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Fair Value (Notes) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Disclosures [Text Block] | 7. FAIR VALUE ASC 820 - Fair Value Measurement defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The definition is based on an exit price rather than an entry price, regardless of whether the entity plans to hold or sell the asset. This guidance also establishes a fair value hierarchy to prioritize inputs used in measuring fair value as follows: •Level 1: Observable inputs such as quoted prices in active markets; •Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and •Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial instruments The estimated carrying value of our financial assets and liabilities that are recognized at fair value on a recurring basis, using available market information and other observable data, are as follows:
|  | Fair Value |  |
|  | September 30, 2023 |  | December 31, 2022 |  | Input
|  | (in millions) |  |
Balance Sheet Classification |  |  |  |  |  |
Cash equivalents |  | $ | 385.2 |  |  | $ | 363.6 |  |  | Level 1
Prepaid expenses and other |  |  |  |  |  |
Cash flow hedges - currency forward contracts |  | 14.3 |  |  | 8.2 |  |  | Level 2
Cash flow hedges - variable-to-fixed interest rate swap |  | 0.2 |  |  | 2.4 |  |  | Level 2
Nondesignated - currency forward contracts |  | 0.2 |  |  | 0.5 |  |  | Level 2
Other assets and deferred charges |  |  |  |  |  |
Cash flow hedges - currency forward contracts |  | 5.2 |  |  | 3.0 |  |  | Level 2
Cash flow hedges - variable-to-fixed interest rate swap |  | 0.5 |  |  | 8.5 |  |  | Level 2
Investment in equity securities |  | 0.7 |  |  | 1.9 |  |  | Level 1
Accrued expenses and other |  |  |  |  |  |
Cash flow hedges - currency forward contracts |  | 0.2 |  |  | — |  |  | Level 2
Cash flow hedges - fixed-to-fixed cross-currency swap |  | 0.1 |  |  | — |  |  | Level 2
Nondesignated - currency forward contracts |  | 0.3 |  |  | — |  |  | Level 2
Postretirement benefits and other long-term liabilities |  |  |  |  |  |
Cash flow hedges - currency forward contracts |  | 0.4 |  |  | — |  |  | Level 2
Cash flow hedges - fixed-to-fixed cross-currency swap |  | — |  |  | 1.5 |  |  | Level 2
The carrying values of our cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments. The carrying values of our borrowings under the foreign credit facilities approximate their fair value due to the frequent resetting of the interest rates. We have an investment in the equity securities of REE Automotive, an e-mobility company. These equity securities are measured at fair value each reporting period with changes in fair value reported through an unrealized gain or loss within Other income (expense), net in our Condensed Consolidated Statement of Operations. As of September 30, 2023, our investment in REE shares was valued at $0.7 million based on a closing price on that date of $0.15 per share. We estimated the fair value of the amounts outstanding on our debt using available market information and other observable data, to be as follows:
|  | September 30, 2023 |  | December 31, 2022 |  |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |  | Input
|  | (in millions) |  |
Revolving Credit Facility |  | $ | — |  |  | $ | — |  |  | $ | 25.0 |  |  | $ | 25.0 |  |  | Level 2
Term Loan A Facility |  | 500.5 |  |  | 495.5 |  |  | 520.0 |  |  | 510.3 |  |  | Level 2
Term Loan B Facility |  | 664.9 |  |  | 653.2 |  |  | 675.0 |  |  | 658.1 |  |  | Level 2
6.875% Notes due 2028 |  | 400.0 |  |  | 362.0 |  |  | 400.0 |  |  | 355.4 |  |  | Level 2
6.50% Notes due 2027 |  | 500.0 |  |  | 473.1 |  |  | 500.0 |  |  | 452.5 |  |  | Level 2
6.25% Notes due 2026 |  | 180.0 |  |  | 173.7 |  |  | 180.0 |  |  | 165.7 |  |  | Level 2
5.00% Notes due 2029 |  | 600.0 |  |  | 480.0 |  |  | 600.0 |  |  | 474.9 |  |  | Level 2

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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