DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of derivative instruments designated as hedging instruments that are reported in the Consolidated Balance Sheet

The following table provides the location and fair value amounts of derivative instruments designated and not designated as hedging instruments that are reported in the Condensed Consolidated Balance Sheet (in millions):

		September 30, 2021				December 31, 2020
Instrument (1)	Balance Sheet Account	Derivatives designated as hedges		Derivatives not designated as hedges		Derivatives designated as hedges		Derivatives not designated as hedges
Commodity swaps	Other current assets	$	7.9	$	—	$	7.2	$	—
Commodity swaps	Other non-current assets	—		—		0.3		—
Interest rate caps	Other non-current assets	0.8		—		—		—
Foreign exchange contracts	Other current liabilities	—		(0.3)		—		—
Cross currency swaps - net investment hedge	Other current liabilities	(0.6)		—		(2.0)		—
Interest rate caps	Other current liabilities	(1.2)		—		(1.2)		—
Commodity swaps	Other current liabilities	(0.3)		—		—		—
Cross currency swaps - net investment hedge	Other non-current liabilities	(4.0)		—		(8.2)		—
Interest rate caps	Other non-current liabilities	—		—		(2.6)		—
Net derivative asset (liability)		$	2.6	$	(0.3)	$	(6.5)	$	—

(1) Categorized as Level 2 under the ASC 820 Fair Value Hierarchy.

Schedule of derivative instruments that are designated as hedges in the Consolidated Statement of Comprehensive Income

The following tables provide the effect of derivative instruments that are designated as hedges in AOCI (in millions):

	Gain (Loss) Recognized on Derivatives in OCI, net of tax					Gain (Loss) Reclassified from AOCI into Income (Loss)
Instrument	Three Months Ended  September 30, 2021		Nine Months Ended  September 30, 2021		Income Statement Account	Three Months Ended  September 30, 2021		Nine Months Ended  September 30, 2021
Foreign exchange contracts	$	—	$	—	Cost of goods sold	$	—	$	0.1
Commodity swaps	(5.8)		9.1		Cost of goods sold	6.9		8.3
Cross currency swaps - net investment hedge	1.8		4.0		Selling, general and administrative expenses	—		—
Interest rate caps	0.1		2.7		Interest expense	(0.3)		(0.9)
Total	$	(3.9)	$	15.8	Total	$	6.6	$	7.5

	Gain (Loss) Recognized on Derivatives in OCI, net of tax					Gain (Loss) Reclassified from AOCI into Income (Loss)
Instrument	Three Months Ended  September 30, 2020		Nine Months Ended September 30, 2020		Income Statement Account	Three Months Ended  September 30, 2020		Nine Months Ended September 30, 2020
Foreign exchange contracts	$	0.2	$	(0.5)	Cost of goods sold	$	0.3	$	(2.1)
Commodity swaps	1.1		0.3		Cost of goods sold	(0.1)		(1.9)
Cross currency swaps - net investment hedge	(3.6)		(5.8)		Selling, general and administrative expenses	—		—
Interest rate caps	(0.5)		(3.1)		Interest expense	(0.3)		(0.1)
Total	$	(2.8)	$	(9.1)	Total	$	(0.1)	$	(4.1)

The following tables provide the effect of derivative instruments that are designated as hedges in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):

	Classification and amount of Gain (Loss) Recognized in Income (Loss)
	Cost of goods sold				Interest expense
	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Income Statement Accounts in which effects of cash flow hedges are recorded	$	(815.3)	$	(2,311.2)	$	(12.3)	$	(40.6)
Gain (loss) reclassified from AOCI into Income (loss):
Foreign exchange contracts	—		0.1		—		—
Commodity swaps	6.9		8.3		—		—
Interest rate caps	—		—		(0.3)		(0.9)
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge	—		—		0.2		0.5
Total	$	6.9	$	8.4	$	(0.1)	$	(0.4)

	Classification and amount of Gain (Loss) Recognized in Income (Loss)
	Cost of goods sold				Interest expense
	Three Months Ended September 30, 2020		Nine Months Ended  September 30, 2020		Three Months Ended September 30, 2020		Nine Months Ended  September 30, 2020
Income Statement Accounts in which effects of cash flow hedges are recorded	$	(619.3)	$	(1,899.6)	$	(15.8)	$	(50.0)
Gain (loss) reclassified from AOCI into Income (loss):
Foreign exchange contracts	0.3		(2.1)		—		—
Commodity swaps	(0.1)		(1.9)		—		—
Interest rate caps	—		—		(0.3)		(0.1)
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge	—		—		0.2		0.3
Total	$	0.2	$	(4.0)	$	(0.1)	$	0.2

Schedule of fair value of derivative instruments not designated as hedging instruments that are reported in the Consolidated Statement of Comprehensive Income and Balance Sheet

Derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities. The following table provides the effect of non-designated derivatives outstanding at the end of the period in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):

		Gain (Loss) Recognized in Income (Loss)
		Three Months Ended September 30,				Nine Months Ended September 30,
Instrument	Income Statement Account	2021		2020		2021		2020
Foreign exchange contracts	Cost of goods sold	$	(0.6)	$	0.1	$	(0.6)	$	(0.2)
Foreign exchange contracts	Other income (expense) – net	(0.1)		(0.4)		(0.3)		(0.2)
Debt conversion feature	Other income (expense) – net	—		(0.1)		—		—
	Total	$	(0.7)	$	(0.4)	$	(0.9)	$	(0.4)