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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024
Derivatives |  | Assets |  | Liabilities
| Other Current Assets |  | Sundry |  | Other Current Liabilities |  | Other Long-Term Liabilities
Designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Total cash flow hedges-currency hedges |  | Mar 2026 |  | $ | 272.3 |  |  | $ | 2.3 |  |  | $ | .2 |  |  | $ | 1.9 |  |  | $ | .3 |
Total fair value hedges |  | Dec 2024 |  | 8.6 |  |  | .1 |  |  | — |  |  | — |  |  | — |
Not designated as hedging instruments |  | Sep 2025 |  | 188.3 |  |  | .4 |  |  | — |  |  | — |  |  | — |
Total derivatives |  |  |  |  |  | $ | 2.8 |  |  | $ | .2 |  |  | $ | 1.9 |  |  | $ | .3 |
|  | Expiring at various dates through: |  | Total USD Equivalent Notional Amount |  | As of December 31, 2023
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 2025 |  | $ | 298.2 |  |  | $ | 5.3 |  |  | $ | .5 |  |  | $ | 2.4 |  |  | $ | .2 |
Total fair value hedges |  | Mar 2024 |  | 21.7 |  |  | .3 |  |  | — |  |  | — |  |  | — |
Not designated as hedging instruments |  | Dec 2024 |  | 87.9 |  |  | .1 |  |  | — |  |  | .9 |  |  | — |
Total derivatives |  |  |  |  |  | $ | 5.7 |  |  | $ | .5 |  |  | $ | 3.3 |  |  | $ | .2 |
The following table sets forth the pretax (gains) losses for our hedging activities for the periods presented. This schedule includes reclassifications from accumulated other comprehensive income (see Note L) as well as derivative settlements recorded directly to income or expense.
Derivatives |  | Income Statement Caption |  | Amount of (Gain) Loss Recorded in Income Nine Months Ended September 30, |  | Amount of (Gain) Loss Recorded in Income Three Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Designated as hedging instruments |  |  |  |  |  |  |  |
Interest rate cash flow hedges |  | Interest expense |  | $ | (.3) |  |  | $ | .3 |  |  | $ | (.1) |  |  | $ | .5 |
Currency cash flow hedges |  | Net trade sales |  | 1.0 |  |  | 2.7 |  |  | .3 |  |  | 1.1 |
Currency cash flow hedges |  | Cost of goods sold |  | (1.4) |  |  | (2.0) |  |  | (.3) |  |  | (.7) |
Total cash flow hedges |  |  |  | (.7) |  |  | 1.0 |  |  | (.1) |  |  | .9 |
Fair value hedges |  | Other (income) expense, net |  | .2 |  |  | 1.4 |  |  | (.3) |  |  | .8 |
Not designated as hedging instruments |  | Other (income) expense, net |  | .4 |  |  | 1.1 |  |  | 2.3 |  |  | (2.4) |
Total derivative instruments |  |  |  | $ | (.1) |  |  | $ | 3.5 |  |  | $ | 1.9 |  |  | $ | (.7) |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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