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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 |  | December 31, 2020
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 | $ | — |  | $ | 0.1 |  |  | $ | — |  | $ | — |
Commodity swaps | Other current assets | 11.0 |  | — |  |  | 7.2 |  | — |
Commodity swaps | Other non-current assets | 1.4 | — |  |  | 0.3 |  | — |
Interest rate caps | Other non-current assets | 1.2 | — |  |  | — |  | — |
Foreign exchange contracts | Other current liabilities | — |  | (0.3) |  |  | — |  | — |
Cross currency swaps - net investment hedge | Other current liabilities | (0.9) |  | — |  |  | (2.0) |  | — |
Interest rate caps | Other current liabilities | (1.2) |  | — |  |  | (1.2) |  | — |
Cross currency swaps - net investment hedge | Other non-current liabilities | (5.4) |  | — |  |  | (8.2) |  | — |
Interest rate caps | Other non-current liabilities | — |  | — |  |  | (2.6) |  | — |
Net derivative asset (liability) | $ | 6.1 |  | $ | (0.2) |  |  | $ | (6.5) |  | $ | — |
(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 (Loss)
| Three Months Ended March 31, |  |  | Three Months Ended March 31, |
Instrument | 2021 | 2020 |  | Income Statement Account | 2021 | 2020 |
Foreign exchange contracts | $ | — |  | $ | (1.1) |  |  | Cost of goods sold | $ | — |  | $ | (1.4) |  |
Commodity swaps | 7.9 |  | (1.4) |  |  | Cost of goods sold | (0.3) |  | (1.1) |  |
Cross currency swaps - net investment hedge | 2.9 |  | (0.2) |  |  | Selling, general and administrative expenses | — |  | — |  |
Interest rate caps | 3.0 |  | (1.5) |  |  | Interest expense | (0.3) |  | — |  |
Total | $ | 13.8 |  | $ | (4.2) |  |  | Total | $ | (0.6) |  | $ | (2.5) |  |
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 (Loss) Recognized in Income (Loss)
| Cost of goods sold |  | Interest expense
| Three Months Ended March 31,
| 2021 | 2020 |  | 2021 | 2020
Income Statement Accounts in which effects of cash flow hedges are recorded | $ | (688.8) |  | (696.9) |  |  | (15.3) |  | (17.7) |
Gain (loss) reclassified from AOCI into Income (loss): |  |  |  |  |
Foreign exchange contracts | — |  | (1.4) |  |  | — |  | — |
Commodity swaps | (0.3) |  | (1.1) |  |  | — |  | — |
Interest rate caps | — |  | — |  |  | (0.3) |  | — |
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge | — |  | — |  |  | 0.2 |  | — |
Total | $ | (0.3) |  | $ | (2.5) |  |  | $ | (0.1) |  | $ | — |
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 (Loss)
Instrument | Income Statement Account | Three Months Ended March 31, 2021 |  |  | Three Months Ended March 31, 2020 |
Foreign exchange contracts | Cost of goods sold | $ | (0.2) |  |  |  | $ | (0.4) |  |
Foreign exchange contracts | Other income (expense) – net | (0.1) |  |  |  | (0.1) |  |
| Total | $ | (0.3) |  |  |  | $ | (0.5) |  |

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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