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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments | The fair values of foreign exchange and commodity derivative instruments on the consolidated balance sheets as of December 31, 2022 and 2021 were:
|  |  |  |  | Fair Value |
(In millions) |  | Location |  |  | 2022 |  |  |  | 2021 |
Assets: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  |  | $ | 5.0 |  |  |  | $ | 3.6 |
Interest rate contracts |  | Other current assets |  |  |  | 84.6 |  |  |  |  | — |
|  | Total assets |  |  | $ | 89.6 |  |  |  | $ | 3.6 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current liabilities |  |  | $ | 0.7 |  |  |  | $ | 0.7 |
Commodity contracts |  | Other current liabilities |  |  |  | 3.6 |  |  |  |  | 0.1 |
|  | Total liabilities |  |  | $ | 4.3 |  |  |  | $ | 0.8 |
Effects of Derivative Financial Instruments on Consolidated Statements of Income | The effects of derivative financial instruments on the consolidated statements of income in 2022, 2021 and 2020 were:
(In millions) |  | Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships |
|  | 2022 |
|  | Cost of products sold |  |  | Interest expense |  |  | Other income, net |
Total amounts per Consolidated Statements of Income |  | $ | 2,790.1 |  |  | $ | 119.2 |  |  | $ | 12.0 |
The effects of fair value and cash flow hedging: |  |  |  |  |  |  |  |  |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Hedged items |  |  | — |  |  |  | — |  |  |  | (22.4 | )
Derivative designated as hedging instruments |  |  | — |  |  |  | — |  |  |  | 21.3 |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | 4.8 |  |  |  | — |  |  |  | — |
Commodity contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | (7.3 | ) |  |  | — |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | — |  |  |  | 3.6 |  |  |  | — |
(In millions) |  | Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships |
|  | 2021 |
|  | Cost of products sold |  |  | Interest expense |  |  | Other expense, net |
Total amounts per Consolidated Statements of Income |  | $ | 2,840.6 |  |  | $ | 84.3 |  |  | $ | 0.4 |
The effects of fair value and cash flow hedging: |  |  |  |  |  |  |  |  |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Hedged items |  |  | — |  |  |  | — |  |  |  | (4.7 | )
Derivative designated as hedging instruments |  |  | — |  |  |  | — |  |  |  | 2.1 |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | (2.6 | ) |  |  | — |  |  |  | — |
Commodity contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | 1.3 |  |  |  | — |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | — |  |  |  | 0.6 |  |  |  | — |
(In millions) |  | Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships |
|  | 2020 |
|  | Cost of products sold |  |  | Interest expense |  |  | Other income, net |
Total amounts per Consolidated Statements of Income |  | $ | 2,157.4 |  |  | $ | 83.8 |  |  | $ | 15.3 |
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 |  |  | — |  |  |  | — |  |  |  | (2.8 | )
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | (0.7 | ) |  |  | — |  |  |  | — |
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 |  |  | — |  |  |  | 0.6 |  |  |  | — |

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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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