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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities at Fair Value
The table below summarizes our derivative assets (liabilities) that were measured at fair value as of June 30, 2024 and December 31, 2023. The fair value for all derivative contracts as of June 30, 2024 and December 31, 2023 were valued using significant other observable inputs, which are Level 2 inputs.
 As of
 June 30, 2024December 31, 2023
 (In millions)
Forward starting interest rate swaps$75.0 $41.6 
Foreign currency forwards3.2 (1.4)
Commodity swaps and options(0.6)(30.4)
Total$77.6 $9.8 
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, 2024
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$75.0 Other liabilities $— 
Foreign currency forwards$270.9 Other current assets2.6 Accounts payable and other current liabilities— 
 Other non-current assets0.7 Other liabilities (0.1)
Total derivatives designated as hedging instruments$78.3  $(0.1)
Derivatives not designated as hedging instruments
Commodity swaps(1)
$602.0 Other current assets$16.8 Accounts payable and other current liabilities$(22.4)

Other non-current assets7.5 Other liabilities (2.5)
Commodity options(1)
$21.7 Other current assets0.2 Accounts payable and other current liabilities(0.2)
Total derivatives not designated as hedging instruments$24.5  $(25.1)
 As of December 31, 2023
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$41.6 Other liabilities$— 
Foreign currency forwards$219.4 Other current assets1.1 Accounts payable and other current liabilities(1.2)
Other non-current assets— Other liabilities(1.3)
Total derivatives designated as hedging instruments$42.7 $(2.5)
Derivatives not designated as hedging instruments
Commodity swaps(1)
$653.5 Other current assets$11.1 Accounts payable and other current liabilities$(42.0)
Other non-current assets6.6 Other liabilities(6.1)
Commodity options(1)
$21.7 Other current assets0.2 Accounts payable and other current liabilities(0.2)
Total derivatives not designated as hedging instruments$17.9 $(48.3)
(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 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 June 30, 2024
Forward starting interest rate swaps$12.3 Interest income (expense), net$(0.9)
Foreign currency forwards1.8 Cost of goods sold1.3 
Other non-operating income (expense), net(0.3)
Total$14.1 $0.1 
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 sold1.2 
Other non-operating income (expense), net(0.3)
Total$9.0 $(0.1)

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
Six Months Ended June 30, 2024
Forward starting interest rate swaps$33.4 Interest income (expense), net$(1.7)
Foreign currency forwards6.3 Cost of goods sold2.1 
Other non-operating income (expense), net(0.4)
Total$39.7 $— 
Six Months Ended June 30, 2023
Forward starting interest rate swaps$(10.7)Interest income (expense), net$(3.5)
Foreign currency forwards(4.8)Cost of goods sold2.7 
Other non-operating income (expense), net(0.5)
Total$(15.5)$(1.3)
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 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 June 30, 2024
EUR 800 million notes due 2024
$(5.4)Other non-operating income (expense), net$— 
EUR 800 million notes due 2032
11.5 Other non-operating income (expense), net— 
Total$6.1 $— 
Three Months Ended June 30, 2023
EUR 800 million notes due 2024
$(5.6)Other non-operating income (expense), net$— 
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)
Six Months Ended June 30, 2024
EUR 800 million notes due 2024
$14.5 Other non-operating income (expense), net$— 
EUR 800 million notes due 2032
11.5 Other non-operating income (expense), net— 
Total$26.0 $— 
Six Months Ended June 30, 2023
EUR 800 million notes due 2024
$(16.3)Other non-operating income (expense), net$— 
(1)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in OCI.
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 derivatives		Amount of gain (loss) recognized in
income on derivatives
Three Months Ended June 30, 2024
Commodity swapsCost of goods sold$17.5 
Three Months Ended June 30, 2023
Commodity swapsCost of goods sold$(51.1)
Foreign currency forwardsOther non-operating income (expense), net1.9 
Total$(49.2)
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivatives		Amount of gain (loss) recognized in
income on derivatives
Six Months Ended June 30, 2024
Commodity swapsCost of goods sold$2.3 
Six Months Ended June 30, 2023
Commodity swapsCost of goods sold$(79.6)
Foreign currency forwardsOther non-operating income (expense), net1.9 
Total$(77.7)