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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of foreign currency forward contracts
Notional amounts of foreign currency forward contracts were as follows (in millions):
Year Ended
December 31, 2022December 31, 2021
British Pound (GBP)$224.9 $135.8 
European Euro (EUR)61.7 232.6 
Swedish Krona (SEK)56.9 47.8 
Danish Krone (DKK)51.7 37.5 
United States Dollar (USD)51.7 22.9 
Chinese Yuan (CNH)34.4 37.7 
Polish Zloty (PLZ)25.2 21.0 
Canadian Dollar (CAD)24.9 29.0 
Mexican Peso (MXN)13.3 1.0 
Norwegian Krone (NOK)12.4 11.0 
Hungarian Forint (HUF)10.6 — 
Other (1)
25.9 11.8 
Total$593.6 $588.1 
(1) Number consists of various currencies notional amounts, none of which individually exceed $10.0 million in either year presented.
Schedule of derivative instruments in statement of financial position, fair value The balance sheet location and gross fair value of our outstanding derivative instruments were as follows (in millions):
Year Ended
DerivativesBalance Sheet LocationDecember 31, 2022December 31, 2021
Designated derivative assets
Foreign currency forward contractsPrepaid expenses and other current assets$1.1 $3.5 
Interest rate swap agreementsPrepaid expenses and other current assets3.0 — 
Interest rate swap agreementsOther non-current assets47.5 — 
Foreign currency forward contractsOther non-current assets0.7 1.3 
Total designated derivatives$52.3 $4.8 
Non-designated derivatives
Foreign currency forward contractsPrepaid expenses and other current assets$2.4 $0.9 
Foreign currency optionsPrepaid expenses and other current assets— 5.0 
Total non-designated derivatives$2.4 $5.9 
Designated derivative liabilities
Foreign currency forward contractsOther accrued liabilities$4.2 $1.2 
Cross-currency swapOther accrued liabilities96.1 13.8 
Total designated derivatives$100.3 $15.0 
Non-designated derivatives
Foreign currency forward contractsOther accrued liabilities$1.0 $1.2 
Schedule of other derivatives not designated as hedging instruments, statements of financial performance and financial position, location
The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Consolidated Statements of Operations were as follows (in millions):
Year Ended
Non-Designated DerivativesIncome Statement LocationDecember 31, 2022December 31, 2021December 31, 2020
Foreign currency forward contracts
Other (income) expense, net$8.2 $(5.1)$(1.1)
Interest expense, net(2.0)1.3 3.5 
$6.2 (3.8)$2.4 
Foreign currency optionsOther (income) expense, net$16.2 $20.9 $— 
Effect of derivative instruments designated as hedging instruments in AOCI
The following tables summarize the effect of derivative instruments designated as hedging instruments in Accumulated Other Comprehensive Income ("AOCI") (in millions):

Gain/(Loss)
Reclassified from AOCI into EarningsRelated to Amounts Excluded from Effectiveness Testing
Amount Recorded in OCI(1)
Classification AmountClassification Amount Recognized in Earnings on Derivatives
Year Ended December 31, 2022
Cash flow hedges
Treasury locks$— Interest expense, net$(0.1)Interest expense, net$— 
Interest rate swap agreements50.5 Interest expense, net4.6 Interest expense, net— 
Foreign currency forward contracts4.1 Net sales1.6 Net sales(0.5)
Cost of sales(4.8)Cost of sales(0.2)
Other (income) expense, net(1.4)
Total Cash flow hedges$54.6 $1.3 $(2.1)
Net investment hedges
Cross-currency swap$5.3 Interest expense, net$(17.2)
Year Ended December 31, 2021
Cash flow hedges
Treasury locks$— Interest expense, net$(0.1)Interest expense, net$— 
Interest rate swap agreements— Interest expense, net(1.8)Interest expense, net— 
Foreign currency forward contracts5.7 Net sales(2.5)Net sales— 
Cost of sales0.8 Cost of sales0.5 
Other Income/Expense0.7 
Total Cash flow hedges$5.7 $(3.6)$1.2 
Net investment hedges
Cross-currency swap$(20.1)Interest expense, net$(3.9)
Year Ended December 31, 2020
Cash flow hedges
Treasury locks$— Interest expense, net$(0.1)Interest expense, net$— 
Interest rate swap agreements— Interest expense, net(1.8)Interest expense, net— 
Foreign currency forward contracts5.0 Net sales0.2 Net sales0.1 
Cost of sales2.0 Cost of sales0.9 
Other Income/Expense0.5 
Total Cash flow hedges$5.0 $0.3 $1.5 
Net investment hedges
Cross-currency swap$(20.0)Interest expense, net$6.6 
Foreign currency forward contract$(11.2)Interest expense, net$(0.1)
Total Net investment hedges$(31.2)$6.5 
(1) Net gain of $8.5 million is expected to be reclassified out of AOCI into earnings during 2023.
Classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships
The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships were as follows (in millions):
Net SalesCost of SalesInterest Expense, netOther (Income) Expense, net
Year Ended December 31, 2022
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$4,451.6 $2,996.2 $156.0 $53.1 
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$1.6 $(4.8)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.5)$(0.2)$— $(1.4)
Treasury locks
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(0.1)$— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $4.6 $— 
Year Ended December 31, 2021
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$4,138.7 $2,722.5 $125.0 $26.7 
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(2.5)$0.8 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$— $0.5 $— $0.7 
Treasury locks
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(0.1)$— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(1.8)$— 
Year Ended December 31, 2020
Total amounts of income and expense line items presented on the Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded$4,088.2 $2,593.3 $127.7 $16.3 
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$0.2 $2.0 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.1 $0.9 $— $0.5 
Treasury locks
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(0.1)$— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $(1.8)$— 
Net foreign exchange losses totaled $59.9 million, $26.8 million, and $0.3 million for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively. Therein, 2022 and 2021 included $16.2 million and $20.9 million of loss, respectively, for the change in fair value of the option contracts to hedge the foreign currency exposure of the euro-denominated purchase price for HRA Pharma.