Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022.

			Fair value measurements as of June 30, 2023
	As of June 30, 2023		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In millions)
Forward starting interest rate swaps	$	29.3	$	—	$	29.3	$	—
Foreign currency forwards	2.7		—		2.7		—
Commodity swaps and options	(45.9)		—		(45.9)		—
Total	$	(13.9)	$	—	$	(13.9)	$	—

			Fair value measurements as of December 31, 2022
	As of December 31, 2022		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In millions)
Forward starting interest rate swaps	$	40.0	$	—	$	40.0	$	—
Foreign currency forwards	7.6		—		7.6		—
Commodity swaps and options	69.0		—		69.0		—
Total	$	116.6	$	—	$	116.6	$	—

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 June 30, 2023
			Derivative Assets			Derivative Liabilities
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps	$	1,000.0	Other non-current assets	$	29.3	Other liabilities	$	—
Foreign currency forwards	$	238.6	Other current assets	2.4		Accounts payable and other current liabilities	(0.7)
			Other non-current assets	0.2		Other liabilities	(1.1)
Total derivatives designated as hedging instruments				$	31.9		$	(1.8)
Derivatives not designated as hedging instruments
Commodity swaps(1)	$	678.6	Other current assets	$	18.9	Accounts payable and other current liabilities	$	(47.4)
			Other non-current assets	0.8		Other liabilities	(18.2)
Commodity options(1)	$	19.7	Other current assets	1.3		Accounts payable and other current liabilities	(1.3)
Foreign currency forwards	$	194.7	Other current assets	2.6		Accounts payable and other current liabilities	(0.7)
Total derivatives not designated as hedging instruments				$	23.6		$	(67.6)

	As of December 31, 2022
			Derivative Assets			Derivative Liabilities
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps	$	1,000.0	Other non-current assets	$	40.0	Other liabilities	$	—
Foreign currency forwards	$	176.6	Other current assets	6.2		Accounts payable and other current liabilities	(0.1)
			Other non-current assets	1.6		Other liabilities	(0.1)
Total derivatives designated as hedging instruments				$	47.8		$	(0.2)
Derivatives not designated as hedging instruments
Commodity swaps(1)	$	525.2	Other current assets	$	86.1	Accounts payable and other current liabilities	$	(14.1)
			Other non-current assets	7.4		Other liabilities	(10.4)
Commodity options(1)	$	19.7	Other current assets	0.8		Accounts payable and other current liabilities	(0.8)
Total derivatives not designated as hedging instruments				$	94.3		$	(25.3)

(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 (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (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
Three Months Ended June 30, 2023
Forward starting interest rate swaps	$	13.7	Interest income (expense), net	$	(1.0)
Foreign currency forwards	(4.7)		Cost of goods sold	1.2
			Other non-operating income (expense), net	(0.3)
Total	$	9.0		$	(0.1)
Three Months Ended June 30, 2022
Forward starting interest rate swaps	$	87.5	Interest income (expense), net	$	(11.5)
Foreign currency forwards	5.2		Cost of goods sold	—
Total	$	92.7		$	(11.5)

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
Six Months Ended June 30, 2023
Forward starting interest rate swaps	$	(10.7)	Interest income (expense), net	$	(3.5)
Foreign currency forwards	(4.8)		Cost of goods sold	2.7
			Other non-operating income (expense), net	(0.5)
Total	$	(15.5)		$	(1.3)
Six Months Ended June 30, 2022
Forward starting interest rate swaps	$	167.8	Interest income (expense), net	$	(12.3)
Foreign currency forwards	3.7		Cost of goods sold	(0.3)
			Other non-operating income (expense), net	0.1
Total	$	171.5		$	(12.5)

The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (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)
Three Months Ended June 30, 2023
EUR 800 million notes due 2024	(5.6)		Other non-operating income (expense), net	—
Total	$	(5.6)		$	—
Three Months Ended June 30, 2022
EUR 800 million notes due 2024	46.7		Other non-operating income (expense), net	—
Total	$	46.7		$	—

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)
Six Months Ended June 30, 2023
EUR 800 million notes due 2024	(16.3)		Other non-operating income (expense), net	—
Total	$	(16.3)		$	—
Six Months Ended June 30, 2022
EUR 800 million notes due 2024	70.9		Other non-operating income (expense), net	—
Total	$	70.9		$	—

(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 relationships	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Three Months Ended June 30, 2023
Commodity swaps	Cost of goods sold	(51.1)
Foreign currency forwards	Other non-operating income (expense), net	1.9
Total		$	(49.2)
Three Months Ended June 30, 2022
Commodity swaps	Cost of goods sold	(163.4)
Total		$	(163.4)

Derivatives not in hedging relationships	Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative
Six Months Ended June 30, 2023
Commodity swaps	Cost of goods sold	(79.6)
Foreign currency forwards	Other non-operating income (expense), net	1.9
Total		$	(77.7)
Six Months Ended June 30, 2022
Commodity swaps	Cost of goods sold	75.2
Total		$	75.2