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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

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):

						September 30, 2023									December 31, 2022
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			$	0.6		$	0.8					$	—		$	1.7
Cross currency swaps - net investment hedge			Other current assets			4.1			—						—			—
Commodity swaps			Other current assets			0.3			—						0.3			—
Cross currency swaps - net investment hedge			Other non-current assets			0.6			—						—			—
Foreign exchange contracts			Other current liabilities			—			(2.2)						(0.3)			(2.0)
Cross currency swaps - net investment hedge			Other current liabilities			(1.3)			—						(1.7)			—
Commodity swaps			Other current liabilities			(0.7)			—						(1.5)			—
Cross currency swaps - net investment hedge			Other non-current liabilities			(1.4)			—						(3.0)			—
Commodity swaps			Other non-current liabilities			—			—						(0.4)			—
Net derivative asset (liability)						$	2.2		$	(1.4)					$	(6.6)		$	(0.3)

(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 September 30, 2023						Nine Months Ended  September 30, 2023			Income Statement Account			Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
Foreign exchange contracts			$	0.8					$	0.4		Cost of goods sold			$	—					$	(0.2)
Commodity swaps			(0.5)						3.6			Cost of goods sold			0.2						(2.7)
Cross currency swaps - net investment hedge			6.9						5.2			Selling, general and administrative expenses			—						—
Total			$	7.2					$	9.2		Total			$	0.2					$	(2.9)

			Gain (Loss) Recognized on Derivatives in OCI, net of tax									Gain (Loss) Reclassified from AOCI into Income (Loss)
Instrument			Three Months Ended September 30, 2022			Nine Months Ended  September 30, 2022						Income Statement Account			Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
Foreign exchange contracts			$	(0.2)		$	(0.2)					Cost of goods sold			$	—		$	0.1
Commodity swaps			(4.0)			(10.9)						Cost of goods sold			(0.4)			6.9
Cross currency swaps - net investment hedge			2.4			6.1						Selling, general and administrative expenses			—			—
Total			$	(1.8)		$	(5.0)					Total			$	(0.4)		$	7.0

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 September 30, 2023			Nine Months Ended  September 30, 2023						Three Months Ended September 30, 2023			Nine Months Ended  September 30, 2023
Income Statement Accounts in which effects of cash flow hedges are recorded			$	(997.6)		$	(3,014.8)					$	(17.0)		$	(47.3)
Gain (loss) reclassified from AOCI into Income (loss):
Foreign exchange contracts			—			(0.2)						—			—
Commodity swaps			0.2			(2.7)						—			—
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge			—			—						1.2			2.4
Total			$	0.2		$	(2.9)					$	1.2		$	2.4

			Classification and amount of Gain (Loss) Recognized in Income (Loss)
			Cost of goods sold									Interest expense
			Three Months Ended September 30, 2022			Nine Months Ended  September 30, 2022						Three Months Ended September 30, 2022			Nine Months Ended  September 30, 2022
Income Statement Accounts in which effects of cash flow hedges are recorded			$	(883.4)		$	(2,564.3)					$	(13.5)		$	(35.8)
Gain (loss) reclassified from AOCI into Income (loss):
Foreign exchange contracts			—			0.1						—			—
Commodity swaps			(0.4)			6.9						—			—
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge			—			—						—			0.3
Total			$	(0.4)		$	7.0					$	—		$	0.3

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 September 30,									Nine Months Ended September 30,
Instrument			Income Statement Account			2023			2022						2023			2022
Foreign exchange contracts			Cost of goods sold			$	(6.8)		$	(3.1)					$	(9.9)		$	(2.2)
Foreign exchange contracts			Other income (expense) – net			(3.3)			2.3						(3.0)			1.3
			Total			$	(10.1)		$	(0.8)					$	(12.9)		$	(0.9)

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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.

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-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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