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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 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 Consolidated Balance Sheet (in millions):
|  | December 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 | $ | — |  | $ | — |  |  | $ | 4.1 |  | $ | — |
Commodity swaps | Other current assets | 7.2 |  | — |  |  | — |  | — |
Commodity swaps | Other non-current assets | 0.3 |  | — |  |  | — |  | — |
Foreign exchange contracts | Other current liabilities | — |  | — |  |  | (3.9) |  | — |
Cross currency swaps - net investment hedge | Other current liabilities | (2.0) |  | — |  |  | — |  | — |
Interest rate caps | Other current liabilities | (1.2) |  | — |  |  | — |  | — |
Cross currency swaps - net investment hedge | Other non-current liabilities | (8.2) |  | — |  |  | — |  | — |
Interest rate caps | Other non-current liabilities | (2.6) |  | — |  |  | — |  | — |
Net derivative asset (liability) | $ | (6.5) |  | $ | — |  |  | $ | 0.2 |  | $ | — |
Schedule of derivative instruments that are designated as hedges in the Consolidated Statement of Income and Accumulated other comprehensive income (loss) ("OCI") | 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
| Year Ended December 31, |  | Year Ended December 31,
Instrument | 2020 | 2019 | 2018 | Income Statement Account | 2020 | 2019 | 2018
Foreign exchange contracts | $ | (0.6) |  | $ | 2.7 |  | $ | (5.4) |  | Cost of goods sold | $ | (2.1) |  | $ | (5.5) |  | $ | (1.4) |
Commodity swaps | 7.0 |  | 0.3 |  | $ | (1.2) |  | Cost of goods sold | (2.4) |  | (2.8) |  | (0.2) |
Cross currency swaps - cash flow hedge | — |  | 0.6 |  | 0.1 |  | Other income (expense) - net | — |  | 1.1 |  | 2.1 |
Cross currency swaps - net investment hedges | (8.8) |  | — |  | — |  | Selling, general and administrative expenses | — |  | — |  | — |
Interest rate caps | (2.8) |  | — |  | — |  | Interest expense | (0.4) |  | — |  | — |
Total | $ | (5.2) |  | $ | 3.6 |  | $ | (6.5) |  | Total | $ | (4.9) |  | $ | (7.2) |  | $ | 0.5 |
The following tables provide the effect of derivative instruments that are designated as hedges in the Consolidated Statement of Income (Loss) (in millions):
| Classification and amount of Gain or Loss Recognized in Income
| Cost of goods sold |  | Interest Expense |  | Other income (expense) - net
| Year Ended December 31,
| 2020 | 2019 | 2018 |  | 2020 | 2019 | 2018 |  | 2020 | 2019 | 2018
Income Statement Accounts in which effects of cash flow hedges are recorded | $ | (2,537.1) |  | $ | (3,465.3) |  | $ | (3,555.3) |  |  | $ | (65.9) |  | $ | (87.9) |  | $ | (72.8) |  |  | $ | 4.9 |  | $ | (6.1) |  | $ | (60.6) |
Gain (Loss) Reclassified from AOCI into Income (Loss):
Foreign exchange contracts | (2.1) |  | (5.5) |  | (1.4) |  |  | — |  | — |  | — |  |  | — |  | — |  | — |
Commodity swaps | (2.4) |  | (2.8) |  | (0.2) |  |  | — |  | — |  | — |  |  | — |  | — |  | — |
Cross currency swaps - cash flow hedge | — |  | — |  | — |  |  | — |  | — |  | — |  |  | — |  | 1.1 |  | 2.1 |
Interest rate caps | — |  | — |  | — |  |  | (0.4) |  | — |  | — |  |  | — |  | — |  | — |
Amount excluded from effectiveness testing recognized in Income (Loss) based on amortization approach:
Cross currency swaps - net investment hedge | — |  | — |  | — |  |  | 0.5 |  | — |  | — |  |  | — |  | — |  | — |
Total | $ | (4.5) |  | $ | (8.3) |  | $ | (1.6) |  |  | $ | 0.1 |  | $ | — |  | $ | — |  |  | $ | — |  | $ | 1.1 |  | $ | 2.1 |
Schedule of derivative instruments that are not designated as hedges in the Consolidated Statement of Income and OCI | The following table provides the effect of non-designated derivatives outstanding at the end of the period in the Consolidated Statement of Income (Loss) (in millions):
|  | Year Ended December 31,
Instrument | Income Statement Account | 2020 | 2019 | 2018
Foreign exchange contracts | Cost of goods sold | $ | 0.6 |  | $ | — |  | $ | — |
Foreign exchange contracts | Other income (expense) – net | $ | — |  | $ | (0.2) |  | (0.1) |
Debt conversion feature (1) | Other income (expense) – net | $ | — |  | $ | (0.5) |  | (0.9) |
Total |  | $ | 0.6 |  | $ | (0.7) |  | $ | (1.0) |

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