Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets

Fair Value of Derivative Instruments in the Consolidated Balance Sheets (in millions):

	December 31, 2020
			Asset derivatives			Liability derivatives
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	$	400.0	Other current assets	$	—	Accounts payable and other current liabilities	$	(26.5)
			Other non-current assets	—		Other liabilities	—
Interest rate swaps	$	1,500.0	Other non-current assets	—		Accounts payable and other current liabilities	(47.7)
						Other liabilities	(173.8)
Foreign currency forwards	$	181.2	Other current assets	0.3		Accounts payable and other current liabilities	(3.0)
			Other non-current assets	—		Other liabilities	(2.2)
Total derivatives designated as hedging instruments				$	0.3		$	(253.2)
Derivatives not designated as hedging instruments:
Commodity swaps(1)	$	918.9	Other current assets	$	44.5	Accounts payable and other current liabilities	$	(20.6)
			Other non-current assets	45.4		Other liabilities	(4.1)
Commodity options(1)	$	16.8	Other current assets	—		Accounts payable and other current liabilities	—
Warrants	$	54.2	Other non-current assets	0.3		Other liabilities	—
Total derivatives not designated as hedging instruments				$	90.2		$	(24.7)

	December 31, 2019
			Asset derivatives			Liability derivatives
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	$	900.0	Other current assets	$	1.8	Accounts payable and other current liabilities	$	—
			Other non-current assets	8.2		Other liabilities	—
Interest rate swaps	$	1,500.0	Other non-current assets	—		Other liabilities	(111.5)
Foreign currency forwards	$	237.9	Other current assets	1.9		Accounts payable and other current liabilities	(0.8)
			Other non-current assets	1.4		Other liabilities	(0.4)
Total derivatives designated as hedging instruments				$	13.3		$	(112.7)
Derivatives not designated as hedging instruments:
Commodity swaps(1)	$	598.4	Other current assets	$	5.7	Accounts payable and other current liabilities	$	(36.4)
			Other non-current assets	1.0		Other liabilities	(11.5)
Commodity options(1)	$	18.4	Other current assets	—		Accounts payable and other current liabilities	—
Warrants	$	53.1	Other non-current assets	2.7		Other liabilities	—
Total derivatives not designated as hedging instruments				$	9.4		$	(47.9)

(1)Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.

Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Consolidated Balance Sheets (in millions):

Line item in the balance sheet in which the hedged item is included	Carrying amount of the hedged assets/liabilities				Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease)
	As of December 31, 2020		As of December 31, 2019		As of December 31, 2020		As of December 31, 2019
	(In millions)
Current portion of long-term debt and short-term borrowings	$	—	$	—	$	—	$	(0.2)
Long-term debt	$	—	$	—	$	3.7	$	6.5

(1)    Entire balances relate to hedging adjustments on discontinued hedging relationships.

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

The Pretax Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions):

For the year ended December 31, 2020
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(110.0)	Interest expense	$	(2.9)
Foreign currency forwards	(3.5)		Cost of goods sold	4.6
			Other income (expense), net	(1.2)
Total	$	(113.5)		$	0.5

For the year ended December 31, 2020
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)(1)
Cross currency swaps	$	(33.2)	Interest expense	$	—	Interest expense	$	14.2
Total	$	(33.2)		$	—		$	14.2

For the year ended December 31, 2020
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	(80.3)	Other income (expense), net	$	—	Other income (expense), net	$	—
Total	$	(80.3)		$	—		$	—

For the year ended December 31, 2019
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(99.2)	Interest expense	$	(3.0)
Foreign currency forwards	(12.1)		Cost of goods sold	3.1
			Other income (expense), net	(0.7)
Total	$	(111.3)		$	(0.6)

For the year ended December 31, 2019
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)(1)
Cross currency swaps	$	19.8	Interest expense	$	—	Interest expense	$	23.5
Total	$	19.8		$	—		$	23.5

(1)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income.

For the year ended December 31, 2019
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	20.4	Other income (expense), net	$	—	Other income (expense), net	$	—
EUR 500 million notes due 2019	10.1		Other income (expense), net	—		Other income (expense), net	—
Total	$	30.5		$	—		$	—

For the year ended December 31, 2018
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative (effective portion)		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(12.3)	Interest expense	$	(3.0)
Foreign currency forwards	26.8		Cost of goods sold	(0.2)
			Other income (expense), net	(0.2)
Total	$	14.5		$	(3.4)

For the year ended December 31, 2018
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)(1)
Cross currency swaps	$	36.5	Interest expense	$	—	Interest expense	$	10.7
Total	$	36.5		$	—		$	10.7

For the year ended December 31, 2018
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	43.0	Other income (expense), net	$	—	Other income (expense), net	$	—
EUR 500 million notes due 2019	26.9		Other income (expense), net	—		Other income (expense), net	—
Total	$	69.9		$	—		$	—

The Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Operations (in millions):

For the year ended December 31, 2020
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
	Cost of goods sold		Other income (expense), net		Interest expense
Total amount of income and expense line items presented in the consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(5,885.7)	$	6.0	$	(274.6)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	$	—	$	—	$	(2.9)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	$	4.6	$	(1.2)	$	—

For the year ended December 31, 2019
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
	Cost of goods sold		Other income (expense), net		Interest expense
Total amount of income and expense line items presented in the consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(6,378.2)	$	(14.7)	$	(280.9)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	$	—	$	—	$	(3.0)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	$	3.1	$	(0.7)	$	—

For the year ended December 31, 2018
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
	Cost of goods sold		Other income (expense), net		Interest expense
Total amount of income and expense line items presented in the consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(6,584.8)	$	(12.0)	$	(306.2)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	$	—	$	—	$	(3.0)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	$	(0.2)	$	(0.2)	$	—

(1)     We had no outstanding fair value hedges during 2020, 2019 or 2018.

Other Derivatives

The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Operations (in millions):

For the year ended December 31, 2020
Derivatives not in hedging relationship	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Commodity swaps	Cost of goods sold	$	28.5
Warrants	Other income (expense), net	(2.4)
Total		$	26.1

For the year ended December 31, 2019
Derivatives not in hedging relationship	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Commodity swaps	Cost of goods sold	$	(26.8)
Warrants	Other income (expense), net	(17.8)
Total		$	(44.6)

For the year ended December 31, 2018
Derivatives not in hedging relationship	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Commodity swaps	Cost of goods sold	$	(110.5)
Warrants	Other income (expense), net	(23.8)
Total		$	(134.3)

Schedule of Derivative Assets and Liabilities at Fair Value

The tables below summarize our derivative assets and (liabilities) that were measured at fair value as of December 31, 2020 and December 31, 2019. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for further discussion related to measuring the fair value of derivative instruments.

			Fair Value Measurements as of December 31, 2020
	Total as of December 31, 2020		Quoted prices in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Cross currency swaps	$	(26.5)	$	—	$	(26.5)	$	—
Interest rate swaps	(221.5)		—		(221.5)		—
Foreign currency forwards	(4.9)		—		(4.9)		—
Commodity swaps and options	65.2		—		65.2		—
Warrants	0.3		—		0.3		—
Total	$	(187.4)	$	—	$	(187.4)	$	—

			Fair Value Measurements as of December 31, 2019
	Total as of December 31, 2019		Quoted prices in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Cross currency swaps	$	10.0	$	—	$	10.0	$	—
Interest rate swaps	(111.5)		—		(111.5)		—
Foreign currency forwards	2.1		—		2.1		—
Commodity swaps and options	(41.2)		—		(41.2)		—
Warrants	2.7		—		2.7		—
Total	$	(137.9)	$	—	$	(137.9)	$	—