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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Foreign Currency Forward Contracts
Notional amounts of foreign currency forward contracts were as follows (in millions):
Year Ended
December 31, 2024December 31, 2023
European Euro (EUR)$54.9 $79.9 
British Pound (GBP)101.3 72.4 
Swedish Krona (SEK)66.5 36.5 
United States Dollar (USD)97.9 22.1 
Chinese Yuan (CNH)31.9 14.1 
Canadian Dollar (CAD)35.5 7.1 
Danish Krone (DKK)57.8 5.9 
Norwegian Krone (NOK)6.8 4.4 
Hungarian Forint (HUF)6.3 3.9 
Polish Zloty (PLZ)26.7 3.8 
Other(1)
16.9 3.5 
Total$502.5 $253.6 
(1) Number consists of various currencies notional amounts, none of which individually exceed $10.0 million in either year presented.
Schedule of Balance Sheet Location and Gross Fair Value of Derivative Instruments The balance sheet location and gross fair value of our derivative instruments were as follows (in millions):
Year Ended
Balance Sheet Location December 31, 2024December 31, 2023
Designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$2.1 $— 
Cross-currency swapsOther non-current assets14.2 — 
Interest rate swap agreements Other non-current assets9.3 30.5 
Foreign currency forward contracts Other non-current assets— 0.4 
Total designated derivative assets$25.6 $30.9 
Non-designated derivative assets:
Foreign currency forward contracts Prepaid expenses and other current assets$3.4 $0.2 
Total non-designated derivatives$3.4 $0.2 
Designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities $4.1 $— 
Cross-currency swapsOther accrued liabilities — 75.1 
Cross-currency swapsOther non-current liabilities46.8 96.9 
Interest rate swap agreementsOther non-current liabilities9.0 11.7 
Total designated derivative liabilities$59.9 $183.7 
Non-designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities $1.5 $2.7 
Interest rate swap agreementsOther non-current liabilities13.6 — 
Total non-designated derivative liabilities$15.1 $2.7 
Schedule of Amounts of (Income)/Expense Recognized in Earnings Related to Non-Designated Derivatives on the Consolidated Statements of Operations
The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Consolidated Statements of Operations were as follows (in millions):
Year Ended
Non-Designated DerivativesIncome Statement LocationDecember 31, 2024December 31, 2023December 31, 2022
Foreign currency forward contractsOther (income) expense, net$(3.4)$(4.0)$8.2 
Interest expense, net — (1.5)(2.0)
$(3.4)(5.5)$6.2 
Foreign currency optionsOther (income) expense, net$— $— $16.2 
Schedule of Effect of Derivative Instruments Designated as Hedging Instruments in AOCI
The following tables summarize the effect of derivative instruments designated as hedging instruments in AOCI (in millions):

Gain or (Loss) Reclassified from AOCI into Earnings
Related to Amounts Included in Effectiveness TestingRelated to Amounts Excluded from
Effectiveness Testing
Amount of Gain or (Loss) Recognized in OCI(1)
Location of Gain or (Loss)
Amount Reclassified(2)
Location of Gain or (Loss)
Amount Reclassified(2)
Year Ended December 31, 2024
Cash flow hedges
Interest rate swap agreements44.1 Interest expense, net31.8 Interest expense, net— 
Foreign currency forward contracts(2.1)Net sales(0.4)Net sales0.1 
Cost of sales0.1 Cost of sales— 
Other (income) expense, net(0.2)
Total Cash flow hedges$42.0 $31.5 $(0.1)
Net investment hedges
Cross-currency swaps$116.9 Interest expense, net$28.9 
Euro Notes Due 2032$24.6 
Total Net investment hedges$141.5 
Year Ended December 31, 2023
Cash flow hedges
Treasury locks$— Interest expense, net$(0.1)Interest expense, net$— 
Interest rate swap agreements(31.7)Interest expense, net23.5 Interest expense, net— 
Foreign currency forward contracts(0.5)Net sales(0.1)Net sales0.6 
Cost of sales0.3 Cost of sales0.3 
Other (income) expense, net(0.3)
Total Cash flow hedges$(32.2)$23.6 $0.6 
Net investment hedges
Cross-currency swaps$(75.9)Interest expense, net$26.0 
Year Ended December 31, 2022
Cash flow hedges
Treasury locks$— Interest expense, net$(0.1)Interest expense, net$— 
Interest rate swap agreements50.5 Interest expense, net4.6 Interest expense, net— 
Foreign currency forward contracts4.1 Net sales1.6 Net sales(0.5)
Cost of sales(4.8)Cost of sales(0.2)
Other (income) expense, net(1.4)
Total Cash flow hedges$54.6 $1.3 $(2.1)
Net investment hedges
Cross-currency swaps$5.3 Interest expense, net$(17.2)
(1) Net income of $29.1 million is expected to be reclassified out of AOCI into earnings during 2025.
(2) For additional details about the effect of the amounts reclassified from AOCI refer to Note 16.
Schedule of Classification and Amount of Gain/(Loss) Recognized in Earnings on Fair Value and Hedging Relationships
The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships were as follows (in millions):
Net SalesCost of SalesInterest Expense, netOther (Income) Expense, net
Year Ended December 31, 2024
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$4,373.4 $2,830.7 $187.8 $(0.9)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.4)$0.1 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.1 $— $— $(0.2)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $31.8 $— 
Year Ended December 31, 2023
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$4,655.6 $2,975.2 $173.8 $(10.4)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.1)$0.3 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.6 $0.3 $— $(0.3)
Treasury locks
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(0.1)$— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $23.5 $— 
Year Ended December 31, 2022
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded$4,451.6 $2,996.2 $156.0 $53.1 
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$1.6 $(4.8)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.5)$(0.2)$— $(1.4)
Treasury locks
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(0.1)$— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $4.6 $—