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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Losses Relating to Derivative Instruments Recorded in Other Comprehensive Income (Loss) | The following table summarize s gains (losses) relating to derivative instruments recorded in other comprehensive income (loss) during the three and nine months ended September 30, 2022 and 2021:
|  | Amount of (Loss) Gain Recognized in Other Comprehensive Loss |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |  |  | September 30, 2022 |  |  | September 30, 2021 |
|  | (in millions) |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts relating to inventory and intercompany management fee hedges |  | $ | (3.1 | ) |  | $ | 0.9 |  |  | $ | (7.4 | ) |  | $ | 0.7 |
Interest rate swaps |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | 0.5 |  |  |  | (0.1 | )
Effect of Cash Flow Hedging Relationships on Condensed Consolidated Statements of Income | The effect of cash flow hedging relationships on the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2022 and 2021 was as follows:
|  | Location and Amount of (Loss) Gain Recognized in Income on Cash Flow Hedging Relationships |
|  | Three Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |
|  | Cost of sales |  |  | Selling, general, and administrative expenses |  |  | Interest expense, net |  |  | Cost of sales |  |  | Selling, general, and administrative expenses |  |  | Interest expense, net |
|  | (in millions) |
Total amounts presented in the condensed consolidated statements of income |  | $ | 285.1 |  |  | $ | 448.2 |  |  | $ | 34.5 |  |  | $ | 305.2 |  |  | $ | 486.3 |  |  | $ | 37.7 |
Foreign exchange currency contracts relating to inventory hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss to income |  |  | (1.9 | ) |  |  | — |  |  |  | — |  |  |  | (0.8 | ) |  |  | — |  |  |  | — |
Amount of loss excluded from assessment of effectiveness recognized in income |  |  | (1.4 | ) |  |  | — |  |  |  | — |  |  |  | (0.9 | ) |  |  | — |  |  |  | — |
Foreign exchange currency contracts relating to intercompany management fee hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | 0.9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest rate swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | (0.3 | )
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | Location and Amount of (Loss) Gain Recognized in Income on Cash Flow Hedging Relationships |
|  | Nine Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |
|  | Cost of sales |  |  | Selling, general, and administrative expenses |  |  | Interest expense, net |  |  | Cost of sales |  |  | Selling, general, and administrative expenses |  |  | Interest expense, net |
|  | (in millions) |
Total amounts presented in the condensed consolidated statements of income |  | $ | 908.0 |  |  | $ | 1,373.1 |  |  | $ | 95.9 |  |  | $ | 942.7 |  |  | $ | 1,498.9 |  |  | $ | 112.0 |
Foreign exchange currency contracts relating to inventory hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss to income |  |  | (2.7 | ) |  |  | — |  |  |  | — |  |  |  | (1.5 | ) |  |  | — |  |  |  | — |
Amount of loss excluded from assessment of effectiveness recognized in income |  |  | (4.2 | ) |  |  | — |  |  |  | — |  |  |  | (3.0 | ) |  |  | — |  |  |  | — |
Foreign exchange currency contracts relating to intercompany management fee hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | 1.8 |  |  |  | — |  |  |  | — |  |  |  | (0.3 | ) |  |  | — |
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
Interest rate swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss to income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.7 | )
Amount of gain excluded from assessment of effectiveness recognized in income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gains Relating to Derivative Instruments Not Designated As Hedging Instruments Recorded to Income | The following table summarizes gains (losses) recorded to income relating to derivative instruments not designated as hedging instruments during the three and nine months ended September 30, 2022 and 2021:
|  | Amount of Gain Recognized in Income |  |  |
|  | Three Months Ended |  |  | Nine Months Ended |  |  |
|  | September 30, 2022 |  |  | September 30, 2021 |  |  | September 30, 2022 |  |  | September 30, 2021 |  |  | Location of Gain Recognized in Income
|  | (in millions) |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts |  | $ | 4.6 |  |  | $ | 2.8 |  |  | $ | 6.1 |  |  | $ | 3.7 |  |  | Selling, general, and administrative expenses

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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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