XML 53 R38.htm IDEA: XBRL DOCUMENT v3.22.4
DERIVATIVES AND HEDGING TRANSACTIONS (Tables)
12 Months Ended
Dec. 31, 2022
DERIVATIVES AND HEDGING TRANSACTIONS  
Gross fair value of the company's outstanding derivative assets and liabilities

Derivative Assets

Derivative Liabilities

December 31

December 31

December 31

December 31

(millions)

    

2022

2021

    

2022

2021

 

Derivatives designated as hedging instruments

Foreign currency forward contracts

$78.6

$44.7

$9.2

$2.6

Interest rate swap agreements

-

1.8

181.4

10.1

Cross-currency swap derivative contracts

58.7

9.4

14.5

1.6

Derivatives not designated as hedging instruments

Foreign currency forward contracts

40.3

49.8

74.1

10.0

Gross value of derivatives

177.6

105.7

279.2

24.3

Gross amounts offset in the Consolidated Balance Sheets

(75.6)

(14.9)

(75.6)

(14.9)

Net value of derivatives

$102.0

$90.8

$203.6

$9.4

Summary of notional values of outstanding derivatives

Notional Values

December 31

December 31

(millions)

    

2022

    

2021

Foreign currency forward contracts

$5,745

$4,059

Interest rate swap agreements

1,500

1,250

Cross-currency swap derivative contracts

650

482

Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges

Line item in which the hedged item is included

Carrying amount of the hedged liabilities

Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities

(millions)

2022

    

2021

2020

2022

    

2021

2020

Long-term debt

$1,317.5

$1,235.6

$-

($184.8)

($12.1)

$-

Revaluation gains and losses on euro notes and cross-currency swap derivative

(millions)

2022

    

2021

    

2020

Revaluation gain (loss), net of tax:

Euronotes

$81.9

$45.3

($87.7)

Cross-currency swap derivative contracts

26.4

6.3

-

Total revaluation gain (loss), net of tax

$108.3

$51.6

($87.7)

Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges

2022

2021

2020

(millions)

COS

SG&A

Interest

    

COS

SG&A

Interest

COS

SG&A

Interest

Gain (loss) on derivatives in cash flow hedging relationship:

Foreign currency forward contracts

Amount of gain (loss) reclassified from AOCI to income

$6.4

$95.0

$-

($11.0)

$47.6

$-

$10.1

($108.3)

$-

Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value

-

-

13.9

-

-

21.0

-

-

27.5

Interest rate swap agreements

Amount of gain (loss) reclassified from AOCI to income

-

-

(2.3)

-

-

(2.3)

-

-

(2.4)

Gain (loss) on derivatives not designated as hedging instruments:

Foreign currency forward contracts

Amount of gain (loss) recognized in income (a)

-

62.0

-

-

73.7

-

-

(12.3)

-

Total gain (loss) of all derivative instruments

$6.4

$157.0

$11.6

($11.0)

$121.3

$18.7

$10.1

($120.6)

$25.1

(a)Gain (loss) on derivatives not designated as hedging instruments recognized in income recorded in SG&A includes discontinued operations of $(2.5) for the year ended December 31, 2020.