Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 December 31, 2023
Derivatives				Assets				Liabilities
				Other Current Assets		Sundry		Other Current Liabilities		Other Long-Term Liabilities
Designated as hedging instruments
Total cash flow hedges-currency hedges	Jun 2025	$	298.2	$	5.3	$	.5	$	2.4	$	.2
Total fair value hedges	Mar 2024	21.7		.3		—		—		—


Not designated as hedging instruments	Dec 2024	87.9		.1		—		.9		—
Total derivatives				$	5.7	$	.5	$	3.3	$	.2


	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of December 31, 2022
Derivatives				Assets					Liabilities
				Other Current Assets		Sundry			Other Current Liabilities		Other Long-Term Liabilities







Designated as hedging instruments
Total cash flow hedges-currency hedges	Jun 2024	$	263.4	$	1.9	$	.5		$	4.3	$	.4


Total fair value hedges	Apr 2023	65.5		.3		—		1	1.0		—



Not designated as hedging instruments	Dec 2023	86.0		.2		—			.2		—
Total derivatives				$	2.4	$	.5		$	5.5	$	.4

The following table sets forth the pretax (gains) losses for our hedging activities for the years presented. This schedule includes reclassifications from accumulated other comprehensive income as well as derivative settlements recorded directly to income or expense.


	Income Statement Caption	Amount of Loss (Gain) Recorded in Income for the Year Ended December 31
Derivatives		2023		2022		2021

Designated as hedging instruments
Interest rate cash flow hedges 1	Interest expense	$	(.3)	$	2.3	$	4.5
Currency cash flow hedges	Net trade sales	3.7		.5		(9.6)
Currency cash flow hedges	Cost of goods sold	(2.5)		(2.8)		(.2)

Total cash flow hedges		.9		—		(5.3)
Fair value hedges	Other expense (income), net	.9		3.5		(5.9)
Not designated as hedging instruments	Other expense (income), net	3.9		(1.3)		(1.9)







Total derivative instruments		$	5.7	$	2.2	$	(13.1)

1 In the fourth quarter of 2021, in connection with our issuance of our $500.0 Senior Notes due 2051, we settled $300.0 of treasury locks and recognized a gain of $10.2, which is being amortized over the life of the notes. In the third quarter of 2022, we completed amortization of the $43.0 loss on our $200.0 forward starting interest rate swap that was related to our 2012 $300.0 Senior Notes; the 2012 issuance matured and was fully paid in the third quarter of 2022.