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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments

The fair values of derivative instruments on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 were as follows:

				Fair Value
(In millions)		Location		September 30, 2021				December 31, 2020
Assets:
Foreign exchange contracts		Other current assets		$	3.2			$	3.7
Commodity contracts		Other current assets			0.2				1.9
Net investment hedges		Other current assets			0.1				—
		Total assets		$	3.5			$	5.6
Liabilities:
Foreign exchange contracts		Other current liabilities		$	1.3			$	6.5
		Total liabilities		$	1.3			$	6.5

Effects of Derivative Financial Instruments on Consolidated Statements of Income

The effects of derivative financial instruments on the statements of comprehensive income for the nine months ended September 30, 2021 and 2020 were as follows:

(In millions)		Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		Nine Months Ended September 30, 2021
		Cost of products sold				Interest expense				Other expense, net
Total amounts per Consolidated Statements of Comprehensive Income		$	3,637.2			$	63.2			$	0.7
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			—				—				(2.1	)
Derivative designated as hedging instruments			—				—				(0.6	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.2				—				—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.9				—				—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				0.5				—
(In millions)		Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		Nine Months Ended September 30, 2020
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	2,873.9			$	64.4			$	13.4
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			—				—				(5.3	)
Derivative designated as hedging instruments			—				—				6.9
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			(2.1	)			—				—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			(0.2	)			—				—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				0.5				—

The effects of derivative financial instruments on the statements of comprehensive income for the three months ended September 30, 2021 and 2020 were as follows:

(In millions)		Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		Three Months Ended September 30, 2021
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	1,280.0			$	20.6			$	1.3
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			—				—				(3.8	)
Derivative designated as hedging instruments			—				—				3.1
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.9				—				—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				—				—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				0.2				—
(In millions)		Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		Three Months Ended September 30, 2020
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	1,071.5			$	20.1			$	2.1
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			—				—				3.5
Derivative designated as hedging instruments			—				—				(3.1	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			(1.4	)			—				—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.2				—				—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				0.2				—

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- References

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- Definition

Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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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 http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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