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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 (in millions):

			Asset Derivatives as of September 30, 2023												Liability Derivatives as of September 30, 2023
			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						$	4.6
Commodity contracts			Other current assets						—						Other current liabilities						—
Cross currency swap contract			Other noncurrent assets						30.4						Other noncurrent liabilities						—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)			Other current assets						18.8						Other current liabilities						7.0
Total derivative instruments									$	50.5											$	11.6

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(1) The outstanding contracts as of September 30, 2023 range in maturity through December 2023.

    The table below sets forth the fair value of derivative instruments as of December 31, 2022 (in millions):

			Asset Derivatives as of December 31, 2022												Liability Derivatives as of December 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						$	1.3
Commodity contracts			Other current assets						—						Other current liabilities						—
Cross currency swap contract			Other noncurrent assets						33.0						Other noncurrent liabilities						—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)			Other current assets						6.6						Other current liabilities						39.1
Total derivative instruments									$	40.9											$	40.4

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(1) The outstanding contracts as of December 31, 2022 range in maturity through March 2023.

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are summarized below (in millions):

			As of September 30, 2023
			Level 1						Level 2						Level 3						Total
Derivative assets			$	—					$	50.5					$	—					$	50.5
Derivative liabilities			—						11.6						—						11.6

			As of December 31, 2022
			Level 1						Level 2						Level 3						Total
Derivative assets			$	—					$	40.9					$	—					$	40.9
Derivative liabilities			—						40.4						—						40.4

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- References

No definition available.

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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
-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

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