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Fair Value
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
6. 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 fair values 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
December 31, 2023December 31, 2022Input
(in millions)
Balance Sheet Classification
Cash equivalents$328.3 $363.6 Level 1
Prepaid expenses and other
    Cash flow hedges - currency forward contracts 15.9 8.2 Level 2
Cash flow hedges - variable-to-fixed interest rate swap— 2.4 Level 2
    Nondesignated - currency forward contracts0.8 0.5 Level 2
Other assets and deferred charges
    Cash flow hedges - currency forward contracts 5.4 3.0 Level 2
Cash flow hedges - variable-to-fixed interest rate swap — 8.5 Level 2
Investment in equity securities0.8 1.9 Level 1
Accrued expenses and other
Cash flow hedges - fixed-to-fixed cross-currency swap9.4 — Level 2
Cash flow hedges - variable-to-fixed interest rate swap5.0 — Level 2
Postretirement benefits and other long-term liabilities
    Cash flow hedges - fixed-to-fixed cross-currency swap— 1.5 Level 2
Cash flow hedges - variable-to-fixed interest rate swap16.5 — 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 values 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 Consolidated Statements of Operations. In the fourth quarter of 2023, REE Automotive executed a one-for-thirty reverse stock split of its common shares, resulting in a proportional increase to its share price. As of December 31, 2023, our investment in REE shares was valued at $0.8 million based on a closing price on that date of $5.14 per share.
 We estimated the fair value of our outstanding debt using available market information and other observable data to be as follows:
 December 31, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair ValueInput
(in millions)
Revolving Credit Facility$— $— $25.0 $25.0 Level 2
Term Loan A Facility484.3 483.6 520.0 510.3 Level 2
Term Loan B Facility648.0 649.6 675.0 658.1 Level 2
6.875% Notes due 2028400.0 387.0 400.0 355.4 Level 2
6.50% Notes due 2027500.0 501.9 500.0 452.5 Level 2
6.25% Notes due 2026127.6 126.3 180.0 165.7 Level 2
5.00% Notes due 2029600.0 529.5 600.0 474.9 Level 2
Investments in our defined benefit pension plans are stated at fair value. See Note 7 - Employee Benefit Plans for additional fair value disclosures of our pension plan assets.