selling, general, and administrative in the Condensed Consolidated Statements of Income, were $(11.3) million and $12.2 million for the three months ended March 31, 2026 and 2025, respectively.