v3.25.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities at Fair Value
The table below summarizes our derivative assets (liabilities) that were measured at fair value as of March 31, 2025 and December 31, 2024. The fair value for all derivative contracts as of March 31, 2025 and December 31, 2024 were valued using significant other observable inputs, which are Level 2 inputs.
 As of
 March 31, 2025December 31, 2024
 (In millions)
Forward starting interest rate swaps$75.2 $96.3 
Foreign currency forwards8.8 10.6 
Commodity swaps and options22.5 3.7 
Total$106.5 $110.6 
Schedule of Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets
Fair Value of Derivative Instruments on the Unaudited Condensed Consolidated Balance Sheets (In millions):
 As of March 31, 2025
  Asset derivativesLiability derivatives
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$75.2 Other liabilities $— 
Foreign currency forwards$160.6 Other current assets6.7 Accounts payable and other current liabilities— 
 Other non-current assets2.1 Other liabilities — 
Total derivatives designated as hedging instruments$84.0  $— 
Derivatives not designated as hedging instruments
Commodity swaps(1)
$345.5 Other current assets$31.6 Accounts payable and other current liabilities$(8.2)

Other non-current assets1.2 Other liabilities (2.1)
Commodity options(1)
$15.6 Other current assets0.3 Accounts payable and other current liabilities(0.3)
Total derivatives not designated as hedging instruments$33.1  $(10.6)
 As of December 31, 2024
  Asset derivativesLiability derivatives
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$96.3 Other liabilities$— 
Foreign currency forwards$196.2 Other current assets7.7 Accounts payable and other current liabilities— 
Other non-current assets2.9 Other liabilities— 
Total derivatives designated as hedging instruments$106.9 $— 
Derivatives not designated as hedging instruments
Commodity swaps(1)
$376.4 Other current assets$15.1 Accounts payable and other current liabilities$(10.5)
Other non-current assets1.5 Other liabilities(2.4)
Commodity options(1)
$24.6 Other current assets0.3 Accounts payable and other current liabilities(0.3)
Total derivatives not designated as hedging instruments$16.9 $(13.2)
(1)Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.
Schedule of The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations
The Pretax Effect of Cash Flow Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (In millions):
Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on derivatives		Location of gain (loss)
reclassified from AOCI into
income
Amount of gain
(loss) recognized
from AOCI into income on
derivatives
Three Months Ended March 31, 2025
Forward starting interest rate swaps$(21.1)Interest income (expense), net$(0.9)
Foreign currency forwards(0.4)Cost of goods sold1.8 
Other non-operating income (expense), net(0.3)
Total$(21.5)$0.6 
Three Months Ended March 31, 2024
Forward starting interest rate swaps$21.1 Interest income (expense), net$(0.8)
Foreign currency forwards4.5 Cost of goods sold0.8 
Other non-operating income (expense), net(0.1)
Total$25.6 $(0.1)
The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (In millions):
Net investment hedge relationships
Amount of gain
(loss) recognized
in OCI(1)
Three Months Ended March 31, 2025
EUR 800 million 3.8% senior notes due June 2032
$(36.8)
Three Months Ended March 31, 2024
EUR 800 million 1.25% senior notes due July 2024
$19.9 
(1)The cumulative translation adjustments related to our net investment hedges remain in AOCI until the respective underlying net investment is sold or liquidated. During the three months ended March 31, 2025 and March 31, 2024, we did not reclassify any amounts related to net investment hedges from AOCI into earnings whether due to ineffectiveness, a sale or liquidation.
Schedule of Derivatives Not Designated as Hedging Instruments
The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (In millions):
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivatives		Amount of gain (loss) recognized in
income on derivatives
Three Months Ended March 31, 2025
Commodity swapsCost of goods sold$21.4 
Three Months Ended March 31, 2024
Commodity swapsCost of goods sold$(15.2)