XML 32 R17.htm IDEA: XBRL DOCUMENT
v3.22.4

FAIR VALUE MEASUREMENTS | 12 Months Ended
--- | ---
Dec. 31, 2022
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS | 8. FAIR VALUE MEASUREMENTS ​ The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, contingent consideration obligations, commercial paper, notes payable, foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and long-term debt. ​ Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The hierarchy is broken down into three levels: ​ Level 1 - Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 - Inputs include observable inputs other than quoted prices in active markets. Level 3 - Inputs are unobservable inputs for which there is little or no market data available. ​ The carrying amount and the estimated fair value for assets and liabilities measured on a recurring basis were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
(millions) | ​ | Carrying | ​ | Fair Value Measurements
​ |  | Amount |  | Level 1 | ​ | Level 2 |  | Level 3
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts |  |  | $118.9 | ​ | ​ | ​ | $- | ​ | ​ |  | $118.9 | ​ | ​ |  | $- | ​
Cross-currency swap derivative contracts | ​ | ​ | 58.7 | ​ | ​ | ​ | - | ​ | ​ | ​ | 58.7 | ​ | ​ | ​ | - | ​
​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | ​ | 83.3 | ​ | ​ | ​ | - | ​ | ​ | ​ | 83.3 | ​ | ​ | ​ | - | ​
Interest rate swap agreements | ​ | ​ | 181.4 | ​ | ​ | ​ | - | ​ | ​ | ​ | 181.4 | ​ | ​ | ​ | - | ​
Cross-currency swap derivative contracts | ​ | ​ | 14.5 | ​ | ​ | ​ | - | ​ | ​ | ​ | 14.5 | ​ | ​ | ​ | - | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
(millions) | ​ | Carrying | ​ | Fair Value Measurements
​ |  | Amount |  | Level 1 | ​ | Level 2 |  | Level 3
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ |  | $94.5 | ​ | ​ | ​ | $- | ​ | ​ |  | $94.5 | ​ | ​ |  | $- | ​
Interest rate swap agreements | ​ | ​ | 1.8 | ​ | ​ | ​ | - | ​ | ​ | ​ | 1.8 | ​ | ​ | ​ | - | ​
Cross-currency swap derivative contracts | ​ | ​ | 9.4 | ​ | ​ | ​ | - | ​ | ​ | ​ | 9.4 | ​ | ​ | ​ | - | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ |  | 12.6 | ​ | ​ | ​ | - | ​ | ​ | ​ | 12.6 | ​ | ​ | ​ | - | ​
Interest rate swap agreements | ​ | ​ | 10.1 | ​ | ​ | ​ | - | ​ | ​ | ​ | 10.1 | ​ | ​ | ​ | - | ​
Cross-currency swap derivative contracts | ​ | ​ | 1.6 | ​ | ​ | ​ | - | ​ | ​ | ​ | 1.6 | ​ | ​ | ​ | - | ​
​ The carrying value of foreign currency forward contracts are at fair value, which are determined based on foreign currency exchange rates as of the balance sheet date and classified within Level 2. The carrying value of interest rate swap agreements are at fair value, which are determined based on current forward interest rates as of the balance sheet date and are classified within Level 2. The cross-currency swap derivative contracts are used to partially hedge the Company’s net investments in foreign operations against adverse movements in exchange rates between the U.S. dollar and the Euro. The carrying value of the cross-currency swap derivative contracts are at fair value, which are determined based on the income approach with the relevant interest rates and foreign currency current exchange rates and forward curves as inputs as of the balance sheet date and are classified within Level 2. For purposes of fair value disclosure above, derivative values are presented gross. Further discussion of gross versus net presentation of the Company's derivatives within Note 9. ​ Contingent consideration obligations are recognized and measured at fair value at the acquisition date and thereafter until settlement or expiration. Contingent consideration is classified within Level 3 as the underlying fair value is determined using income-based valuation approaches appropriate for the terms and conditions of each respective contingent consideration. The consideration expected to be transferred is based on the Company’s expectations of various financial measures. The ultimate payment of contingent consideration could deviate from current estimates based on the actual results of these financial measures. Contingent consideration during 2022, 2021 and 2020 were not significant to the Company’s consolidated financial statements. ​ The carrying values of accounts receivable, accounts payable, cash and cash equivalents, commercial paper and notes payable approximate fair value because of their short maturities, and as such are classified within Level 1. ​ The fair value of long-term debt is based on quoted market prices for the same or similar debt instruments (classified as Level 2). The carrying amount, which includes adjustments related to the impact of interest rate swap agreements, premiums and discounts, and deferred debt issuance costs, and the estimated fair value of long-term debt, including current maturities, held by the Company were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
​ |  | Amount |  | Value |  | Amount |  | Value
Long-term debt, including current maturities | ​ | ​ | $8,576.6 | ​ | ​ | ​ | $7,643.6 | ​ | ​ | ​ | $8,349.7 | ​ | ​ | $9,085.3
​

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration