Derivative Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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.