Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The effect of our net investment hedges on AOCL for the year ended December 31, 2025, and 2024 was as follows:


	Gain (Loss) Recognized in Other Comprehensive Income
	Year Ended December 31,


Instrument	2025			2024


Euro Notes	$	(125.3	)	$	61.5

Cross-currency swaps		12.0			36.2

Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCL and Earnings

The following table presents the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2025, and 2024:


						Gain (Loss) Reclassified
	Gain (Loss) Recognized in OCI					from AOCL into Income


	Year Ended December 31,				Location of Gain Reclassified	Year Ended December 31,


Instrument	2025		2024		from AOCL into Income	2025		2024

Forward starting interest swap		—		—	Interest and other expenses, net		0.3		0.3

Effect of Forward Contracts not Designated as Hedging Instrument consolidated statement of operations

The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the year ended December 31, 2025 was as follows:


	Location of Gain	Gain (Loss) Recognized in Income
Instrument	Recognized in Income	Year Ended December 31,
		2025		2024
Foreign currency forward contracts	Interest and other expenses, net	$	1.5	$	(1.7	)

Schedule of fair value hedges instruments

The following tables present the impact that the fair value hedges had on our Consolidated Statements of Operations for the year ended December 31, 2025 and 2024:


	Gain (Loss) Recognized in OCI						Gain (Loss) Recognized in Income
	Year Ended December 31,					Location of Gain (Loss)	Year Ended December 31,
Instrument	2025			2024		Recognized in Income	2025			2024
Intercompany CHF notes	$	—		$	—	Interest and other expenses, net	$	(3.5	)	$	3.8
Cross-currency swaps		(0.3	)		0.9	Interest and other expenses, net		3.5			(3.8	)

Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of December 31, 2025, and 2024:


	Assets
		December 31,		December 31,
	Balance Sheet Location	2025		2024

Instruments designated as fair value hedges:
Cross-currency swaps	Accounts receivable, net	$	—	$	10.3
Cross-currency swaps	Other assets		14.6		—
Instruments designated as net investment hedges:
Cross-currency swaps	Accounts receivable, net		—		7.8
Total instruments		$	14.6	$	18.1


	Liabilities
		December 31,		December 31,
	Balance Sheet Location	2025		2024

Instruments designated as net investment hedges:
Euro Notes due in 2026	Short-term borrowings and current maturities of long-term debt	$	586.9	$	—
Euro Notes due in 2026	Long-term debt		—		516.6
Euro Notes due in 2027	Long-term debt		468.3		411.8
Cross-currency swaps	Accrued liabilities		33.1		44.8
Cross-currency swaps	Other long-term liabilities		69.8		—
Instruments not designated as hedges:
Foreign currency forward contracts	Accrued liabilities		0.8		0.7
Euro Notes due in 2030	Long-term debt		583.8		—
Total instruments		$	1,742.7	$	973.9

ManpowerGroup Inc. 10-K