XML 61 R50.htm IDEA: XBRL DOCUMENT v3.24.1.u1
DERIVATIVES AND HEDGING TRANSACTIONS - Information by Type of Derivative and Hedging Activities (Details)
€ in Millions, ¥ in Millions, $ in Millions
3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2024
EUR (€)
Mar. 31, 2024
CNY (¥)
Dec. 31, 2023
USD ($)
Oct. 31, 2023
CNY (¥)
Aug. 31, 2023
CNY (¥)
Impact on AOCI and earnings from derivative contracts              
Gain (loss) on derivative recognized in income   $ 5.3          
Cash Flow Hedges              
Maximum period for hedged transactions 1 year            
Fair Value Hedges              
Derivative liability $ 184.3       $ 169.6    
Net Investment Hedges              
Revaluation (loss) gain, net of tax 8.9 (16.7)          
Seven year 2008 senior notes              
Fair Value Hedges              
Aggregate principal amount 1,500.0            
Selling, general and administrative expenses              
Impact on AOCI and earnings from derivative contracts              
Gain (loss) on derivative recognized in income 1.1 (30.6)          
Interest expense, net              
Impact on AOCI and earnings from derivative contracts              
Gain (loss) on derivative recognized in income (0.5) 1.5          
Foreign currency forward contracts              
Net Investment Hedges              
Notional values 2,978.0       3,745.0    
Foreign currency forward contracts | Derivatives not designated as hedging instruments              
Impact on AOCI and earnings from derivative contracts              
Gain (loss) on derivative recognized in income $ 0.4 $ (24.6)          
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense Selling, General and Administrative Expense          
Interest rate swap agreements              
Net Investment Hedges              
Notional values $ 1,500.0       1,500.0    
Euro Notes              
Net Investment Hedges              
Revaluation (loss) gain, net of tax 2.5 $ (15.1)          
Cross-currency swap derivative contracts              
Net Investment Hedges              
Notional values 976.0       $ 998.0    
Revaluation (loss) gain, net of tax $ 6.4 $ (1.6)          
Minimum              
Impact on AOCI and earnings from derivative contracts              
Interest rate (as a percent) 1.30%   1.30% 1.30%      
Fair Value Hedges              
Interest rate (as a percent) 1.30%   1.30% 1.30%      
Maximum              
Impact on AOCI and earnings from derivative contracts              
Interest rate (as a percent) 4.80%   4.80% 4.80%      
Fair Value Hedges              
Interest rate (as a percent) 4.80%   4.80% 4.80%      
Cash Flow Hedges. | Foreign currency forward contracts | Derivatives designated as hedging instruments              
Impact on AOCI and earnings from derivative contracts              
Gain (loss) reclassified from AOCI into income (effective portion) $ 0.7            
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense Selling, General and Administrative Expense          
Cash Flow Hedges. | Foreign currency forward contracts | Derivatives designated as hedging instruments | Cost of sales              
Impact on AOCI and earnings from derivative contracts              
Gain (loss) reclassified from AOCI into income (effective portion)   $ 5.3          
Cash Flow Hedges. | Foreign currency forward contracts | Derivatives designated as hedging instruments | Selling, general and administrative expenses              
Impact on AOCI and earnings from derivative contracts              
Gain (loss) reclassified from AOCI into income (effective portion)   (6.0)          
Cash Flow Hedges. | Foreign currency forward contracts | Derivatives designated as hedging instruments | Interest expense, net              
Impact on AOCI and earnings from derivative contracts              
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value   2.0          
Cash Flow Hedges. | Interest rate swap agreements | Derivatives designated as hedging instruments              
Impact on AOCI and earnings from derivative contracts              
Gain (loss) reclassified from AOCI into income (effective portion) $ (0.5) $ (0.5)          
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest Expense, Net Interest Expense, Net          
Fair Value Hedges | Interest rate swap agreements              
Fair Value Hedges              
Cumulative amount of fair value hedging adjustment $ (168.7) $ (153.4)          
Derivative liability 1,333.6 $ 1,348.9          
Net Investment Hedge | Senior euro notes              
Net Investment Hedges              
Notional values 621.0   € 575        
Net Investment Hedge | Cross-currency swap derivative contracts | Euro              
Net Investment Hedges              
Notional values 674.0   € 625        
Net Investment Hedge | Cross-currency swap derivative contracts | CNY              
Net Investment Hedges              
Notional values $ 302.0     ¥ 2,192   ¥ 1,098 ¥ 1,094