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DERIVATIVES AND HEDGING TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
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) |  | ​ | 2023 | ​ | 2022 |  | 2023 | ​ | 2022 |
Derivatives designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | $6.7 | ​ | ​ | ​ | $78.6 | ​ | ​ | $5.2 | ​ | ​ | ​ | $9.2 | ​
Interest rate swap agreements | ​ | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 146.5 | ​ | ​ | ​ | 181.4 | ​
Cross-currency swap derivative contracts | ​ | ​ | ​ | 29.1 | ​ | ​ | ​ | 58.7 | ​ | ​ | 24.9 | ​ | ​ | ​ | 14.5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | 19.9 | ​ | ​ | ​ | 40.3 | ​ | ​ | 21.8 | ​ | ​ | ​ | 74.1 | ​
Gross value of derivatives | ​ | ​ | ​ | 55.7 | ​ | ​ | ​ | 177.6 | ​ | ​ | 198.4 | ​ | ​ | ​ | 279.2 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross amounts offset in the Consolidated Balance Sheets | ​ | ​ | ​ | (28.8) | ​ | ​ | ​ | (75.6) | ​ | ​ | (28.8) | ​ | ​ | ​ | (75.6) | ​
Net value of derivatives | ​ | ​ | ​ | $26.9 | ​ | ​ | ​ | $102.0 | ​ | ​ | $169.6 | ​ | ​ | ​ | $203.6 | ​
Summary of notional values of outstanding derivatives | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional Values
​ | ​ | ​ | December 31 | ​ | ​ | December 31
(millions) | ​ |  | 2023 | ​ |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | $3,745 | ​ | ​ | ​ | $5,745 | ​
Interest rate swap agreements | ​ | ​ | 1,500 | ​ | ​ | ​ | 1,500 | ​
Cross-currency swap derivative contracts | ​ | ​ | 998 | ​ | ​ | ​ | 650 | ​
​ ​
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) | ​ | 2023 |  | 2022 | ​ | 2023 |  | 2022
Long-term debt | ​ | ​ | $1,353.7 | ​ | ​ | ​ | $1,317.5 | ​ | ​ | ($148.6) | ​ | ​ | ​ | ($184.8)
Revaluation gains and losses on euro notes and cross-currency swap derivative | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) | ​ | 2023 |  | 2022 |  | 2021
Revaluation (loss) gain, net of tax: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Euronotes | ​ | ​ | ($42.3) | ​ | ​ | ​ | $81.9 | ​ | ​ | ​ | $45.3 | ​
Cross-currency swap derivative contracts | ​ | ​ | (30.8) | ​ | ​ | ​ | 26.4 | ​ | ​ | ​ | 6.3 | ​
Total revaluation (loss) gain, net of tax | ​ | ​ | ($73.1) | ​ | ​ | ​ | $108.3 | ​ | ​ | ​ | $51.6 | ​
Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2023 | ​ | ​ | 2022 | ​ | 2021
(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 | ​ | $10.6 | ​ | ($18.9) | ​ | $- | ​ | ​ | ​ | $6.4 | ​ | $95.0 | ​ | $- | ​ | ​ | ($11.0) | ​ | $47.6 | ​ | $-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value | ​ | - | ​ | - | ​ | 7.7 | ​ | ​ | ​ | - | ​ | - | ​ | 13.9 | ​ | ​ | - | ​ | - | ​ | 21.0
Interest rate swap agreements | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of (loss) gain reclassified from AOCI to income | ​ | - | ​ | - | ​ | (1.9) | ​ | ​ | ​ | - | ​ | - | ​ | (2.3) | ​ | ​ | - | ​ | - | ​ | (2.3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) on derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of (loss) gain recognized in income | ​ | - | ​ | (26.2) | ​ | - | ​ | ​ | ​ | - | ​ | 62.0 | ​ | - | ​ | ​ | - | ​ | 73.7 | ​ | -
Total gain (loss) of all derivative instruments | ​ | $10.6 | ​ | ($45.1) | ​ | $5.8 | ​ | ​ | ​ | $6.4 | ​ | $157.0 | ​ | $11.6 | ​ | ​ | ($11.0) | ​ | $121.3 | ​ | $18.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​

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