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DERIVATIVE FINANCIAL INSTRUMENTS
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
Cash Flow Hedges
Derivative financial instruments that we use to hedge forecasted transactions and anticipated cash flows are as follows:
Currency Cash Flow Hedges—The foreign currency hedges manage risk associated with exchange rate volatility of various currencies.
Interest Rate Cash Flow Hedges—We have also occasionally used interest rate cash flow hedges to manage interest rate risks.
The effective changes in fair value of unexpired contracts are recorded in accumulated other comprehensive income and reclassified to income or expense in the period in which earnings are impacted. Cash flows from settled contracts are presented
in the category consistent with the nature of the item being hedged. (Settlements associated with the sale or production of product are presented in operating cash flows, and settlements associated with debt issuance are presented in financing cash flows.) 
Fair Value Hedges and Derivatives not Designated as Hedging Instruments
These derivatives typically manage foreign currency risk associated with subsidiaries’ assets and liabilities, and gains or losses are recognized currently in earnings. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged.
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, 2022
DerivativesAssetsLiabilities
Other Current
Assets
SundryOther Current
Liabilities
Other Long-Term Liabilities
Designated as hedging instruments
Total cash flow hedges-currency hedgesMar 2024253.2$4.6 $.1 $9.4 $.7 
Total fair value hedgesJan 202356.6— — 1.5 — 
Not designated as hedging instrumentsSep 202394.8.4 — 1.0 — 
Total derivatives$5.0 $.1 $11.9 $.7 
 Expiring at various dates through:Total USD
Equivalent
Notional
Amount
As of December 31, 2021
DerivativesAssetsLiabilities
Other Current
Assets
SundryOther Current
Liabilities
Other Long-Term Liabilities
Designated as hedging instruments
Total cash flow hedges-currency hedgesJun 2023260.6$5.1 $— $.7 $.1 
Total fair value hedgesMar 202254.2.4 — — — 
Not designated as hedging instrumentsDec 202240.1.4 — .4 — 
Total derivatives$5.9 $— $1.1 $.1 

The following table sets forth the pretax (gains) losses for our hedging activities for the periods presented. This schedule includes reclassifications from accumulated other comprehensive income (see Note 12) as well as derivative settlements recorded directly to income or expense.
DerivativesIncome Statement CaptionAmount of (Gain) Loss
Recorded in Income
Nine Months Ended September 30,
Amount of (Gain) Loss
Recorded in Income
Three Months Ended September 30,
2022202120222021
Designated as hedging instruments
Interest rate cash flow hedgesInterest expense$2.4 $3.4 $.6 $1.1 
Currency cash flow hedgesNet trade sales(1.7)(7.4).6 (2.5)
Currency cash flow hedgesCost of goods sold(1.9).1 (.8)(.2)
Total cash flow hedges(1.2)(3.9).4 (1.6)
Fair value hedgesOther expense (income), net4.9 (5.5)3.9 (1.5)
Not designated as hedging instrumentsOther expense (income), net(2.2)(1.4)(2.3)(1.2)
Total derivative instruments$1.5 $(10.8)$2.0 $(4.3)