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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments The following table presents assets and liabilities representing the fair value of our most significant derivative financial instruments. The fair values of the derivatives reflect the change in the market value of the derivative from the date of the trade execution and do not consider the offsetting underlying hedged item.
|  | Expiring at various dates through: |  | Total USD Equivalent Notional Amount |  | As of December 31, 2022
Derivatives |  |  | Assets |  | Liabilities
| Other Current Assets |  | Sundry |  | Other Current Liabilities |  | Other Long-Term Liabilities
Designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Total cash flow hedges-currency hedges |  | Jun 2024 |  | 263.4 |  | $ | 1.9 |  |  | $ | .5 |  |  | $ | 4.3 |  |  | $ | .4 |
Total fair value hedges |  | Apr 2023 |  | 65.5 |  | .3 |  |  | — |  | 1 | 1.0 |  |  | — |
Not designated as hedging instruments |  | Dec 2023 |  | 86.0 |  | .2 |  |  | — |  |  | .2 |  |  | — |
Total derivatives |  |  |  |  |  | $ | 2.4 |  |  | $ | .5 |  |  | $ | 5.5 |  |  | $ | .4 |
|  | Expiring at various dates through: |  | Total USD Equivalent Notional Amount |  | As of December 31, 2021
Derivatives |  |  | Assets |  | Liabilities
|  | Other Current Assets |  | Sundry |  | Other Current Liabilities |  | Other Long-Term Liabilities
Designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Total cash flow hedges-currency hedges |  | Jun 2023 |  | 260.6 |  |  | $ | 5.1 |  |  | $ | — |  |  | $ | .7 |  |  | $ | .1 |
Total fair value hedges |  | Mar 2022 |  | 54.2 |  |  | .4 |  |  | — |  |  | — |  |  | — |
Not designated as hedging instruments |  | Dec 2022 |  | 40.1 |  |  | .4 |  |  | — |  |  | .4 |  |  | — |
Total derivatives |  |  |  |  |  | $ | 5.9 |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | .1 |
The following table sets forth the pretax (gains) losses for our hedging activities for the years presented. This schedule includes reclassifications from accumulated other comprehensive income as well as derivative settlements recorded directly to income or expense.
|  | Income Statement Caption |  | Amount of (Gain) Loss Recorded in Income for the Year Ended December 31
Derivatives |  | 2022 |  | 2021 |  | 2020
Designated as hedging instruments |  |  |  |  |  |  |  |
Interest rate cash flow hedges 1 |  | Interest expense |  | $ | 2.3 |  |  | $ | 4.5 |  |  | $ | 4.5 |
Currency cash flow hedges |  | Net trade sales |  | .5 |  |  | (9.6) |  |  | 1.1 |
Currency cash flow hedges |  | Cost of goods sold |  | (2.8) |  |  | (.2) |  |  | (.1) |
Total cash flow hedges |  |  |  | — |  |  | (5.3) |  |  | 5.5 |
Fair value hedges |  | Other expense (income), net |  | 3.5 |  |  | (5.9) |  |  | (.2) |
Not designated as hedging instruments |  | Other expense (income), net |  | (1.3) |  |  | (1.9) |  |  | .2 |
Total derivative instruments |  |  |  | $ | 2.2 |  |  | $ | (13.1) |  |  | $ | 5.5 |
1 In the fourth quarter of 2021, in connection with our issuance of our $500.0 senior notes due 2051, we settled $300.0 of treasury locks and recognized a gain of $10.2, which is being amortized over the life of the notes. In the third quarter of 2022, we completed amortization of the $43.0 loss on our $200.0 forward starting interest rate swap that was related to our 2012 $300.0 senior notes; the 2012 issuance matured and was fully paid in the third quarter of 2022.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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