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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 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 Consolidated Balance Sheet (in millions):

						December 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			$	—		$	1.7					$	(0.1)		$	0.7
Commodity swaps			Other current assets			0.3			—						4.3			—
Foreign exchange contracts			Other current liabilities			(0.3)			(2.0)						—			—
Cross currency swaps - net investment hedge			Other current liabilities			(1.7)			—						(0.5)			—
Commodity swaps			Other current liabilities			(1.5)			—						(1.1)			—
Cross currency swaps - net investment hedge			Other non-current liabilities			(3.0)			—						(2.4)			—
Commodity swaps			Other non-current liabilities			(0.4)			—						—			—
Net derivative asset (liability)						$	(6.6)		$	(0.3)					$	0.2		$	0.7

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 (Loss)
			Year Ended December 31,												Year Ended December 31,
Instrument			2022			2021			2020			Income Statement Account			2022			2021			2020
Foreign exchange contracts			$	(0.1)		$	(0.1)		$	(0.6)		Cost of goods sold			$	0.1		$	0.1		$	(2.1)
Commodity swaps			(12.1)			2.4			$	7.0		Cost of goods sold			8.1			15.6			(2.4)
Cross currency swaps - net investment hedges			1.8			4.8			(8.8)			Selling, general and administrative expenses			—			—			—
Interest rate caps			—			2.9			(2.8)			Interest expense			—			(1.2)			(0.4)
Total			$	(10.4)		$	10.0		$	(5.2)		Total			$	8.2		$	14.5		$	(4.9)

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 (Loss) Recognized in Income (Loss)
			Cost of goods sold												Interest expense
			Year Ended December 31,
			2022			2021			2020						2022			2021			2020
Income Statement Accounts in which effects of cash flow hedges are recorded			$	(3,546.5)		$	(3,129.4)		$	(2,537.1)					$	(49.1)		$	(51.5)		$	(65.9)
Gain (loss) reclassified from AOCI into Income (loss):
Foreign exchange contracts			0.1			0.1			(2.1)						—			—			—
Commodity swaps			8.1			15.6			(2.4)						—			—			—
Interest rate caps			—			—			—						—			(1.2)			(0.4)
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge			—			—			—						0.7			0.6			0.5
Total			$	8.2		$	15.7		$	(4.5)					$	0.7		$	(0.6)		$	0.1

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 in the Consolidated Statement of Income (Loss) (in millions):

						Gain (Loss) Recognized in Income (Loss)
						Year Ended December 31,
Instrument			Income Statement Account			2022			2021			2020
Foreign exchange contracts			Cost of goods sold			$	(2.2)		$	(0.5)		$	0.6
Foreign exchange contracts			Other income (expense) – net			0.1			0.5			—
Total						$	(2.1)		$	—		$	0.6

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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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-Name Accounting Standards Codification
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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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