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Derivatives and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | The fair value of derivatives reflected in the accompanying condensed consolidated balance sheets are set forth in the table below.
| September 30, 2022 |  | December 31, 2021
| Asset Derivative |  | Liability Derivative |  | Asset Derivative |  | Liability Derivative
| (Dollars in millions)
Foreign currency option contracts | $ | 1.4 |  |  | $ | — |  |  | $ | 1.4 |  |  | $ | — |
Derivative contracts related to forecasted sales | 236.0 |  |  | (633.7) |  |  | 59.5 |  |  | (184.2) |
Financial trading contracts | 12.2 |  |  | — |  |  | 3.4 |  |  | — |
Total derivatives | 249.6 |  |  | (633.7) |  |  | 64.3 |  |  | (184.2) |
Effect of counterparty netting | (236.0) |  |  | 236.0 |  |  | (59.5) |  |  | 59.5 |
Variation margin (received) posted | (12.2) |  |  | 390.0 |  |  | (3.4) |  |  | 95.2 |
Net derivatives and variation margin as classified in the balance sheets | $ | 1.4 |  |  | $ | (7.7) |  |  | $ | 1.4 |  |  | $ | (29.5) |
Derivative Instruments, Gain (Loss) | The tables below show the amounts of pretax gains and losses related to the Company’s derivatives and their classification within the accompanying unaudited condensed consolidated statements of operations.
|  | Three Months Ended September 30, 2022
|  | Total (loss) gain recognized in income |  | (Loss) gain realized in income on derivatives |  | Unrealized (loss) gain recognized in income on derivatives
Derivative Instrument | Classification |  |
|  | (Dollars in millions)
Foreign currency option contracts | Operating costs and expenses | $ | (3.0) |  |  | $ | (1.6) |  |  | $ | (1.4) |
Derivative contracts related to forecasted sales | Revenue | (27.0) |  |  | (117.4) |  |  | 90.4 |
Financial trading contracts | Revenue | 0.3 |  |  | 0.5 |  |  | (0.2) |
Total |  | $ | (29.7) |  |  | $ | (118.5) |  |  | $ | 88.8 |
|  | Three Months Ended September 30, 2021
|  | Total (loss) gain recognized in income |  | (Loss) gain realized in income on derivatives |  | Unrealized gain (loss) recognized in income on derivatives
Derivative Instrument | Classification |  |
|  | (Dollars in millions)
Foreign currency option contracts | Operating costs and expenses | $ | (1.0) |  |  | $ | (1.6) |  |  | $ | 0.6 |
Derivative contracts related to forecasted sales | Revenue | (251.5) |  |  | (13.1) |  |  | (238.4) |
Financial trading contracts | Revenue | 0.7 |  |  | 0.7 |  |  | — |
Total |  | $ | (251.8) |  |  | $ | (14.0) |  |  | $ | (237.8) |
|  | Nine Months Ended September 30, 2022
|  | Total (loss) gain recognized in income |  | (Loss) gain realized in income on derivatives |  | Unrealized (loss) gain recognized in income on derivatives
Derivative Instrument | Classification |  |
|  | (Dollars in millions)
Foreign currency option contracts | Operating costs and expenses | $ | (8.2) |  |  | $ | (3.8) |  |  | $ | (4.4) |
Derivative contracts related to forecasted sales | Revenue | (543.1) |  |  | (308.0) |  |  | (235.1) |
Financial trading contracts | Revenue | 10.7 |  |  | 0.6 |  |  | 10.1 |
Total |  | $ | (540.6) |  |  | $ | (311.2) |  |  | $ | (229.4) |
|  | Nine Months Ended September 30, 2021
|  | Total (loss) gain recognized in income |  | Gain (loss) realized in income on derivatives |  | Unrealized (loss) gain recognized in income on derivatives
Derivative Instrument | Classification |  |
|  | (Dollars in millions)
Foreign currency option contracts | Operating costs and expenses | $ | (5.3) |  |  | $ | 3.0 |  |  | $ | (8.3) |
Derivative contracts related to forecasted sales | Revenue | (292.1) |  |  | (28.1) |  |  | (264.0) |
Financial trading contracts | Revenue | 1.4 |  |  | 0.6 |  |  | 0.8 |
Total |  | $ | (296.0) |  |  | $ | (24.5) |  |  | $ | (271.5) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth the hierarchy of the Company’s net (liability) asset positions for which fair value is measured on a recurring basis. Variation margin cash associated with the derivative balances is excluded from this table.
| September 30, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
Foreign currency option contracts | $ | — |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | 1.4 |
Derivative contracts related to forecasted sales | — |  |  | (397.7) |  |  | — |  |  | (397.7) |
Financial trading contracts | — |  |  | 12.2 |  |  | — |  |  | 12.2 |
Equity securities | — |  |  | — |  |  | 2.3 |  |  | 2.3 |
Total net (liabilities) assets | $ | — |  |  | $ | (384.1) |  |  | $ | 2.3 |  |  | $ | (381.8) |
| December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
Foreign currency option contracts | $ | — |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | 1.4 |
Derivative contracts related to forecasted sales | — |  |  | (124.7) |  |  | — |  |  | (124.7) |
Financial trading contracts | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Equity securities | — |  |  | — |  |  | 4.0 |  |  | 4.0 |
Total net (liabilities) assets | $ | — |  |  | $ | (119.9) |  |  | $ | 4.0 |  |  | $ | (115.9) |
Carrying Amounts And Estimated Fair Values Of Companys Debt | The fair value of debt, shown below, is principally based on reported market values and estimates based on interest rates, maturities, credit risk, underlying collateral and completed market transactions.
| September 30, 2022 |  | December 31, 2021
| (Dollars in millions)
Total debt at par value | $ | 891.0 |  |  | $ | 1,173.2 |
Less: Unamortized debt issuance costs and original issue discount | (21.8) |  |  | (35.4) |
Net carrying amount | $ | 869.2 |  |  | $ | 1,137.8 |
Estimated fair value | $ | 1,034.0 |  |  | $ | 1,136.5 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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