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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below sets forth the fair value of derivative instruments as of March 31, 2022 (in millions):
| Asset Derivatives as of March 31, 2022 |  | Liability Derivatives as of March 31, 2022
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | 1.3 |  |  | Other current liabilities |  | $ | 6.3 |
Commodity contracts | Other current assets |  | 3.2 |  |  | Other current liabilities |  | 0.7 |
Cross currency swap contract | Other noncurrent assets |  | 16.7 |  |  | Other noncurrent liabilities |  | — |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts(1) | Other current assets |  | 10.9 |  |  | Other current liabilities |  | 22.7 |
Total derivative instruments |  |  | $ | 32.1 |  |  |  |  | $ | 29.7 |
(1) The outstanding contracts as of March 31, 2022 range in maturity through October 2022. The table below sets forth the fair value of derivative instruments as of December 31, 2021 (in millions):
| Asset Derivatives as of December 31, 2021 |  | Liability Derivatives as of December 31, 2021
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | — |  |  | Other current liabilities |  | $ | — |
Commodity contracts | Other current assets |  | 0.2 |  |  | Other current liabilities |  | 2.0 |
Cross currency swap contract | Other noncurrent assets |  | 12.5 |  |  | Other noncurrent liabilities |  | — |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts(1) | Other current assets |  | 15.1 |  |  | Other current liabilities |  | 5.1 |
Total derivative instruments |  |  | $ | 27.8 |  |  |  |  | $ | 7.1 |
(1) The outstanding contracts as of December 31, 2021 range in maturity through October 2022. Assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 are summarized below (in millions):
| As of March 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivative assets | $ | — |  |  | $ | 32.1 |  |  | $ | — |  |  | $ | 32.1 |
Derivative liabilities | — |  |  | 29.7 |  |  | — |  |  | 29.7 |
| As of December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivative assets | $ | — |  |  | $ | 27.8 |  |  | $ | — |  |  | $ | 27.8 |
Derivative liabilities | — |  |  | 7.1 |  |  | — |  |  | 7.1 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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