Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Amounts Recorded On Balance Sheet Related To Cumulative Basis Adjustments For Fair Value Hedges

As of March 31, 2023 and December 31, 2022, the following amounts were recorded on our condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in millions):

	Carrying Amount of the Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Balance Sheet Line Item	March 31, 2023		December 31, 2022		March 31, 2023			December 31, 2022
Long-term debt	$	855.6	$	823.9	$	(140.3	)	$	(172.0	)

Gross Unrealized Losses from Derivative Instruments

Derivative instruments designated as cash flow hedges had the following effects, before taxes, on AOCI and net earnings on our consolidated statements of earnings, consolidated statements of comprehensive income and consolidated balance sheets (in millions):

	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in AOCI					Reclassified from AOCI
	Three Months Ended					Three Months Ended
	March 31,				Location on	March 31,
Derivative Instrument	2023		2022		Statements of Earnings	2023			2022
Foreign exchange    forward contracts	$	11.1	$	21.0	Cost of products sold	$	23.1		$	5.2
Forward starting    interest rate swaps		-		-	Interest expense, net		(0.2	)		(0.2	)
	$	11.1	$	21.0		$	22.9		$	5.0

Effects of Fair Value, Cash Flow and Net Investment Hedge Accounting on Consolidated Statements of Earnings

The following table presents the effect of fair value, cash flow and net investment hedge accounting on our condensed consolidated statements of earnings (in millions):

	Location and Amount of Gain/(Loss) Recognized in Income on Fair Value, Cash Flow and Net Investment Hedging Relationships
	Three Months Ended					Three Months Ended
	March 31, 2023					March 31, 2022
	Cost of		Interest			Cost of		Interest
	Products		Expense,			Products		Expense,
	Sold		Net			Sold		Net
Total amounts of income and expense line items presented in the statements of earnings in which the effects of fair value, cash flow and net investment hedges are recorded	$	500.8	$	(48.2	)	$	500.0	$	(41.1	)
The effects of fair value, cash flow and net investment hedging:
Gain (loss) on fair value hedging                   relationships
Interest rate swaps		-		(8.2	)		-		2.9
Gain (loss) on cash flow hedging                   relationships
Foreign exchange forward contracts		23.1		-			5.2		-
Forward starting interest rate swaps		-		(0.2	)		-		(0.2	)
Gain on net investment hedging                   relationships
Cross-currency interest rate swaps		-		9.0			-		6.5

Derivative Instruments Not Designated as Hedging Instruments

The following losses from these derivative instruments were recognized on our condensed consolidated statements of earnings (in millions):

		Three Months Ended
	Location on	March 31,
Derivative Instrument	Statements of Earnings	2023			2022
Foreign exchange forward contracts	Other income (expense), net	$	(3.6	)	$	(8.5	)

Fair Value of Derivative Instruments on Gross Basis

The fair value of derivative instruments on a gross basis is as follows (in millions):

	As of March 31, 2023			As of December 31, 2022
	Balance			Balance
	Sheet	Fair		Sheet	Fair
	Location	Value		Location	Value
Asset Derivatives Designated as Hedges
Foreign exchange forward contracts	Other current assets	$	63.4	Other current assets	$	73.2
Cross-currency interest rate swaps	Other current assets		-	Other current assets		6.8
Foreign exchange forward contracts	Other assets		12.9	Other assets		16.6
Cross-currency interest rate swaps	Other assets		-	Other assets		-
Total asset derivatives		$	76.3		$	96.6
Asset Derivatives Not Designated as Hedges
Foreign exchange forward contracts	Other current assets	$	-	Other current assets	$	3.1
Forward Exchange Agreement	Other current assets		-	Other current assets		1.1
Total asset derivatives not designated as hedges			-			4.2
Liability Derivatives Designated as Hedges
Foreign exchange forward contracts	Other current liabilities	$	9.0	Other current liabilities	$	8.0
Cross-currency interest rate swaps	Other current liabilities		-	Other current liabilities		3.3
Foreign exchange forward contracts	Other long-term liabilities		10.5	Other long-term liabilities		14.5
Cross-currency interest rate swaps	Other long-term liabilities		50.3	Other long-term liabilities		46.3
Interest rate swaps	Other long-term liabilities		140.3	Other long-term liabilities		172.0
Total liability derivatives		$	210.1		$	244.1
Liability Derivatives Not Designated as Hedges
Foreign exchange forward contracts	Other current liabilities	$	-	Other current liabilities	$	4.6

Schedule of Effects of Master Netting Agreements on Condensed Consolidated Balance Sheets

The table below presents the effects of our master netting agreements on our condensed consolidated balance sheets (in millions):

		As of March 31, 2023						As of December 31, 2022
Description	Location	Gross Amount		Offset		Net Amount in Balance Sheet		Gross Amount		Offset		Net Amount in Balance Sheet
Asset Derivatives
Cash flow hedges	Other current assets	$	63.4	$	8.4	$	55.0	$	73.2	$	7.1	$	66.1
Cash flow hedges	Other assets		12.9		8.0		4.9		16.6		9.9		6.7
Derivatives Not Designated as Hedges	Other current assets		-		-		-		3.1		1.3		1.8
Liability Derivatives
Cash flow hedges	Other current liabilities		9.0		8.4		0.6		8.0		7.1		0.9
Cash flow hedges	Other long-term liabilities		10.5		8.0		2.5		14.5		9.9		4.6
Derivatives Not Designated as Hedges	Other current liabilities		-		-		-		4.6		1.3		3.3

Net Investment Hedge Gains Recognized on Condensed Consolidated Statements of Comprehensive Income

The following net investment hedge gains (losses) were recognized on our condensed consolidated statements of comprehensive income (in millions):

	Amount of Gain (Loss)
	Recognized in AOCI
	Three Months Ended
	March 31,
Derivative Instrument	2023			2022
Euro Notes	$	(19.2	)	$	36.9
Cross-currency interest rate swaps		(4.5	)		12.3
	$	(23.7	)	$	49.2