DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2023

DERIVATIVES AND HEDGING TRANSACTIONS

Gross fair value of the company's outstanding derivative assets and liabilities

	Derivative Assets				Derivative Liabilities
	March 31		December 31		March 31		December 31
(millions)	2023		2022		2023		2022
Derivatives designated as hedging instruments
Foreign currency forward contracts		$59.9		$78.6		$5.6		$9.2
Interest rate swap agreements		-		-		152.3		181.4
Cross-currency swap derivative contracts		56.8		58.7		16.2		14.5
Derivatives not designated as hedging instruments
Foreign currency forward contracts		21.3		40.3		48.5		74.1
Gross value of derivatives		138.0		177.6		222.6		279.2
Gross amounts offset in the Consolidated Balance Sheets		(47.0)		(75.6)		(47.0)		(75.6)
Net value of derivatives		$91.0		$102.0		$175.6		$203.6

Summary of notional values of outstanding derivatives

	Notional Values
		March 31	December 31
(millions)		2023	2022
Foreign currency forward contracts		$4,033		$5,745
Interest rate swap agreements		1,500		1,500
Cross-currency swap derivative contracts		677		650

Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges

	Carrying amount of the hedged liabilities				Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities
	First Quarter Ended				First Quarter Ended
Line item in which the hedged item is included	March 31				March 31
(millions)	2023		2022		2023		2022
Long-term debt		$1,348.9		$1,167.7		($153.4)		($80.2)

Revaluation gains and losses on euro notes and cross-currency swap derivative

	First Quarter Ended
	March 31
(millions)	2023		2022
Revaluation (loss) gain, net of tax:
Euronotes		($15.1)		$10.3
Cross-currency swap derivative contracts		(1.6)		8.6
Total revaluation (loss) gain, net of tax		($16.7)		$18.9

Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges

	First Quarter Ended
	March 31
	2023				2022
(millions)		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives in cash flow hedging relationship:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$5.3	($6.0)	$-		$-	$13.9	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	2.0		-	-	3.8
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(0.5)		-	-	(0.6)
(Loss) gain on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of (loss) gain recognized in income		-	(24.6)	-		-	14.2	-
Total gain (loss) of all derivative instruments		$5.3	($30.6)	$1.5		$-	$28.1	$3.2