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Fair Value (Notes)
 6 Months Ended
Jun. 30, 2024
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 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 
June 30, 2024December 31, 2023Input
 (in millions) 
Balance Sheet Classification   
Cash equivalents$154.0 $328.3 Level 1
Prepaid expenses and other   
Cash flow hedges - currency forward contracts6.9 15.9 Level 2
Nondesignated - currency forward contracts— 0.8 Level 2
Other assets and deferred charges
     Cash flow hedges - currency forward contracts1.2 5.4 Level 2
     Investment in equity securities— 0.8 Level 1
Accrued expenses and other
     Cash flow hedges - currency forward contracts3.3 — Level 2
Cash flow hedges - fixed-to-fixed cross-currency swap— 9.4 Level 2
     Cash flow hedges - variable-to-fixed interest rate swap1.3 5.0 Level 2
     Nondesignated - currency forward contracts1.8 — Level 2
Postretirement benefits and other long-term liabilities
     Cash flow hedges - currency forward contracts3.8 — Level 2
Fair value hedges - fixed-to-fixed cross-currency swap3.4 — Level 2
     Cash flow hedges - variable-to-fixed interest rate swap3.7 16.5 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 had previously invested in the equity securities of REE Automotive, which were measured at fair value each reporting period, with changes in fair value reported as a gain or loss within Other income (expense), net in our Condensed Consolidated Statement of Income. During the three months ended June 30, 2024, we sold all of our remaining equity securities of REE Automotive.
We estimated the fair value of the amounts outstanding on our debt using available market information and other observable data, to be as follows:
 
 June 30, 2024December 31, 2023 
 Carrying  AmountFair ValueCarrying  AmountFair Value
 
Input
 (in millions) 
     
Revolving Credit Facility$— $— $— $— Level 2
Term Loan A Facility484.3 483.0 484.3 483.6 Level 2
Term Loan B Facility648.0 648.8 648.0 649.6 Level 2
6.875% Notes due 2028
400.0 397.8 400.0 387.0 Level 2
6.50% Notes due 2027
500.0 498.1 500.0 501.9 Level 2
6.25% Notes due 2026
95.9 95.6 127.6 126.3 Level 2
5.00% Notes due 2029
600.0 547.5 600.0 529.5 Level 2