FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2024

FINANCIAL INSTRUMENTS AND DERIVATIVES

Notional Amounts of Most Significant Net Foreign Exchange Hedge Positions Outstanding

Buy / (Sell)	September 30, 2024
Euro	$	(226.3)
South Korean Won	$	(24.0)
New Taiwan Dollar	$	16.0
Swiss Franc	$	13.6
Swedish Krona	$	6.0

Schedule of Effect of Derivative Instruments on Statements of Operations

	Location and Amount of Gain (Loss) Recognized in Statements of Operations
	Three Months Ended						Three Months Ended
	September 30, 2024						September 30, 2023
	Cost of sales		Interest expense, net		Other (expense) income, net		Cost of sales		Interest expense, net		Other (expense) income, net
Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded	$	(787.1)	$	(72.3)	$	1.4	$	(847.7)	$	(46.6)	$	13.2
The effects of cash flow hedge instruments:
Commodity cash flow hedges
Amount of loss reclassified from AOCI into income	$	(1.4)	$	—	$	—	$	(9.4)	$	—	$	—
The effects of derivatives not designated as hedge instruments:
Foreign exchange forward contracts
Amount of gain (loss) recognized in income	$	—	$	—	$	(12.8)	$	—	$	—	$	8.5
Commodity economic hedges
Amount of loss recognized in income	$	(1.7)	$	—	$	—	$	(1.3)	$	—	$	—

	Location and Amount of Gain (Loss) Recognized in Statements of Operations
	Nine Months Ended						Nine Months Ended
	September 30, 2024						September 30, 2023
	Cost of sales		Interest expense, net		Other (expense) income, net		Cost of sales		Interest expense, net		Other (expense) income, net
Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded	$	(2,482.1)	$	(200.0)	$	0.9	$	(2,715.9)	$	(125.1)	$	19.0
The effects of cash flow hedge instruments:
Commodity cash flow hedges
Amount of loss reclassified from AOCI into income	$	(9.0)	$	—	$	—	$	(25.5)	$	—	$	—
The effects of derivatives not designated as hedge instruments:
Foreign exchange forward contracts
Amount of gain (loss) recognized in income	$	—	$	—	$	(1.0)	$	—	$	—	$	6.7
Commodity economic hedges
Amount of loss recognized in income	$	(2.7)	$	—	$	—	$	(16.3)	$	—	$	—

Schedule of Effect of Hedges on AOCI

`	Gain (Loss) Recognized in AOCI on Balance Sheet
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Designated as Cash Flow Hedges
Commodity cash flow hedges	$	1.5	$	8.4	$	8.4	$	(1.3)
Total	$	1.5	$	8.4	$	8.4	$	(1.3)

	Gain (Loss) Recognized in Other income, net in Statement of Operations
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Settlements and changes in the fair value of forward contracts (not designated as hedges)	$	(12.8)	$	8.5	$	(1.0)	$	6.7
Remeasurement of foreign currency-denominated assets and liabilities		15.3		(4.0)		2.6		3.9
Total	$	2.5	$	4.5	$	1.6	$	10.6

Schedule of Gross and Net Unrealized Gains and Losses and Balance Sheet Classification

	September 30, 2024
	Foreign
	Exchange		Commodity		Commodity
Balance Sheet	Forward		Economic		Cash Flow
Classification	Contracts		Hedges		Hedges		Total
Asset Derivatives:
Accounts receivable, net of allowance	$	0.2	$	—	$	—	$	0.2
Gross derivative asset position		0.2		—		—		0.2
Less: Counterparty netting		(0.2)		—		—		(0.2)
Net derivative asset position	$	—	$	—	$	—	$	—
Liability Derivatives:
Accounts payable	$	(3.6)	$	(2.5)	$	(2.9)	$	(9.0)
Gross derivative liability position		(3.6)		(2.5)		(2.9)		(9.0)
Less: Counterparty netting		0.1		—		—		0.1
Net derivative liability position	$	(3.5)	$	(2.5)	$	(2.9)	$	(8.9)
Total net derivative position	$	(3.5)	$	(2.5)	$	(2.9)	$	(8.9)

	December 31, 2023
	Foreign
	Exchange		Commodity		Commodity
Balance Sheet	Forward		Economic		Cash Flow
Classification	Contracts		Hedges		Hedges		Total
Asset Derivatives:
Accounts receivable, net of allowance	$	0.3	$	—	$	—	$	0.3
Gross derivative asset position		0.3		—		—		0.3
Less: Counterparty netting		(0.3)		—		—		(0.3)
Net derivative asset position	$	—	$	—	$	—	$	—
Liability Derivatives:
Accounts payable	$	(4.8)	$	(7.2)	$	(13.7)	$	(25.7)
Other noncurrent obligations		—		(0.9)		(0.7)		(1.6)
Gross derivative liability position		(4.8)		(8.1)		(14.4)		(27.3)
Less: Counterparty netting		0.3		—		—		0.3
Net derivative liability position	$	(4.5)	$	(8.1)	$	(14.4)	$	(27.0)
Total net derivative position	$	(4.5)	$	(8.1)	$	(14.4)	$	(27.0)