Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Accumulated Other Comprehensive Loss and Net Income Related to Derivatives

The following tables summarize the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during the three and six months ended June 30, 2022 and 2021 (in millions):

			Recognized in Net Income
Three Months Ended June 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2022
Foreign currency contracts(1)	$	(2.7)	Cost of goods sold	$	(1.9)	$	2,254.7
Commodity contracts(2)	(4.5)		Cost of goods sold	(2.1)		$	2,254.7
Total	$	(7.2)		$	(4.0)
2021
Foreign currency contracts	$	(0.8)	Cost of goods sold	$	(2.4)	$	2,186.9
Commodity contracts	5.9		Cost of goods sold	1.9		2,186.9
Total	$	5.1		$	(0.5)

			Recognized in Net Income
Six Months Ended June 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2022
Foreign currency contracts(1)	$	(6.5)	Cost of goods sold	$	(2.0)	$	4,309.1
Commodity contracts(2)	$	(3.1)	Cost of goods sold	(1.1)		$	4,309.1
Total	$	(9.6)		$	(3.1)
2021
Foreign currency contracts	$	(7.6)	Cost of goods sold	$	(6.1)	$	3,995.1
Commodity contracts	13.7		Cost of goods sold	1.9		3,995.1
Total	$	6.1		$	(4.2)

(1) The outstanding contracts as of June 30, 2022 range in maturity through December 2022.

(2) The outstanding contracts as of June 30, 2022 range in maturity through November 2022.

    The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended June 30, 2022 (in millions):

	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated derivative net losses as of March 31, 2022	$	(4.8)	$	(1.1)	$	(3.7)
Net changes in fair value of derivatives	(10.2)		(3.0)		(7.2)
Net losses reclassified from accumulated other comprehensive loss into income	5.4		1.4		4.0
Accumulated derivative net losses as of June 30, 2022	$	(9.6)	$	(2.7)	$	(6.9)

    The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2022 (in millions):    

	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated derivative net losses as of December 31, 2021	$	(0.5)	$	(0.1)	$	(0.4)
Net changes in fair value of derivatives	(13.3)		(3.7)		(9.6)
Net losses reclassified from accumulated other comprehensive loss into income	4.2		1.1		3.1
Accumulated derivative net losses as of June 30, 2022	$	(9.6)	$	(2.7)	$	(6.9)

Schedule of Derivative Instruments

The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):

	Notional Amount as of
	June 30, 2022		December 31, 2021
Cross currency swap contract	$	300.0	$	300.0

    The following table summarizes the changes in the fair value of the cross currency swap contract designated as a net investment hedge during the three and six months ended June 30, 2022 and 2021 (in millions):

	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended						Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Six Months Ended
	Before-Tax Amount		Income Tax		After-Tax Amount		Before-Tax Amount		Income Tax		After-Tax Amount
June 30, 2022	$	16.6	$	4.3	$	12.3	$	20.8	$	5.4	$	15.4
June 30, 2021	3.8		—		3.8		(0.3)		—		(0.3)

Schedule of Derivatives Not Designated as Hedging Instrument

The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on net income (in millions):

		Gain (Loss) Recognized in Net Income for the Three Months Ended				Gain (Loss) Recognized in Net Income for the Six Months Ended
	Classification of Gain (Loss)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Foreign currency contracts	Other expense, net	$	0.4	$	(5.1)	$	(13.4)	$	29.3

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of June 30, 2022 (in millions):

	Asset Derivatives as of June 30, 2022			Liability Derivatives as of June 30, 2022
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	3.0	Other current liabilities	$	8.7
Commodity contracts	Other current assets	0.1		Other current liabilities	3.9
Cross currency swap contract	Other noncurrent assets	33.3		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)	Other current assets	21.3		Other current liabilities	10.0
Total derivative instruments		$	57.7		$	22.6

(1) The outstanding contracts as of June 30, 2022 range in maturity through October 2022.

    The table below sets forth the fair value of derivative instruments as of December 31, 2021 (in millions):

	Asset Derivatives as of December 31, 2021			Liability Derivatives as of December 31, 2021
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	—	Other current liabilities	$	—
Commodity contracts	Other current assets	0.2		Other current liabilities	2.0
Cross currency swap contract	Other noncurrent assets	12.5		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)	Other current assets	15.1		Other current liabilities	5.1
Total derivative instruments		$	27.8		$	7.1

(1) The outstanding contracts as of December 31, 2021 range in maturity through October 2022.

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are summarized below (in millions):

	As of June 30, 2022
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	57.7	$	—	$	57.7
Derivative liabilities	—		22.6		—		22.6

	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	27.8	$	—	$	27.8
Derivative liabilities	—		7.1		—		7.1