Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments Included on Consolidated Balance Sheet

The following table presents the fair values of derivative instruments included on the condensed consolidated balance sheet:


	Derivative Assets					Derivative Liabilities
In millions	Balance Sheet Classification	September 30, 2023		December 31, 2022		Balance Sheet Classification	September 30, 2023		December 31, 2022
Derivatives designated as hedging instruments
Foreign currency	Prepaid expenses and other current assets	$	47.2	$	53.3	Accrued payroll and other liabilities	$	(4.9)	$	(17.9)
Interest rate	Prepaid expenses and other current assets	11.7		—		Accrued payroll and other liabilities	(5.8)		—
Foreign currency	Miscellaneous other assets	19.7		28.7		Other long-term liabilities	(0.1)		(30.7)
Interest rate	Miscellaneous other assets	—		—		Other long-term liabilities	(80.0)		(91.5)
Total derivatives designated as hedging instruments		$	78.6	$	82.0		$	(90.8)	$	(140.1)
Derivatives not designated as hedging instruments
Equity	Prepaid expenses and other current assets	$	—	$	200.5	Accrued payroll and other liabilities	$	—	$	—
Foreign currency	Prepaid expenses and other current assets	5.1		—		Accrued payroll and other liabilities	—		(1.6)
Equity	Miscellaneous other assets	166.5		—
Total derivatives not designated as hedging instruments		$	171.6	$	200.5		$	—	$	(1.6)
Total derivatives		$	250.2	$	282.5		$	(90.8)	$	(141.7)

Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income

The following table presents the pre-tax amounts from derivative instruments affecting income and AOCI for the nine months ended September 30, 2023 and 2022, respectively:


	Location of gain or loss recognized in income on derivative	Gain (loss) recognized in AOCI				Gain (loss) reclassified into income from AOCI					Gain (loss) recognized in income on derivative


In millions		2023		2022			2023		2022			2023		2022
Foreign currency	Nonoperating income/expense	$	32.8	$	214.5		$	14.9	$	94.4
Interest rate	Interest expense	22.0		83.9			0.5		(3.0)
Cash flow hedges		$	54.8	$	298.4		$	15.4	$	91.4

Foreign currency denominated debt	Nonoperating income/expense	$	157.2	$	1,917.0
Foreign currency derivatives	Nonoperating income/expense	64.9		37.1
Foreign currency derivatives(1)	Interest expense											$	18.4	$	6.6
Net investment hedges		$	222.1	$	1,954.1							$	18.4	$	6.6


Foreign currency	Nonoperating income/expense											$	6.7	$	15.9
Equity	Selling, general & administrative expenses											$	4.6	$	(50.4)

Undesignated derivatives												$	11.3	$	(34.5)
(1)The amount of gain (loss) recognized in income related to components excluded from effectiveness testing.