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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 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 Consolidated Balance Sheet (in millions):
|  | December 31, 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 | $ | 0.1 |  | $ | 1.7 |  |  | $ | — |  | $ | 1.7 |
Commodity swaps | Other current assets | 2.4 |  | — |  |  | 0.3 |  | — |
Foreign exchange contracts | Other current liabilities | — |  | (0.8) |  |  | (0.3) |  | (2.0) |
Cross currency swaps - net investment hedge | Other current liabilities | (5.1) |  | — |  |  | (1.7) |  | — |
Commodity swaps | Other current liabilities | (0.2) |  | — |  |  | (1.5) |  | — |
Cross currency swaps - net investment hedge | Other non-current liabilities | (5.1) |  | — |  |  | (3.0) |  | — |
Commodity swaps | Other non-current liabilities | — |  | — |  |  | (0.4) |  | — |
Net derivative asset (liability) | $ | (7.9) |  | $ | 0.9 |  |  | $ | (6.6) |  | $ | (0.3) |
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 | 2023 | 2022 | 2021 | Income Statement Account | 2023 | 2022 | 2021
Foreign exchange contracts | $ | 0.4 |  | $ | (0.1) |  | $ | (0.1) |  | Cost of goods sold | $ | (0.2) |  | $ | 0.1 |  | $ | 0.1 |
Commodity swaps | 5.2 |  | (12.1) |  | $ | 2.4 |  | Cost of goods sold | (1.6) |  | 8.1 |  | 15.6 |
Cross currency swaps - net investment hedges | (4.6) |  | 1.8 |  | 4.8 |  | Selling, general and administrative expenses | — |  | — |  | — |
Interest rate caps | — |  | — |  | 2.9 |  | Interest expense | — |  | — |  | (1.2) |
Total | $ | 1.0 |  | $ | (10.4) |  | $ | 10.0 |  | Total | $ | (1.8) |  | $ | 8.2 |  | $ | 14.5 |
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 (Loss) Recognized in Income (Loss) |  |  |  |
| Cost of goods sold |  | Interest expense |  |
| Year Ended December 31,
| 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021 |  |  |  |
Income Statement Accounts in which effects of cash flow hedges are recorded | $ | (3,974.9) |  | $ | (3,546.5) |  | $ | (3,129.4) |  |  | $ | (63.3) |  | $ | (49.1) |  | $ | (51.5) |  |  |  |  |
Gain (loss) reclassified from AOCI into Income (loss):
Foreign exchange contracts | (0.2) |  | 0.1 |  | 0.1 |  |  | — |  | — |  | — |  |  |  |  |
Commodity swaps | (1.6) |  | 8.1 |  | 15.6 |  |  | — |  | — |  | — |  |  |  |  |
Interest rate caps | — |  | — |  | — |  |  | — |  | — |  | (1.2) |  |  |  |  |
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge | — |  | — |  | — |  |  | 0.8 |  | 0.7 |  | 0.6 |  |  |  |  |
Total | $ | (1.8) |  | $ | 8.2 |  | $ | 15.7 |  |  | $ | 0.8 |  | $ | 0.7 |  | $ | (0.6) |  |  |  |  |
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 | 2023 | 2022 | 2021
Foreign exchange contracts | Cost of goods sold | $ | (7.6) |  | $ | (2.2) |  | $ | (0.5) |
Foreign exchange contracts | Other income (expense) – net | (1.8) |  | 0.1 |  | 0.5 |
Total |  | $ | (9.4) |  | $ | (2.1) |  | $ | — |

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