DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments at Fair Value

The following table presents assets and liabilities representing the fair value of our most significant derivative financial instruments. The fair values of the derivatives reflect the change in the market value of the derivative from the date of the trade execution and do not consider the offsetting underlying hedged item.

	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of September 30, 2021
				Assets				Liabilities
				Other Current Assets		Sundry		Other Current Liabilities		Other Long-Term Liabilities
Derivatives designated as hedging instruments
Cash flow hedges:
Interest rate hedge	Nov 2021	$	225.0	$	12.3	$	—	$	—	$	—
Currency hedges:
Future USD sales/purchases of Canadian, Chinese, European, South Korean, and UK subsidiaries	Mar 2023	157.2		2.0		.1		.2		.2
Future DKK sales of Polish subsidiary	Mar 2023	17.1		—		—		.3		—
Future EUR sales of Chinese, Swiss, and UK subsidiaries	Mar 2023	55.2		1.8		—		—		—
Future MXN purchases of a USD subsidiary	Mar 2023	10.0		.2		—		—		.1
Total cash flow hedges				16.3		.1		.5		.3
Fair value hedges:
Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, and USD) in various countries (CAD, CNY, PLN, and USD)	Dec 2021	136.7		1.8		—		—		—
Derivatives not designated as hedging instruments
Non-deliverable hedges (EUR and USD) exposed to the CNY	Mar 2022	17.8		.3		—		—		—
USD receivable on a CAD subsidiary	Oct 2021	18.5		—		—		.1		—
Total derivatives not designated as hedging instruments				.3		—		.1		—
Total derivatives				$	18.4	$	.1	$	.6	$	.3

	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of December 31, 2020
				Assets				Liabilities
				Other Current Assets		Sundry		Other Current Liabilities		Other Long-Term Liabilities
Derivatives designated as hedging instruments
Cash flow hedges:
Currency hedges:
Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries	Jun 2022	$	149.3	$	6.3	$	.1	$	1.2	$	.1
Future MXN purchases of a USD subsidiary	Jun 2022	9.3		.7		.1		—		—
Future DKK sales of a Polish subsidiary	Jun 2022	18.5		—		—		.5		.1
Future EUR sales of Chinese and UK subsidiaries	Jun 2022	46.7		—		—		.2		.1
Total cash flow hedges				7.0		.2		1.9		.3
Fair value hedges:
Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CNY, GBP, PLN and USD)	Jun 2021	49.5		.3		—		.1		—
Derivatives not designated as hedging instruments
Non-deliverable hedges (EUR and USD) exposed to the CNY	Dec 2021	14.4		.4		—		—		—
Hedge of USD receivable on a CAD subsidiary	Jan 2021	18.5		—		—		.2		—
Total derivatives not designated as hedging instruments				.4		—		.2		—
Total derivatives				$	7.7	$	.2	$	2.2	$	.3

Pre-Tax (Gains) Losses of Hedging Activities

The following table sets forth the pretax (gains) losses for our hedging activities for the periods presented. This schedule includes reclassifications (including impact of underlying transactions probable of not occurring) from accumulated other comprehensive income (see Note 12) as well as derivative settlements recorded directly to income or expense.

	Caption in Consolidated Condensed Statements of Operations	Amount of (Gain) Loss Recorded in Income Nine Months Ended   September 30,				Amount of (Gain) Loss Recorded in Income Three Months Ended September 30,
		2021		2020		2021		2020
Derivatives designated as hedging instruments
Interest rate cash flow hedges	Interest expense	$	3.4	$	3.4	$	1.1	$	1.2
Currency cash flow hedges	Net trade sales	(7.4)		1.6		(2.5)		.4
Currency cash flow hedges	Cost of goods sold	.1		(.2)		(.2)		.1
Total cash flow hedges		(3.9)		4.8		(1.6)		1.7
Fair value hedges	Other (income) expense, net	(5.5)		1.0		(1.5)		(1.5)
Derivatives not designated as hedging instruments	Other (income) expense, net	(1.4)		—		(1.2)		.2
Total derivative instruments		$	(10.8)	$	5.8	$	(4.3)	$	.4