XML 51 R37.htm IDEA: XBRL DOCUMENT v3.22.4
Derivative Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] The following table summarizes 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 2022, 2021 and 2020 (in millions):
Recognized in Net Income
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 Consolidated Statements of Operations Containing Hedge Gains (Losses)
2022
Foreign currency contracts(1)
$(11.1)Cost of goods sold$(10.6)$9,650.1 
Commodity contracts(2)
(3.5)Cost of goods sold(3.5)$9,650.1 
Total$(14.6)$(14.1)
2021
Foreign currency contracts$(7.4)Cost of goods sold$(10.2)$8,566.0 
Commodity contracts12.5 Cost of goods sold13.2 $8,566.0 
Total$5.1 $3.0 
2020
Foreign currency contracts$4.6 Cost of goods sold$6.3 $7,092.2 
Commodity contracts0.5 Cost of goods sold— 7,092.2 
Total$5.1 $6.3 
____________________________________
(1) The outstanding contracts as of December 31, 2022 range in maturity through December 2023.
(2) The outstanding contracts as of December 31, 2022 range in maturity through April 2023.
Summary Of Accumulated Other Comprehensive Loss Related To Derivatives The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the years ended December 31, 2022, 2021 and 2020 (in millions):
Before-Tax
Amount
Income
Tax
After-Tax
Amount
Accumulated derivative net losses as of December 31, 2019$(1.5)$(0.2)$(1.3)
Net changes in fair value of derivatives4.9 (0.2)5.1 
Net gains reclassified from accumulated other comprehensive loss into income(6.4)(0.1)(6.3)
Accumulated derivative net losses as of December 31, 2020$(3.0)$(0.5)$(2.5)
Net changes in fair value of derivatives8.3 3.2 5.1 
Net gains reclassified from accumulated other comprehensive loss into income(5.8)(2.8)(3.0)
Accumulated derivative net losses as of December 31, 2021$(0.5)$(0.1)$(0.4)
Net changes in fair value of derivatives(19.7)(5.1)(14.6)
Net losses reclassified from accumulated other comprehensive loss into income19.2 5.1 14.1 
Accumulated derivative net losses as of December 31, 2022(1)
$(1.0)$(0.1)$(0.9)
____________________________________
(1) As of December 31, 2022, approximately $0.6 million and $0.4 million of derivative realized net losses, before taxes, remain in accumulated other comprehensive loss related to foreign currency contracts and commodity contracts, respectively, associated with inventory that had not yet been sold.
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):
Notional Amount as of
December 31, 2022December 31, 2021
Cross currency swap contract$300.0 $300.0 
Schedule of Derivative Instruments [Table Text Block] The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge (in millions):
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Years Ended
Foreign currency denominated debt:Before-Tax AmountIncome TaxAfter-Tax Amount
December 31, 2022$— $— $— 
December 31, 2021— — — 
December 31, 20201.7 — 1.7 
Cross currency swap contract:
December 31, 202220.5 5.3 15.2 
December 31, 202111.0 3.2 7.8 
December 31, 2020(25.5)— (25.5)
Derivatives Not Designated as Hedging Instruments [Table Text Block] The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions):
For the Years Ended
Classification of
Gain (Loss)
December 31, 2022December 31, 2021December 31, 2020
Foreign currency contractsOther expense, net$(38.2)$54.8 $3.7 
Fair Value Of Derivative Instruments The table below sets forth the fair value of derivative instruments as of December 31, 2022 (in millions):
Asset Derivatives as of
December 31, 2022
Liability Derivatives as of
December 31, 2022
Balance Sheet
Location
Fair
Value
Balance Sheet
Location
Fair
Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$1.3 Other current liabilities$1.3 
Commodity contractsOther current assets— Other current liabilities— 
Cross currency swap contractOther noncurrent assets33.0 Other noncurrent liabilities— 
Derivative instruments not designated as hedging instruments:
Foreign currency contracts (1)
Other current assets6.6 Other current liabilities39.1 
Total derivative instruments$40.9 $40.4 
____________________________________
(1) The outstanding contracts as of December 31, 2022 range in maturity through March 2023.
    The table below sets forth the fair value of derivative instruments as of December 31, 2021 (in millions):
Asset Derivatives as of
December 31, 2021
Liability Derivatives as of
December 31, 2021
Balance Sheet
Location
Fair
Value
Balance Sheet
Location
Fair
Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$— 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 contractsOther current assets15.1 Other current liabilities5.1 
Total derivative instruments$27.8 $7.1