XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: •Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. The following tables present the assets and liabilities recorded at fair value on a recurring basis:
| Balance at |  | Basis of Fair Value Measurements
($ in millions) | September 30, 2022 |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Deferred compensation assets | $ | 12.3 |  |  | $ | 12.3 |  |  | $ | — |  |  | $ | — |
Foreign currency contracts | 22.6 |  |  | — |  |  | 22.6 |  |  | — |
Cross-currency swap | 20.5 |  |  | — |  |  | 20.5 |  |  | — |
Commodity call options | 1.3 |  |  | — |  |  | 1.3 |  |  | — |
| $ | 56.7 |  |  | $ | 12.3 |  |  | $ | 44.4 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 4.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.9 |
Deferred compensation liabilities | 12.6 |  |  | 12.6 |  |  | — |  |  | — |
Foreign currency contracts | 8.8 |  |  | — |  |  | 8.8 |  |  | — |
| $ | 26.3 |  |  | $ | 12.6 |  |  | $ | 8.8 |  |  | $ | 4.9 |
| Balance at |  | Basis of Fair Value Measurements
($ in millions) | December 31, 2021 |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Deferred compensation assets | $ | 15.5 |  |  | $ | 15.5 |  |  | $ | — |  |  | $ | — |
Foreign currency contracts | 14.8 |  |  | — |  |  | 14.8 |  |  | — |
Cross-currency swap | 4.4 |  |  | — |  |  | 4.4 |  |  | — |
Commodity call options | 1.7 |  |  |  |  | 1.7 |  |  |
| $ | 36.4 |  |  | $ | 15.5 |  |  | $ | 20.9 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 3.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.7 |
Deferred compensation liabilities | 16.1 |  |  | 16.1 |  |  | — |  |  | — |
Foreign currency contracts | 3.4 |  |  | — |  |  | 3.4 |  |  | — |
| $ | 23.2 |  |  | $ | 16.1 |  |  | $ | 3.4 |  |  | $ | 3.7 |
Deferred compensation assets are included within other noncurrent assets and are valued using a market approach based on quoted market prices in an active market. The fair value of our foreign currency contracts, included within other current and other noncurrent assets, as well as other current and other long-term liabilities, is valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting date. The fair value of the cross-currency swap, included within other noncurrent assets, is valued using a market approach. Please refer to Note 9, Derivative Financial Instruments, for further discussion of our derivatives. The fair value of our commodity call options, included within other current and other noncurrent assets, is valued using a market approach. The fair value of the contingent consideration liability, within current and long-term liabilities, related to the SmartDose® technology platform (the “SmartDose® contingent consideration”) was initially determined using a probability-weighted income approach, and is revalued at each reporting date or more frequently if circumstances dictate. Changes in the fair value of this obligation are recorded as income or expense within other (income) expense in our condensed consolidated statements of income. The fair value of deferred compensation liabilities is based on quoted prices of the underlying employees’ investment selections and is included within other long-term liabilities. Other Financial Instruments We believe that the carrying amounts of our cash and cash equivalents and accounts receivable approximate their fair values due to their near-term maturities. The estimated fair value of long-term debt is based on quoted market prices for debt issuances with similar terms and maturities and is classified as Level 2 within the fair value hierarchy. At September 30, 2022, the estimated fair value of long-term debt was $202.2 million compared to a carrying amount of $207.2 million. At December 31, 2021, the estimated fair value of long-term debt was $217.9 million and the carrying amount was $208.8 million.

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