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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk
The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.
 Notional Amount
 June 30, 2022December 31, 2021
 (in millions)
Foreign currency forward exchange contracts$1,546.8 $1,498.8 
Cross currency swap contracts300.0 300.0 
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets
The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions):
  Fair Value
Derivatives designated as hedging instrumentsBalance Sheet
Location
June 30, 2022December 31, 2021
Assets   
Foreign currency contractsOther current assets$73.0 $36.2 
Cross currency swap contractsOther assets$42.4 $19.1 
Liabilities   
Foreign currency contractsAccounts payable and accrued liabilities$2.0 $3.9 
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets
The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions):
    Gross Amounts
Not Offset in
the Consolidated
Balance Sheet
 
  Gross Amounts
Offset in the
Consolidated
Balance Sheet
 
  Net Amounts
Presented in the
Consolidated
Balance Sheet
June 30, 2022Gross
Amounts
Financial
Instruments
Cash
Collateral
Received
Net
Amount
Derivative assets      
Foreign currency contracts$73.0 $— $73.0 $(2.0)$— $71.0 
Cross currency swap contracts$42.4 $— $42.4 $— $— $42.4 
Derivative liabilities      
Foreign currency contracts$2.0 $— $2.0 $(2.0)$— $— 
December 31, 2021      
Derivative assets      
Foreign currency contracts$36.2 $— $36.2 $(2.8)$— $33.4 
Cross currency swap contracts$19.1 $— $19.1 $— $— $19.1 
Derivative liabilities   
Foreign currency contracts$3.9 $— $3.9 $(2.8)$— $1.1 
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Liabilities
The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions):
    Gross Amounts
Not Offset in
the Consolidated
Balance Sheet
 
  Gross Amounts
Offset in the
Consolidated
Balance Sheet
 
  Net Amounts
Presented in the
Consolidated
Balance Sheet
June 30, 2022Gross
Amounts
Financial
Instruments
Cash
Collateral
Received
Net
Amount
Derivative assets      
Foreign currency contracts$73.0 $— $73.0 $(2.0)$— $71.0 
Cross currency swap contracts$42.4 $— $42.4 $— $— $42.4 
Derivative liabilities      
Foreign currency contracts$2.0 $— $2.0 $(2.0)$— $— 
December 31, 2021      
Derivative assets      
Foreign currency contracts$36.2 $— $36.2 $(2.8)$— $33.4 
Cross currency swap contracts$19.1 $— $19.1 $— $— $19.1 
Derivative liabilities   
Foreign currency contracts$3.9 $— $3.9 $(2.8)$— $1.1 
Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income
The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions):
 Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)
 Amount of Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
(Effective Portion)
 Three Months Ended
June 30,
 Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
Three Months Ended
June 30,
 
2022202120222021
Cash flow hedges
Foreign currency contracts$57.9 $(3.9)Cost of sales$16.3 $(8.3)
Selling, general, and administrative expenses$— $(0.4)
 Amount of Gain or (Loss)
Recognized in OCI
on Derivative
 Amount of Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
 Six Months Ended
June 30,
 Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
Six Months Ended
June 30,
 
2022202120222021
Cash flow hedges
Foreign currency contracts$82.6 $24.3 Cost of sales$23.6 $(13.8)
Selling, general, and administrative expenses$— $(0.3)

 Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)
 Amount of Gain or (Loss)
Recognized in Income on Derivative (Amount Excluded from
Effectiveness Testing)
 Three Months Ended
June 30,
 Location of Gain or
(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
June 30,
 
2022202120222021
Net investment hedges
Cross currency swap contracts$19.4 $3.6 Interest (income) expense, net$2.0 $1.5 
 Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)
 Amount of Gain or (Loss)
Recognized in Income on Derivative (Amount Excluded from
 Effectiveness Testing)
 Six Months Ended
June 30,
 Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
Six Months Ended
June 30,
 
2022202120222021
Net investment hedges
Cross currency swap contracts$23.3 $5.4 Interest (income) expense, net$3.6 $3.1 
The cross currency swap contracts have an expiration date of June 15, 2028. At maturity of the cross currency swap contracts, the Company will deliver the notional amount of €257.2 million and will receive $300.0 million from the counterparties. The Company will receive semi-annual interest payments from the counterparties based on a fixed interest rate until maturity of the agreements.
  Amount of Gain or (Loss)
Recognized in Income on
Derivative
  Three Months Ended
June 30,
 Location of Gain or (Loss)
Recognized in Income on
Derivative
20222021
Fair value hedges
Foreign currency contractsOther income, net$— $1.5 
  Amount of Gain or (Loss)
Recognized in Income on
Derivative
  Six Months Ended
June 30,
 Location of Gain or (Loss)
Recognized in Income on
Derivative
20222021
Fair value hedges
Foreign currency contractsOther income, net$— $7.8 
  Amount of Gain or (Loss)
Recognized in Income on
Derivative
  Three Months Ended
June 30,
 Location of Gain or (Loss)
Recognized in Income on
Derivative
20222021
Derivatives not designated as hedging instruments
Foreign currency contractsOther income, net$26.6 $(4.3)
  Amount of Gain or (Loss)
Recognized in Income on
Derivative
  Six Months Ended
June 30,
 Location of Gain or (Loss)
Recognized in Income on
Derivative
20222021
Derivatives not designated as hedging instruments
Foreign currency contractsOther income, net$42.1 $10.9 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions):
 Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 Three Months Ended
June 30, 2022
Six Months Ended
June 30, 2022
 Cost of salesSelling, general, and administrative expensesOther Income, netCost of salesSelling, general, and administrative expensesOther Income, net
Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded$(269.4)$(409.0)$4.3 $(568.7)$(779.3)$1.0 
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income
$16.3 $— $— $23.6 $— $— 
 Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 Three Months Ended
June 30, 2021
Six Months Ended
June 30, 2021
 Cost of salesSelling, general, and administrative expensesOther Income, netCost of salesSelling, general, and administrative expensesOther Income, net
Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded$(334.3)$(374.5)$4.4 $(627.7)$(705.3)$9.9 
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items
$— $— $(0.7)$— $— $(6.2)
Derivatives designated as hedging instruments
$— $— $0.7 $— $— $6.2 
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach
$— $— $0.8 $— $— $1.6 
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income
$(8.3)$(0.4)$— $(13.8)$(0.3)$—