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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 |  | December 31, 2021
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 |  | $ | 1.0 |  |  | $ | (0.1) |  | $ | 0.7 |
Commodity swaps | Other current assets | 6.9 |  | — |  |  | 4.3 |  | — |
Foreign exchange contracts | Other current liabilities | (0.1) |  | (0.3) |  |  | — |  | — |
Cross currency swaps - net investment hedge | Other current liabilities | (0.1) |  | — |  |  | (0.5) |  | — |
Commodity swaps | Other current liabilities | (0.1) |  | — |  |  | (1.1) |  | — |
Cross currency swaps - net investment hedge | Other non-current liabilities | (2.0) |  | — |  |  | (2.4) |  | — |
Net derivative asset (liability) | $ | 4.7 |  | $ | 0.7 |  |  | $ | 0.2 |  | $ | 0.7 |
(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)
Instrument | Three Months Ended March 31, 2022 |  | Three Months Ended March 31, 2021 | Income Statement Account | Three Months Ended March 31, 2022 |  | Three Months Ended March 31, 2021
Foreign exchange contracts | $ | 0.1 |  |  | $ | — |  | Cost of goods sold | $ | — |  |  | $ | — |
Commodity swaps | (1.8) |  |  | 7.9 |  | Cost of goods sold | 5.0 |  |  | (0.3) |
Cross currency swaps - net investment hedge | 0.7 |  |  | 2.9 |  | Selling, general and administrative expenses | — |  |  | — |
Interest rate caps | — |  |  | 3.0 |  | Interest expense | — |  |  | (0.3) |
Total | $ | (1.0) |  |  | $ | 13.8 |  | Total | $ | 5.0 |  |  | $ | (0.6) |
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, 2022 | Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021
Income Statement Accounts in which effects of cash flow hedges are recorded | $ | (816.7) |  | $ | (688.8) |  |  | $ | (10.6) |  | $ | (15.3) |
Gain (loss) reclassified from AOCI into Income (loss): |  |  |  |  |
Commodity swaps | 5.0 |  | (0.3) |  |  | — |  | — |
Interest rate caps | — |  | — |  |  | — |  | (0.3) |
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge | — |  | — |  |  | 0.1 |  | 0.2 |
Total | $ | 5.0 |  | $ | (0.3) |  |  | $ | 0.1 |  | $ | (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 in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):
|  | Gain (Loss) Recognized in Income (Loss)
|  | Three Months Ended March 31, |  |
Instrument | Income Statement Account | 2022 | 2021 |  |  |
Foreign exchange contracts | Cost of goods sold | $ | (0.1) |  | $ | (0.2) |  |  |  |
Foreign exchange contracts | Other income (expense) – net | (0.7) |  | (0.1) |  |  |  |
| Total | $ | (0.8) |  | $ | (0.3) |  |  |  |

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