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Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis 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 LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$3.0 Other current liabilities$8.7 
Commodity contractsOther current assets0.1 Other current liabilities3.9 
Cross currency swap contractOther noncurrent assets33.3 Other noncurrent liabilities— 
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)
Other current assets21.3 Other current liabilities10.0 
Total derivative instruments$57.7 $22.6 
(1) The outstanding contracts as of June 30, 2022 range in maturity through October 2022.
    The table below sets forth the fair value of derivative instruments as of December 31, 2021 (in millions):
Asset Derivatives as of
December 31, 2021
Liability Derivatives as of
December 31, 2021
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$— Other current liabilities$— 
Commodity contractsOther current assets0.2 Other current liabilities2.0 
Cross currency swap contractOther noncurrent assets12.5 Other noncurrent liabilities— 
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)
Other current assets15.1 Other current liabilities5.1 
Total derivative instruments$27.8 $7.1 
(1) The outstanding contracts as of December 31, 2021 range in maturity through October 2022.
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are summarized below (in millions):
As of June 30, 2022
Level 1Level 2Level 3Total
Derivative assets$— $57.7 $— $57.7 
Derivative liabilities— 22.6 — 22.6 
As of December 31, 2021
Level 1Level 2Level 3Total
Derivative assets$— $27.8 $— $27.8 
Derivative liabilities— 7.1 — 7.1