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Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Our risk management and derivative accounting policies are presented within Part II—Item 8 Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" and Note 16, "Derivative Instruments and Hedging Activities" in our Annual Report and did not significantly change during the first three quarters of 2022. As noted in Note 16 of the Notes included in our Annual Report, due to the nature of our counterparty agreements, and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty and, therefore, present our derivative positions on a gross basis in our unaudited condensed consolidated balance sheets. Except as noted below, our significant derivative positions have not changed considerably since December 31, 2021.
Forward Starting Interest Rate Swaps
In late April 2022, the forward starting interest rate swaps associated with the $500 million 3.5% notes that we repaid upon maturity on May 1, 2022 were terminated and settled. The immaterial loss on settlement of the swaps was recorded through interest expense during the second quarter of 2022.
Derivative Fair Value Measurements
We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative's contractual terms and observable market interest, foreign exchange and commodity rates. The fair values of our derivatives also include credit risk adjustments to account for our counterparties' credit risk, as well as our own non-performance risk, as appropriate.
The table below summarizes our derivative assets and liabilities that were measured at fair value as of September 30, 2022 and December 31, 2021.
 Fair value measurements as of September 30, 2022
 As of September 30, 2022Quoted prices in
active markets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable
inputs (Level 3)
 (In millions)
Interest rate swaps37.3 — 37.3 — 
Foreign currency forwards12.5 — 12.5 — 
Commodity swaps90.3 — 90.3 — 
Total$140.1 $— $140.1 $— 
 Fair value measurements as of December 31, 2021
 As of December 31, 2021Quoted 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 options300.9 — 300.9 — 
Total$128.6 $— $128.6 $— 
As of September 30, 2022 and December 31, 2021, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the nine months ended September 30, 2022 were all included in Level 2.
Results of Period Derivative Activity
The tables below include the results of our derivative activity in our unaudited condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, and our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and September 30, 2021.
Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions):
 As of September 30, 2022
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Interest rate swaps$1,000.0 Other non-current assets37.3 Other liabilities — 
Foreign currency forwards$169.7 Other current assets9.0 Accounts payable and other current liabilities— 
 Other non-current assets3.5 Other liabilities — 
Total derivatives designated as hedging instruments$49.8  $— 
Derivatives not designated as hedging instruments
Commodity swaps(1)
$556.1 Other current assets$107.4 Accounts payable and other current liabilities$(16.2)

Other non-current assets16.0 Other liabilities (16.9)
Total derivatives not designated as hedging instruments$123.4  $(33.1)
 As of December 31, 2021
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair 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 assets0.5 Accounts payable and other current liabilities(2.4)
Other non-current assets0.6 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 assets77.1 Other liabilities(0.3)
Commodity options(1)
$68.2 Other current assets1.0 Accounts payable and other current liabilities(0.9)
Total derivatives not designated as hedging instruments$303.2 $(2.3)
(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 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 relationshipsAmount 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
Three Months Ended September 30, 2022
Forward starting interest rate swaps$28.4 Interest income (expense), net$(1.0)
Foreign currency forwards10.9 Cost of goods sold0.5 
Other income (expense), net(0.2)
Total$39.3 $(0.7)
Three Months Ended September 30, 2021
Forward starting interest rate swaps$2.5 Interest income (expense), net$(0.8)
Foreign currency forwards4.6 Cost of goods sold(0.7)
Other income (expense), net0.2 
Total$7.1 $(1.3)
Derivatives in cash flow hedge relationshipsAmount 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
Nine Months Ended September 30, 2022
Forward starting interest rate swaps$196.2 Interest income (expense), net$(13.3)
Foreign currency forwards14.6 Cost of goods sold0.2 
Other income (expense), net(0.1)
Total$210.8 $(13.2)
Nine Months Ended September 30, 2021
Forward starting interest rate swaps$64.9 Interest income (expense), net$(4.0)
Foreign currency forwards0.9 Cost of goods sold(3.3)
Other income (expense), net0.7 
Total$65.8 $(6.6)
The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income, Accumulated Other Comprehensive Income (Loss) and Income (in millions):
Net investment hedge relationshipsAmount 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)
Three Months Ended September 30, 2022
EUR 800 million notes due 2024
54.5 Other income (expense), net— 
Total$54.5 $— 
Three Months Ended September 30, 2021
Cross currency swaps0.1 Interest income (expense), net0.4 
EUR 800 million notes due 2024
22.2 Other income (expense), net— 
Total$22.3 $0.4 
Net investment hedge relationshipsAmount 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)
Nine Months Ended September 30, 2022
EUR 800 million notes due 2024
125.4 Other income (expense), net— 
Total$125.4 $— 
Nine Months Ended September 30, 2021
Cross currency swaps8.8 Interest income (expense), net6.1 
EUR 800 million notes due 2024
50.9 Other income (expense), net— 
Total$59.7 $6.1 
(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.
The cumulative translation adjustments related to our net investment hedges remain in AOCI until the respective underlying net investment is sold or liquidated. During the three and nine months ended September 30, 2022 and September 30, 2021, respectively, we did not reclassify any amounts related to net investment hedges from AOCI into earnings.
As of September 30, 2022, we expect our reclassification of AOCI into earnings related to cash flow hedges to be approximately $5 million over the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of September 30, 2022 is approximately 3 years, as well as those related to our remaining forecasted debt issuances in 2026.
The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivative		Amount of gain (loss) recognized in
income on derivative
Three Months Ended September 30, 2022
Commodity swapsCost of goods sold(42.2)
Total $(42.2)
Three Months Ended September 30, 2021
Commodity swapsCost of goods sold148.0 
Total$148.0 
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivative		Amount of gain (loss) recognized in
income on derivative
Nine Months Ended September 30, 2022
Commodity swapsCost of goods sold33.0 
Total $33.0 
Nine Months Ended September 30, 2021
Commodity swapsCost of goods sold413.1 
WarrantsOther income (expense), net(0.3)
Total$412.8 
The gains and losses recognized in income related to our commodity swaps are largely driven by changes in the respective commodity market prices.