v3.25.4
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments and Risk Management [Abstract]  
Schedule of Cash and Cash Equivalents Cash and cash equivalents are comprised of the following:
December 31
20252024
Cash
$574.2 $415.4 
Cash equivalents
21.4 7.9 
$595.6 $423.3 
Schedule of Derivative Instruments
Derivatives not designated as hedging instruments (economic hedges):
Asset DerivativesLiability Derivatives
Fair ValueFair Value
Balance sheet classificationDecember 31
2025		December 31
2024		Balance sheet classificationDecember 31
2025		December 31
2024
Foreign currency contractsOther current assets$5.5 $8.9 
Other current liabilities
$2.9 $13.1 
TRS
Other current assets7.2 99.4 
Other current liabilities
— — 
Location of Loss (Gain) Recognized
Amount of Loss (Gain) Recognized in Income
Year ended December 31
202520242023
Foreign currency contracts
Cost of sales
$(0.3)$(0.9)$— 
SG&A
2.5 1.0 — 
Miscellaneous expense (income)
— — 2.0 
TRS
Cost of sales(109.3)(39.6)— 
SG&A(143.7)(51.4)— 
Miscellaneous expense (income)
— — (45.6)
Interest rate swaps
Miscellaneous expense (income)
— — (3.6)

Derivatives designated as cash flow hedges:
Asset DerivativesLiability Derivatives
Fair value(iii)
Fair value(iii)
Balance sheet classificationDecember 31
2025		December 31
2024		Balance sheet classificationDecember 31
2025		December 31
2024
Foreign currency contracts (i)
Other current assets$12.1 $3.5 
Other current liabilities
$1.5 $17.8 
Interest rate swaps (ii)
Other current assets— 6.6 
Other current liabilities
— — 
Interest rate swaps (ii)
Other non-current assets
0.4 — 
Other non-current liabilities
2.8 — 
(i)    In the next twelve months, we estimate that $9.0 of existing gains, net of tax, will be reclassified from AOCI into our consolidated statements of operations. The maximum length of time we hedge our exposure to the variability in future cash flows for forecasted foreign currency transactions is 12 months.
(ii)    In the next twelve months, we estimate that $0.2 of existing losses, net of tax, will be reclassified from AOCI into our consolidated statements of operations. The maximum length of time that we hedge our exposure to the variability in future cash flows for forecasted interest payments is 3.5 years.
(iii)    Prior to 2024, we had no cash flow hedges using foreign currency contracts and interest rate swaps in designated accounting hedges. In January 2024, foreign currency forward contracts and interest rate swaps were designated as cash flow hedges when the hedging relationship is effective and meets the hedge accounting criteria.

Loss (gain) reclassified from AOCI into income (i)
Year ended December 31
(See note 13 for activities recorded in AOCI for the periods indicated)
20252024
Foreign currency contracts
Cost of sales
$(7.4)$11.2 
SG&A
(1.7)1.8 
Miscellaneous expense
— 6.0 
Interest rate swaps
Finance costs$(7.3)$(11.1)
Miscellaneous expense
4.7 8.5 
(i)    Nil effects of cash flow hedges were recorded in cost of sales, SG&A and finance costs during 2023 and hence were not presented.