XML 48 R37.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

DERIVATIVES AND HEDGING TRANSACTIONS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
DERIVATIVES AND HEDGING TRANSACTIONS |
Gross fair value of the company's outstanding derivative assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Derivative Assets | Derivative Liabilities
​ | ​ | ​ | June 30 | ​ | December 31 | ​ | June 30 | ​ | December 31 | ​
(millions) |  | ​ | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 |
Derivatives designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | $10.9 | ​ | ​ | ​ | $6.7 | ​ | ​ | $3.3 | ​ | ​ | ​ | $5.2 | ​
Interest rate swap agreements | ​ | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 163.4 | ​ | ​ | ​ | 146.5 | ​
Cross-currency swap derivative contracts | ​ | ​ | ​ | 42.1 | ​ | ​ | ​ | 29.1 | ​ | ​ | 21.2 | ​ | ​ | ​ | 24.9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | 16.7 | ​ | ​ | ​ | 19.9 | ​ | ​ | 21.3 | ​ | ​ | ​ | 21.8 | ​
Gross value of derivatives | ​ | ​ | ​ | 69.7 | ​ | ​ | ​ | 55.7 | ​ | ​ | 209.2 | ​ | ​ | ​ | 198.4 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross amounts offset in the Consolidated Balance Sheets | ​ | ​ | ​ | (30.8) | ​ | ​ | ​ | (28.8) | ​ | ​ | (30.8) | ​ | ​ | ​ | (28.8) | ​
Net value of derivatives | ​ | ​ | ​ | $38.9 | ​ | ​ | ​ | $26.9 | ​ | ​ | $178.4 | ​ | ​ | ​ | $169.6 | ​
​
Summary of notional values of outstanding derivatives | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional Values
​ | ​ | ​ | June 30 | ​ | ​ | December 31
(millions) | ​ |  | 2024 | ​ |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | $4,050 | ​ | ​ | ​ | $3,745 | ​
Interest rate swap agreements | ​ | ​ | 1,500 | ​ | ​ | ​ | 1,500 | ​
Cross-currency swap derivative contracts | ​ | ​ | 1,291 | ​ | ​ | ​ | 998 | ​
​
Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying amount of the hedged liabilities | ​ | ​ | Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities | ​
​ | ​ | Second Quarter Ended | ​ | ​ | Second Quarter Ended | ​
Line item in which the hedged item is included | ​ | June 30 | ​ | ​ | June 30 | ​
(millions) |  | 2024 | ​ | 2023 | ​ |  | 2024 | ​ | 2023 |
Long-term debt | ​ | ​ | $1,336.4 | ​ | ​ | ​ | $1,317.9 | ​ | ​ | ​ | ($166.0) | ​ | ​ | ​ | ($184.5) | ​
Revaluation gains and losses on euro notes and cross-currency swap derivative | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Second Quarter Ended | ​ | Six Months Ended | ​
​ | ​ | June 30 | ​ | June 30
(millions) |  | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 |
Revaluation gain (loss), net of tax: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Euronotes | ​ | ​ | ($1.9) | ​ | ​ | ​ | ($9.8) | ​ | ​ | ​ | $0.6 | ​ | ​ | ​ | ($24.9) | ​
Cross-currency swap derivative contracts | ​ | ​ | 5.2 | ​ | ​ | ​ | (14.0) | ​ | ​ | ​ | 11.6 | ​ | ​ | ​ | (15.6) | ​
Total revaluation gain (loss), net of tax | ​ | ​ | $3.3 | ​ | ​ | ​ | ($23.8) | ​ | ​ | ​ | $12.2 | ​ | ​ | ​ | ($40.5) | ​
Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Second Quarter Ended | ​
​ | ​ | June 30 | ​
​ | ​ | 2024 | ​ | 2023 | ​
(millions) | ​ | ​ | COS | ​ | SG&A | ​ | Interest | ​ |  | ​ | COS | ​ | SG&A | ​ | Interest | ​
Gain (loss) on derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) reclassified from AOCI to income | ​ | ​ | $1.2 | ​ | $1.3 | ​ | $- | ​ | ​ | ​ | $2.8 | ​ | ($4.4) | ​ | $- | ​
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value | ​ | ​ | - | ​ | - | ​ | - | ​ | ​ | ​ | - | ​ | - | ​ | 2.1 | ​
Interest rate swap agreements | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of (loss) gain reclassified from AOCI to income | ​ | ​ | - | ​ | - | ​ | (0.4) | ​ | ​ | ​ | - | ​ | - | ​ | (0.4) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) on derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in income | ​ | ​ | - | ​ | (5.4) | ​ | - | ​ | ​ | ​ | - | ​ | (3.5) | ​ | - | ​
Total gain (loss) of all derivative instruments | ​ | ​ | $1.2 | ​ | ($4.1) | ​ | ($0.4) | ​ | ​ | ​ | $2.8 | ​ | ($7.9) | ​ | $1.7 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended | ​
​ | ​ | June 30 | ​
​ | ​ | 2024 | ​ | 2023 | ​
(millions) | ​ | ​ | COS | ​ | SG&A | ​ | Interest | ​ |  | ​ | COS | ​ | SG&A | ​ | Interest | ​
Gain (loss) on derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) reclassified from AOCI to income | ​ | ​ | $1.2 | ​ | $2.0 | ​ | $- | ​ | ​ | ​ | $8.1 | ​ | ($10.4) | ​ | $- | ​
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value | ​ | ​ | - | ​ | - | ​ | - | ​ | ​ | ​ | - | ​ | - | ​ | 4.1 | ​
Interest rate swap agreements | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of (loss) gain reclassified from AOCI to income | ​ | ​ | - | ​ | - | ​ | (0.9) | ​ | ​ | ​ | - | ​ | - | ​ | (0.9) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) on derivatives not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in income | ​ | ​ | - | ​ | (5.0) | ​ | - | ​ | ​ | ​ | - | ​ | (28.1) | ​ | - | ​
Total gain (loss) of all derivative instruments | ​ | ​ | $1.2 | ​ | ($3.0) | ​ | ($0.9) | ​ | ​ | ​ | $8.1 | ​ | ($38.5) | ​ | $3.2 | ​

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfNetInvestmentHedgesStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration