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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk

The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.

			Notional Amount
			March 31, 2023						December 31, 2022
			(in millions)
Foreign currency forward exchange contracts			$	1,712.2					$	1,678.4
Cross currency swap contracts			300.0						300.0

Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets

The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions):

												Fair Value
Derivatives designated as hedging instruments						Balance Sheet Location						March 31, 2023						December 31, 2022
Assets
Foreign currency contracts						Other current assets						$	13.6					$	24.9
Cross currency swap contracts						Other assets						$	38.1					$	40.6
Liabilities
Foreign currency contracts						Accrued and other liabilities						$	23.4					$	20.7
Foreign currency contracts						Other liabilities						$	—					$	6.5

Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets

The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions):

																					Gross Amounts Not Offset in the Consolidated Balance Sheet
									Gross Amounts Offset in the Consolidated Balance Sheet
															Net Amounts Presented in the Consolidated Balance Sheet
March 31, 2023			Gross Amounts																		Financial Instruments						Cash Collateral Received						Net Amount
Derivative assets
Foreign currency contracts			$	13.6					$	—					$	13.6					$	(6.7)					$	—					$	6.9
Cross currency swap contracts			$	38.1					$	—					$	38.1					$	—					$	—					$	38.1
Derivative liabilities
Foreign currency contracts			$	23.4					$	—					$	23.4					$	(6.7)					$	—					$	16.7
December 31, 2022
Derivative assets
Foreign currency contracts			$	24.9					$	—					$	24.9					$	(12.0)					$	—					$	12.9
Cross currency swap contracts			$	40.6					$	—					$	40.6					$	—					$	—					$	40.6
Derivative liabilities
Foreign currency contracts			$	27.2					$	—					$	27.2					$	(12.0)					$	—					$	15.2

Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Liabilities

The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions):

																					Gross Amounts Not Offset in the Consolidated Balance Sheet
									Gross Amounts Offset in the Consolidated Balance Sheet
															Net Amounts Presented in the Consolidated Balance Sheet
March 31, 2023			Gross Amounts																		Financial Instruments						Cash Collateral Received						Net Amount
Derivative assets
Foreign currency contracts			$	13.6					$	—					$	13.6					$	(6.7)					$	—					$	6.9
Cross currency swap contracts			$	38.1					$	—					$	38.1					$	—					$	—					$	38.1
Derivative liabilities
Foreign currency contracts			$	23.4					$	—					$	23.4					$	(6.7)					$	—					$	16.7
December 31, 2022
Derivative assets
Foreign currency contracts			$	24.9					$	—					$	24.9					$	(12.0)					$	—					$	12.9
Cross currency swap contracts			$	40.6					$	—					$	40.6					$	—					$	—					$	40.6
Derivative liabilities
Foreign currency contracts			$	27.2					$	—					$	27.2					$	(12.0)					$	—					$	15.2

Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income

The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions):

						Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)																		Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
						Three Months Ended March 31,												Location of Gain or (Loss) Reclassified from Accumulated OCI into Income						Three Months Ended March 31,
																					2023															2022						2023						2022
Cash flow hedges
Foreign currency contracts						$	3.7					$	24.7					Cost of sales						$	29.8					$	7.3

						Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)																		Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
						Three Months Ended March 31,												Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)						Three Months Ended March 31,
																					2023															2022						2023						2022
Net investment hedges
Cross currency swap contracts						$	(2.5)					$	3.9					Interest income, net						$	1.7					$	1.6

												Amount of Gain or (Loss) Recognized in Income on Derivative
												Three Months Ended March 31,
						Location of Gain or (Loss) Recognized in Income on Derivative
												2023						2022
Derivatives not designated as hedging instruments
Foreign currency contracts						Other (income) expense, net						$	(5.4)					$	15.5

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions):

																											Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
									Three Months Ended March 31, 2023
																											Cost of sales						Selling, general, and administrative expenses												Other (Income) Expense, net
Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded																														$	(329.5)								$	(436.3)														$	1.6
The effects of cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items																											$	—					$	—											$	1.2
Derivatives designated as hedging instruments																											$	—					$	—											$	(1.2)
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach																											$	—					$	—											$	1.2
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income																											$	29.8					$	—											$	—

																											Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
									Three Months Ended March 31, 2022
																											Cost of sales						Selling, general, and administrative expenses												Other (Income) Expense, net
Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded																														$	(299.3)								$	(370.3)														$	(3.3)
The effects of fair value and cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income																											$	7.3					$	—											$	—

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