Company: IR
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006391
Chunk: 112

Company: Ingersoll Rand Inc.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 112
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 as Hedging InstrumentsInterest rate swap contractsFair value$750.0 $— $1.4 $0.9 $0.9 Cross-currency interest rate swap contractsNet investment1,074.3 11.5 15.8 — — Derivatives Not Designated as Hedging InstrumentsForeign currency forwardsFair value$124.3 $1.8 $— $— $— Foreign currency forwardsFair value69.0 — — 1.2 — December 31, 2023Derivative ClassificationNotional Amount(1)Fair Value(1) Other Current AssetsFair Value(1) Other AssetsFair Value(1) Accrued LiabilitiesFair Value(1) Other LiabilitiesDerivatives Designated as Hedging InstrumentsInterest rate swap contractsCash flow$528.5 $8.2 $1.2 $— $— Cross-currency interest rate swap contractsNet investment1,054.2 15.7 — — 63.1 (1)Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.Payments to settle cross-currency swaps and payments of interest rate cap premiums are classified as financing cash flows in the Condensed Consolidated Statements of Cash Flows. All other cash flows related to derivatives are classified as operating cash flows in the Condensed Consolidated Statements of Cash Flows.There were no off-balance sheet derivative instruments as of December 31, 2024 or 2023.Interest Rate Swap Contracts Designated as Fair Value HedgesAs of December 31, 2024, the Company was the variable rate payor on four interest rate swap contracts that effectively convert a total of $400.0 million of the Company’s fixed rate borrowings to variable rate borrowings. These contracts expire in May 2029. These swap agreements qualify as hedging instruments and have been designated as fair value hedges of $400.0 million of the 2029 Notes, and were considered to be perfectly effective under the shortcut method.As of December 31, 2024, the Company was the variable rate payor on two interest rate swap contracts that