v3.23.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities at Fair Value The table below summarizes our derivative assets and liabilities that were measured at fair value as of September 30, 2023 and December 31, 2022.
 Fair value measurements as of September 30, 2023
 As of September 30, 2023Quoted prices in
active markets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable
inputs (Level 3)
 (In millions)
Forward starting interest rate swaps$91.9 $— $91.9 $— 
Foreign currency forwards5.0 — 5.0 — 
Commodity swaps and options(12.9)— (12.9)— 
Total$84.0 $— $84.0 $— 
 Fair value measurements as of December 31, 2022
 As of December 31, 2022Quoted prices in
active markets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable
inputs (Level 3)
 (In millions)
Forward starting interest rate swaps$40.0 $— $40.0 $— 
Foreign currency forwards7.6 — 7.6 — 
Commodity swaps and options69.0 — 69.0 — 
Total$116.6 $— $116.6 $— 
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets
Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions):
 As of September 30, 2023
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$91.9 Other liabilities $— 
Foreign currency forwards$215.5 Other current assets3.9 Accounts payable and other current liabilities— 
 Other non-current assets1.1 Other liabilities — 
Total derivatives designated as hedging instruments$96.9  $— 
Derivatives not designated as hedging instruments
Commodity swaps(1)
$608.4 Other current assets$24.1 Accounts payable and other current liabilities$(37.3)

Other non-current assets5.8 Other liabilities (5.5)
Total derivatives not designated as hedging instruments$29.9  $(42.8)
 As of December 31, 2022
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$40.0 Other liabilities$— 
Foreign currency forwards$176.6 Other current assets6.2 Accounts payable and other current liabilities(0.1)
Other non-current assets1.6 Other liabilities(0.1)
Total derivatives designated as hedging instruments$47.8 $(0.2)
Derivatives not designated as hedging instruments
Commodity swaps(1)
$525.2 Other current assets$86.1 Accounts payable and other current liabilities$(14.1)
Other non-current assets7.4 Other liabilities(10.4)
Commodity options(1)
$19.7 Other current assets0.8 Accounts payable and other current liabilities(0.8)
Total derivatives not designated as hedging instruments$94.3 $(25.3)
(1)Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations
The Pretax Effect of Cash Flow Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions):
Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on derivatives		Location of gain (loss)
reclassified from AOCI into
income		Amount of gain
(loss) recognized
from AOCI into income on
derivative
Three Months Ended September 30, 2023
Forward starting interest rate swaps$62.6 Interest income (expense), net$(0.8)
Foreign currency forwards5.1 Cost of goods sold1.1 
Other non-operating income (expense), net(0.3)
Total$67.7 $— 
Three Months Ended September 30, 2022
Forward starting interest rate swaps$28.4 Interest income (expense), net$(1.0)
Foreign currency forwards10.9 Cost of goods sold0.5 
Other non-operating income (expense), net(0.2)
Total$39.3 $(0.7)
Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on derivatives		Location of gain (loss)
reclassified from AOCI into
income		Amount of gain
(loss) recognized
from AOCI into income on
derivative
Nine Months Ended September 30, 2023
Forward starting interest rate swaps$51.9 Interest income (expense), net$(4.3)
Foreign currency forwards0.3 Cost of goods sold3.8 
Other non-operating income (expense), net(0.8)
Total$52.2 $(1.3)
Nine Months Ended September 30, 2022
Forward starting interest rate swaps$196.2 Interest income (expense), net$(13.3)
Foreign currency forwards14.6 Cost of goods sold0.2 
Other non-operating income (expense), net(0.1)
Total$210.8 $(13.2)
The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions):
Net investment hedge relationshipsAmount of gain
(loss) recognized
in OCI		Location of gain (loss) recognized in income (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income (amount excluded from effectiveness testing) (1)
Three Months Ended September 30, 2023
EUR 800 million notes due 2024
27.0 Other non-operating income (expense), net— 
Total$27.0 $— 
Three Months Ended September 30, 2022
EUR 800 million notes due 2024
54.5 Other non-operating income (expense), net— 
Total$54.5 $— 
Net investment hedge relationshipsAmount of gain
(loss) recognized
in OCI		Location of gain (loss) recognized in income (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income (amount excluded from effectiveness testing)(1)
Nine Months Ended September 30, 2023
EUR 800 million notes due 2024
10.7 Other non-operating income (expense), net— 
Total$10.7 $— 
Nine Months Ended September 30, 2022
EUR 800 million notes due 2024
125.4 Other non-operating income (expense), net— 
Total$125.4 $— 
(1)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income.
Derivatives Not Designated as Hedging Instruments
The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivative		Amount of gain (loss) recognized in
income on derivative
Three Months Ended September 30, 2023
Commodity swapsCost of goods sold35.6 
Foreign currency forwardsOther non-operating income (expense), net0.8 
Total $36.4 
Three Months Ended September 30, 2022
Commodity swapsCost of goods sold(42.2)
Total$(42.2)
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivative		Amount of gain (loss) recognized in
income on derivative
Nine Months Ended September 30, 2023
Commodity swapsCost of goods sold(44.0)
Foreign currency forwardsOther non-operating income (expense), net2.7 
Total $(41.3)
Nine Months Ended September 30, 2022
Commodity swapsCost of goods sold33.0 
Total$33.0