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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of derivative instruments designated as hedging instruments that are reported in the Consolidated Balance Sheet

The following table provides the location and fair value amounts of derivative instruments designated and not designated as hedging instruments that are reported in the Condensed Consolidated Balance Sheet (in millions):

						March 31, 2020												December 31, 2019
Instrument (1)			Balance Sheet Account			Derivatives designated as hedges			Derivatives not designated as hedges						Derivatives designated as hedges			Derivatives not designated as hedges
Foreign exchange contracts			Other current assets			$	1.1		$	—					$	4.1		$	—
Cross currency swaps			Other current assets			0.1			—						—			—
Foreign exchange contracts			Other current liabilities			(1.9)			(0.1)						(3.9)			—
Interest rate caps			Other current liabilities			(0.6)			—						—			—
Commodity swaps			Other current liabilities			(2.1)			—						—			—
Cross currency swaps			Other non-current liabilities			(0.3)			—						—			—
Commodity swaps			Other non-current liabilities			(0.7)			—						—			—
Interest rate caps			Other non-current liabilities			(1.4)			—						—			—
Net derivative asset (liability)									$	(5.8)		$	(0.1)					$	0.2		$	—

⁽¹⁾ Categorized as Level 2 under the ASC 820 Fair Value Hierarchy.

Schedule of derivative instruments that are designated as hedges in the Consolidated Statement of Comprehensive Income

The following tables provide the effect of derivative instruments that are designated as hedges in AOCI (in millions):

						Gain (Loss) Recognized on Derivatives in OCI, net of tax									Gain (Loss) Reclassified from AOCI into Income
Instrument						Three Months Ended March 31, 2020			Income Statement Account						Three Months Ended March 31, 2020
Foreign exchange contracts						$	(1.1)		Cost of goods sold						$	(1.4)
Commodity swaps						(1.4)			Cost of goods sold						(1.1)
Cross currency swaps						(0.2)			Selling, general and administrative expenses						—
Interest rate caps						(1.5)			Interest expense						—
Total						$	(4.2)		Total						$	(2.5)

						Gain (Loss) Recognized on Derivatives in OCI, net of tax									Gain (Loss) Reclassified from AOCI into Income
Instrument						Three Months Ended March 31, 2019			Income Statement Account						Three Months Ended March 31, 2019
Foreign exchange contracts						$	(1.2)		Cost of goods sold						$	(1.9)
Commodity swaps						(0.1)			Cost of goods sold						(0.3)
Cross currency swaps						0.2			Other income (expense) - net						1.0
Total						$	(1.1)		Total						$	(1.2)

The following tables provide the effect of derivative instruments that are designated as hedges in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):

						Classification and amount of Gain or Loss Recognized in Income
						Cost of goods sold						Other income (expense) - net
						Three Months Ended March 31, 2020						Three Months Ended March 31, 2020
Income Statement Accounts in which effects of cash flow hedges are recorded						$	(696.9)					$	(1.6)
Gain (Loss) Reclassified from AOCI into Income (Loss):
Foreign exchange contracts						(1.4)						—
Commodity swaps						(1.1)						—
Total						$	(2.5)					$	—

						Classification and amount of Gain or Loss Recognized in Income
						Cost of goods sold						Other income (expense) - net
						Three Months Ended March 31, 2019						Three Months Ended March 31, 2019
Income Statement Accounts in which effects of cash flow hedges are recorded						$	(898.8)					$	(3.2)
Gain (Loss) Reclassified from AOCI into Income (Loss):
Foreign exchange contracts						(1.9)						—
Commodity swaps						(0.3)						—
Cross currency swaps						—						1.0
Total						$	(2.2)					$	1.0

Schedule of fair value of derivative instruments not designated as hedging instruments that are reported in the Consolidated Statement of Comprehensive Income and Balance Sheet

Derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities. The following table provides the effect of non-designated derivatives outstanding at the end of the period in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):

									Gain (Loss) Recognized in Income
Instrument			Income Statement Account						Three Months Ended March 31, 2020									Three Months Ended March 31, 2019
Foreign exchange contracts			Cost of goods sold						$	(0.4)								$	—
Foreign exchange contracts			Other income (expense) – net						(0.1)									(0.8)
Debt conversion feature			Other income (expense) – net						—									0.4
			Total						$	(0.5)								$	(0.4)

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
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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.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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-Publisher FASB
-Name Accounting Standards Codification
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