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Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities at Fair Value 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 $— 
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets
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 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 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.
Derivatives Not Designated as Hedging Instruments
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