DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2024

DERIVATIVES AND HEDGING TRANSACTIONS

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

	Derivative Assets				Derivative Liabilities
	September 30		December 31		September 30		December 31
(millions)	2024		2023		2024		2023
Derivatives designated as hedging instruments
Foreign currency forward contracts		$5.7		$6.7		$8.3		$5.2
Interest rate swap agreements		-		-		111.0		146.5
Cross-currency swap derivative contracts		27.0		29.1		51.0		24.9
Derivatives not designated as hedging instruments
Foreign currency forward contracts		21.8		19.9		20.7		21.8
Gross value of derivatives		54.5		55.7		191.0		198.4
Gross amounts offset in the Consolidated Balance Sheets		(29.1)		(28.8)		(29.1)		(28.8)
Net value of derivatives		$25.4		$26.9		$161.9		$169.6

Summary of notional values of outstanding derivatives

	Notional Values
		September 30	December 31
(millions)		2024	2023
Foreign currency forward contracts		$2,910		$3,745
Interest rate swap agreements		1,500		1,500
Cross-currency swap derivative contracts		1,788		998

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
	Third Quarter Ended				Third Quarter Ended
Line item in which the hedged item is included	September 30				September 30
(millions)	2024		2023		2024		2023
Long-term debt		$1,390.3		$1,294.4		($112.1)		($208.0)

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

	Third Quarter Ended				Nine Months Ended
	September 30				September 30
(millions)	2024		2023		2024		2023
Revaluation (loss) gain, net of tax:
Euronotes		($8.9)		($13.5)		($8.4)		($38.4)
Cross-currency swap derivative contracts		(32.2)		5.3		(20.5)		(10.3)
Total revaluation (loss) gain, net of tax		($41.1)		($8.2)		($28.9)		($48.7)

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

	Third Quarter Ended
	September 30
	2024				2023
(millions)		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$2.5	$1.7	$-		$1.5	($10.4)	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	-		-	-	1.9
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(0.5)		-	-	(0.5)
Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-	1.7	-		-	(6.2)	-
Total gain (loss) of all derivative instruments		$2.5	$3.4	($0.5)		$1.5	($16.6)	$1.4
	Nine Months Ended
	September 30
	2024				2023
(millions)		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$3.7	$3.7	$-		$9.6	($20.8)	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	-		-	-	6.0
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(1.4)		-	-	(1.4)
Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-	(3.3)	-		-	(34.3)	-
Total gain (loss) of all derivative instruments		$3.7	$0.4	($1.4)		$9.6	($55.1)	$4.6