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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value of derivative instruments designated as hedging instruments that are reported in the Consolidated Balance Sheet
The following table provides the location and fair value amounts of derivative instruments designated and not designated as hedging instruments that are reported in the Condensed Consolidated Balance Sheet (in millions):
September 30,
2022
December 31,
2021
Instrument (1)
Balance Sheet AccountDerivatives designated as hedgesDerivatives not designated as hedgesDerivatives designated as hedgesDerivatives not designated as hedges
Foreign exchange contractsOther current assets$— $4.4 $(0.1)$0.7 
Cross currency swaps - net investment hedgeOther current assets0.4 — — — 
Commodity swapsOther current assets— — 4.3 — 
Cross currency swaps - net investment hedgeOther non-current assets0.6 — — — 
Foreign exchange contractsOther current liabilities(0.3)(2.2)— — 
Cross currency swaps - net investment hedgeOther current liabilities— — (0.5)— 
Commodity swapsOther current liabilities(2.1)— (1.1)— 
Cross currency swaps - net investment hedgeOther non-current liabilities— — (2.4)— 
Commodity swapsOther non-current liabilities(0.5)— — — 
Net derivative asset (liability)$(1.9)$2.2 $0.2 $0.7 

(1) Categorized as Level 2 under the ASC 820 Fair Value Hierarchy.
Schedule of derivative instruments that are designated as hedges in the Consolidated Statement of Comprehensive Income
The following tables provide the effect of derivative instruments that are designated as hedges in AOCI (in millions):

Gain (Loss) Recognized on Derivatives in OCI, net of taxGain (Loss) Reclassified from AOCI into Income (Loss)
InstrumentThree Months Ended
  September 30, 2022
Nine Months Ended
 September 30, 2022
Income Statement AccountThree Months Ended
  September 30, 2022
Nine Months Ended
 September 30, 2022
Foreign exchange contracts$(0.2)$(0.2)Cost of goods sold$— $0.1 
Commodity swaps(4.0)(10.9)Cost of goods sold(0.4)6.9 
Cross currency swaps - net investment hedge2.4 6.1 Selling, general and administrative expenses— — 
Total$(1.8)$(5.0)Total$(0.4)$7.0 
Gain (Loss) Recognized on Derivatives in OCI, net of taxGain (Loss) Reclassified from AOCI into Income (Loss)
InstrumentThree Months Ended
 September 30, 2021
Nine Months Ended
 September 30, 2021
Income Statement AccountThree Months Ended
  September 30, 2021
Nine Months Ended
 September 30, 2021
Foreign exchange contracts$— $— Cost of goods sold$— $0.1 
Commodity swaps(5.8)9.1 Cost of goods sold6.9 8.3 
Cross currency swaps - net investment hedge1.8 4.0 Selling, general and administrative expenses— — 
Interest rate caps0.1 2.7 Interest expense(0.3)(0.9)
Total$(3.9)$15.8 Total$6.6 $7.5 

The following tables provide the effect of derivative instruments that are designated as hedges in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):
Classification and amount of Gain (Loss) Recognized in Income (Loss)
Cost of goods soldInterest expense
Three Months Ended
 September 30, 2022
Nine Months Ended
 September 30, 2022
Three Months Ended
 September 30, 2022
Nine Months Ended
 September 30, 2022
Income Statement Accounts in which effects of cash flow hedges are recorded$(883.4)$(2,564.3)$(13.5)$(35.8)
Gain (loss) reclassified from AOCI into Income (loss):
Foreign exchange contracts— 0.1 — — 
Commodity swaps(0.4)6.9 — — 
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge— — — 0.3 
Total$(0.4)$7.0 $— $0.3 

Classification and amount of Gain (Loss) Recognized in Income (Loss)
Cost of goods soldInterest expense
Three Months Ended
 September 30, 2021
Nine Months Ended September 30, 2021Three Months Ended
 September 30, 2021
Nine Months Ended
  September 30, 2021
Income Statement Accounts in which effects of cash flow hedges are recorded$(815.3)$(2,311.2)$(12.3)$(40.6)
Gain (loss) reclassified from AOCI into Income (loss):
Foreign exchange contracts— 0.1 — — 
Commodity swaps6.9 8.3 — — 
Interest rate caps— — (0.3)(0.9)
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge— — 0.2 0.5 
Total$6.9 $8.4 $(0.1)$(0.4)
Schedule of fair value of derivative instruments not designated as hedging instruments that are reported in the Consolidated Statement of Comprehensive Income and Balance Sheet
Derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities. The following table provides the effect of non-designated derivatives in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):
Gain (Loss) Recognized in Income (Loss)
Three Months Ended
 September 30,
Nine Months Ended
 September 30,
InstrumentIncome Statement Account2022202120222021
Foreign exchange contractsCost of goods sold$(3.1)$(0.6)$(2.2)$(0.6)
Foreign exchange contractsOther income (expense) – net2.3 (0.1)1.3 (0.3)
Total$(0.8)$(0.7)$(0.9)$(0.9)