DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024				December 31, 2023
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	$	—	$	0.4	$	0.1	$	1.7
Cross currency swaps - net investment hedge	Other current assets	0.9		—		—		—


Commodity swaps	Other current assets	0.8		—		2.4		—
Cross currency swaps - net investment hedge	Other non-current assets	0.4		—		—		—


Foreign exchange contracts	Other current liabilities	—		(0.7)		—		(0.8)
Cross currency swaps - net investment hedge	Other current liabilities	(3.2)		—		(5.1)		—

Commodity swaps	Other current liabilities	(0.1)		—		(0.2)		—
Cross currency swaps - net investment hedge	Other non-current liabilities	(2.1)		—		(5.1)		—


Net derivative asset (liability)		$	(3.3)	$	(0.3)	$	(7.9)	$	0.9

(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, 2024		Three Months Ended March 31, 2023		Income Statement Account	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Foreign exchange contracts	$	0.1	$	(0.4)	Cost of goods sold	$	—	$	—
Commodity swaps	(0.5)		3.3		Cost of goods sold	(0.2)		(1.8)
Cross currency swaps - net investment hedge	4.7		(1.0)		Selling, general and administrative expenses	—		—

Total	$	4.3	$	1.9	Total	$	(0.2)	$	(1.8)

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, 2024		Three Months Ended March 31, 2023		Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Income Statement Accounts in which effects of cash flow hedges are recorded	$	(995.2)	$	(957.0)	$	(15.0)	$	(14.9)
Gain (loss) reclassified from AOCI into Income (loss):

Commodity swaps	(0.2)		(1.8)		—		—

Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge	—		—		0.9		0.8
Total	$	(0.2)	$	(1.8)	$	0.9	$	0.8

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	2024		2023
Foreign exchange contracts	Cost of goods sold	$	(1.2)	$	(0.3)
Foreign exchange contracts	Other income (expense) – net	(0.1)		1.0

	Total	$	(1.3)	$	0.7