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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Accumulated Other Comprehensive Loss and Net Income Related to Derivatives

The following tables summarize the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income (loss) during the three and nine months ended September 30, 2024 and 2023 (in millions):

									Recognized in Net Income (Loss)
Three Months Ended September 30,			Gain (Loss) Recognized in Accumulated Other Comprehensive Loss						Classification of Gain (Loss)						Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income						Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2024
Foreign currency contracts(1)			$	(0.3)					Cost of goods sold						$	(1.9)					$	1,996.2
Commodity contracts(2)			—						Cost of goods sold						(0.1)						$	1,996.2
Treasury rate locks			—						Interest expense, net						0.1						$	33.9
Total			$	(0.3)											$	(1.9)
2023
Foreign currency contracts			$	(1.7)					Cost of goods sold						$	(2.5)					$	2,521.5
Commodity contracts			(0.1)						Cost of goods sold						0.2						$	2,521.5
Total			$	(1.8)											$	(2.3)

									Recognized in Net Income (Loss)
Nine Months Ended September 30,			Gain (Loss) Recognized in Accumulated Other Comprehensive Loss						Classification of Gain (Loss)						Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income						Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2024
Foreign currency contracts(1)			$	(5.0)					Cost of goods sold						$	(5.7)					$	6,564.2
Commodity contracts(2)			(0.3)						Cost of goods sold						(0.3)						$	6,564.2
Treasury rate locks			6.1						Interest expense, net						0.3						$	65.7
Total			$	0.8											$	(5.7)
2023
Foreign currency contracts			$	(8.6)					Cost of goods sold						$	(5.1)					$	7,817.1
Commodity contracts			0.1						Cost of goods sold						0.1						$	7,817.1
Total			$	(8.5)											$	(5.0)

____________________________________

(1) The outstanding contracts as of September 30, 2024 range in maturity through December 2024.

(2) As of September 30, 2024, there were no outstanding contracts with future maturity dates.

    The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended September 30, 2024 (in millions):

						Before-Tax Amount						Income Tax Expense (Benefit)						After-Tax Amount
Accumulated derivative net gains as of June 30, 2024						$	6.8					$	2.7					$	4.1
Net changes in fair value of derivatives						(0.1)						0.2						(0.3)
Net losses reclassified from accumulated other comprehensive loss into income						2.1						0.2						1.9
Accumulated derivative net gains as of September 30, 2024						$	8.8					$	3.1					$	5.7

    The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the nine months ended September 30, 2024 (in millions):

						Before-Tax Amount						Income Tax Expense (Benefit)						After-Tax Amount
Accumulated derivative net losses as of December 31, 2023						$	(1.3)					$	(0.5)					$	(0.8)
Net changes in fair value of derivatives						3.9						3.1						0.8
Net losses reclassified from accumulated other comprehensive loss into income						6.2						0.5						5.7
Accumulated derivative net gains as of September 30, 2024						$	8.8					$	3.1					$	5.7

Schedule of Derivative Instruments

The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):

			Notional Amount as of
			September 30, 2024						December 31, 2023
Cross currency swap contract			$	300.0					$	300.0

    The following table summarizes the changes in the fair value of the cross currency swap contract designated as a net investment hedge during the three and nine months ended September 30, 2024 and 2023 (in millions):

			Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended																								Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Nine Months Ended
			Before-Tax Amount						Income Tax Expense (Benefit)						After-Tax Amount																								Before-Tax Amount						Income Tax Expense (Benefit)						After-Tax Amount
September 30, 2024			$	(7.1)					$	(1.8)					$	(5.3)																							$	1.0					$	0.2					$	0.8
September 30, 2023			4.1						1.0						3.1																								(2.6)						(0.7)						(1.9)

Schedule of Derivatives Not Designated as Hedging Instrument

The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions):

									Gain (Loss) Recognized in Net Income for the Three Months Ended												Gain (Loss) Recognized in Net Income for the Nine Months Ended
			Classification of Gain (Loss)						September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Foreign currency contracts			Other expense, net						$	17.1					$	(9.9)					$	(24.7)					$	39.2

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of September 30, 2024 (in millions):

			Asset Derivatives as of September 30, 2024												Liability Derivatives as of September 30, 2024
			Balance Sheet Location						Fair Value						Balance Sheet Location						Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts			Other current assets						$	2.1					Other current liabilities						$	4.6
Cross currency swap contract			Other noncurrent assets						21.3						Other noncurrent liabilities						—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)			Other current assets						2.4						Other current liabilities						5.9
Total derivative instruments									$	25.8											$	10.5

__________________________________

(1) The outstanding contracts as of September 30, 2024 range in maturity through November 2024.

    The table below sets forth the fair value of derivative instruments as of December 31, 2023 (in millions):

			Asset Derivatives as of December 31, 2023												Liability Derivatives as of December 31, 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						$	1.2
Cross currency swap contract			Other noncurrent assets						20.3						Other noncurrent liabilities						—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)			Other current assets						17.1						Other current liabilities						12.8
Total derivative instruments									$	38.7											$	14.0

___________________________________

(1) The outstanding contracts as of December 31, 2023 range in maturity through February 2024.

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