Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, 2021 and December 31, 2020. 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, 2021
	Total as of December 31, 2021		Quoted prices in active markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Interest rate swaps	$	(170.8)	$	—	$	(170.8)	$	—
Foreign currency forwards	(1.5)		—		(1.5)		—
Commodity swaps and options	300.9		—		300.9		—
Total	$	128.6	$	—	$	128.6	$	—

			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 of Derivative Instruments in the Condensed Consolidated Balance Sheets

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

	December 31, 2021
			Asset derivatives			Liability derivatives
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Interest rate swaps	$	1,500.0	Other current assets	$	—	Accounts payable and other current liabilities	$	(67.7)
			Other non-current assets	—		Other liabilities	(103.1)
Foreign currency forwards	$	170.8	Other current assets	0.5		Accounts payable and other current liabilities	(2.4)
			Other non-current assets	0.6		Other liabilities	(0.2)
Total derivatives designated as hedging instruments				$	1.1		$	(173.4)
Derivatives not designated as hedging instruments:
Commodity swaps(1)	$	722.1	Other current assets	$	225.1	Accounts payable and other current liabilities	$	(1.1)
			Other non-current assets	77.1		Other liabilities	(0.3)
Commodity options(1)	$	68.2	Other current assets	1.0		Accounts payable and other current liabilities	(0.9)
Total derivatives not designated as hedging instruments				$	303.2		$	(2.3)

	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 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)

(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.

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

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

Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivatives		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI into income on derivative
For the year ended December 31, 2021
Forward starting interest rate swaps	$	50.7	Interest income (expense), net	$	(4.8)
Foreign currency forwards	0.4		Cost of goods sold	(3.5)
			Other income (expense), net	0.8
Total	$	51.1		$	(7.5)
For the year ended December 31, 2020
Forward starting interest rate swaps	$	(110.0)	Interest income (expense), net	$	(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, 2019
Forward starting interest rate swaps	$	(99.2)	Interest income (expense), net	$	(3.0)
Foreign currency forwards	(12.1)		Cost of goods sold	3.1
			Other income (expense), net	(0.7)
Total	$	(111.3)		$	(0.6)

The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income, Accumulated Other Comprehensive Income (Loss) and income (in millions)

Net investment hedge relationships	Amount of gain (loss) recognized in OCI		Location of gain (loss) recognized in income (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income (amount excluded from effectiveness testing)(1)
For the year ended December 31, 2021
Cross currency swaps	$	8.8	Interest income (expense), net	$	6.1
EUR 800 million notes due 2024	67.7		Other income (expense), net	—
Total	$	76.5		$	6.1
For the year ended December 31, 2020
Cross currency swaps	$	(33.2)	Interest income (expense), net	$	14.2
EUR 800 million notes due 2024	(80.3)		Other income (expense), net	—
Total	$	(113.5)		$	14.2
For the year ended December 31, 2019
Cross currency swaps	$	19.8	Interest income (expense), net	$	23.5
EUR 800 million notes due 2024	20.4		Other income (expense), net	—
EUR 500 million notes due 2019	10.1		Other income (expense), net	—
Total	$	50.3		$	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.

Other Derivatives

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

Derivatives not in hedging relationship	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
For the year ended December 31, 2021
Commodity swaps	Cost of goods sold	$	403.4
Commodity options	Cost of goods sold	0.1
Warrants	Other income (expense), net	(0.3)
Total		$	403.2
For the year ended December 31, 2020
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
Commodity swaps	Cost of goods sold	$	(26.8)
Warrants	Other income (expense), net	(17.8)
Total		$	(44.6)