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FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 2024
FINANCIAL INSTRUMENTS AND DERIVATIVES |
Notional Amounts of Most Significant Net Foreign Exchange Hedge Positions Outstanding | ​
​ | ​ | ​ | ​
Buy / (Sell) |  | June 30, 2024
Euro | ​ | $ | (302.2)
Swedish Krona | ​ | $ | 21.1
South Korean Won | ​ | $ | (19.9)
Chinese Yuan | ​ | $ | (17.9)
Swiss Franc | ​ | $ | 12.5
Schedule of Effect of Derivative Instruments on Statements of Operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location and Amount of Gain (Loss) Recognized in Statements of Operations
​ | ​ | Three Months Ended | ​ | Three Months Ended
​ | ​ | June 30, 2024 | ​ | June 30, 2023
​ |  | Cost of sales | ​ | Interest expense, net | ​ | Other (expense) income, net | ​ | Cost of sales | ​ | Interest expense, net | ​ | Other (expense) income, net
Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded | ​ | $ | (851.6) | ​ | $ | (64.7) | ​ | $ | 3.3 | ​ | $ | (909.0) | ​ | $ | (40.2) | ​ | $ | 2.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of cash flow hedge instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity cash flow hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of loss reclassified from AOCI into income | ​ | $ | (2.8) | ​ | $ | — | ​ | $ | — | ​ | $ | (9.7) | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of derivatives not designated as hedge instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain recognized in income | ​ | $ | — | ​ | $ | — | ​ | $ | 4.5 | ​ | $ | — | ​ | $ | — | ​ | $ | 6.0
Commodity economic hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in income | ​ | $ | 0.6 | ​ | $ | — | ​ | $ | — | ​ | $ | (2.6) | ​ | $ | — | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location and Amount of Gain (Loss) Recognized in Statements of Operations
​ | ​ | Six Months Ended | ​ | Six Months Ended
​ | ​ | June 30, 2024 | ​ | June 30, 2023
​ |  | Cost of sales | ​ | Interest expense, net | ​ | Other (expense) income, net | ​ | Cost of sales | ​ | Interest expense, net | ​ | Other (expense) income, net
Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded | ​ | $ | (1,695.0) | ​ | $ | (127.7) | ​ | $ | (0.5) | ​ | $ | (1,868.2) | ​ | $ | (78.5) | ​ | $ | 5.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of cash flow hedge instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity cash flow hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of loss reclassified from AOCI into income | ​ | $ | (7.6) | ​ | $ | — | ​ | $ | — | ​ | $ | (16.1) | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of derivatives not designated as hedge instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain (loss) recognized in income | ​ | $ | — | ​ | $ | — | ​ | $ | 11.8 | ​ | $ | — | ​ | $ | — | ​ | $ | (1.8)
Commodity economic hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of loss recognized in income | ​ | $ | (1.0) | ​ | $ | — | ​ | $ | — | ​ | $ | (15.0) | ​ | $ | — | ​ | $ | —
Schedule of Effect of Hedges on AOCI | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
` | ​ | Gain (Loss) Recognized in AOCI on Balance Sheet
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Designated as Cash Flow Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity cash flow hedges | ​ | $ | 4.2 | ​ | $ | 0.2 | ​ | $ | 6.9 | ​ | $ | (9.7)
Total | ​ | $ | 4.2 | ​ | $ | 0.2 | ​ | $ | 6.9 | ​ | $ | (9.7)
​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain (Loss) Recognized in Other expense (income), net in Statement of Operations | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Settlements and changes in the fair value of forward contracts (not designated as hedges) |  | $ | 4.5 |  | $ | 6.0 |  | $ | 11.8 |  | $ | (1.8) |
Remeasurement of foreign currency-denominated assets and liabilities | ​ | ​ | (3.3) | ​ | ​ | (2.6) | ​ | ​ | (12.8) | ​ | ​ | 7.9 | ​
Total | ​ | $ | 1.2 | ​ | $ | 3.4 | ​ | $ | (1.0) | ​ | $ | 6.1 | ​
Schedule of Gross and Net Unrealized Gains and Losses and Balance Sheet Classification | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ | ​ | Foreign | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Exchange | ​ | Commodity | ​ | Commodity | ​ | ​ | ​
Balance Sheet | ​ | Forward | ​ | Economic | ​ | Cash Flow | ​ | ​
Classification |  | Contracts | ​ | Hedges | ​ | Hedges | ​ | Total
Asset Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable, net of allowance | ​ | $ | 4.8 | ​ | $ | — | ​ | $ | — | ​ | $ | 4.8
Gross derivative asset position | ​ | ​ | 4.8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4.8
Less: Counterparty netting | ​ | ​ | (0.7) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.7)
Net derivative asset position | ​ | $ | 4.1 | ​ | $ | — | ​ | $ | — | ​ | $ | 4.1
Liability Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable | ​ | $ | (0.7) | ​ | $ | (3.6) | ​ | $ | (4.8) | ​ | $ | (9.1)
Gross derivative liability position | ​ | ​ | (0.7) | ​ | ​ | (3.6) | ​ | ​ | (4.8) | ​ | ​ | (9.1)
Less: Counterparty netting | ​ | ​ | 0.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.7
Net derivative liability position | ​ | $ | — | ​ | $ | (3.6) | ​ | $ | (4.8) | ​ | $ | (8.4)
Total net derivative position | ​ | $ | 4.1 | ​ | $ | (3.6) | ​ | $ | (4.8) | ​ | $ | (4.3)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 |
​ | ​ | Foreign | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Exchange | ​ | Commodity | ​ | Commodity | ​ | ​ | ​ | ​
Balance Sheet | ​ | Forward | ​ | Economic | ​ | Cash Flow | ​ | ​ |
Classification |  | Contracts |  | Hedges |  | Hedges |  | Total |
Asset Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable, net of allowance | ​ | $ | 0.3 | ​ | $ | — | ​ | $ | — | ​ | $ | 0.3 | ​
Gross derivative asset position | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.3 | ​
Less: Counterparty netting | ​ | ​ | (0.3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.3) | ​
Net derivative asset position | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
Liability Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable | ​ | $ | (4.8) | ​ | $ | (7.2) | ​ | $ | (13.7) | ​ | $ | (25.7) | ​
Other noncurrent obligations | ​ | ​ | — | ​ | ​ | (0.9) | ​ | ​ | (0.7) | ​ | ​ | (1.6) | ​
Gross derivative liability position | ​ | ​ | (4.8) | ​ | ​ | (8.1) | ​ | ​ | (14.4) | ​ | ​ | (27.3) | ​
Less: Counterparty netting | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.3 | ​
Net derivative liability position | ​ | $ | (4.5) | ​ | $ | (8.1) | ​ | $ | (14.4) | ​ | $ | (27.0) | ​
Total net derivative position | ​ | $ | (4.5) | ​ | $ | (8.1) | ​ | $ | (14.4) | ​ | $ | (27.0) | ​

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