Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Summarized below are the liability (related to the parent company guarantees and bank and surety bonds) and asset (related to the cash collateral and guarantee provided by the parent company of the buyer) recorded at the time of sale, along with the change in the liability and the asset during 2020, 2019, and 2018.


	Year ended
	December 31, 2020				December 31, 2019				December 31, 2018
	Guarantees and Bonds Liability (1)		Indemnification Assets (1)		Guarantees and Bonds Liability (1)		Indemnification Assets (1)		Guarantees and Bonds Liability (1)		Indemnification Assets (1)
Balance at beginning of year	$	2.0	$	0.3	$	4.4	$	1.2	$	8.7	$	2.8
Reduction/Amortization for the period (2)	(0.4)		(0.3)		(2.3)		(0.9)		(4.1)		(1.5)
Impact of changes in foreign currency rates	0.2		—		(0.1)		—		(0.2)		(0.1)
Balance at end of period (3)	$	1.8	$	—	$	2.0	$	0.3	$	4.4	$	1.2

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(1)In connection with the sale, we estimated the fair value of the existing parent company guarantees and bank and surety bonds considering the probability of default by Balcke Dürr and an estimate of the amount we would be obligated to pay in the event of a default. Additionally, we estimated the fair value of the cash collateral provided by Balcke Dürr and the guarantee provided by the parent company of the buyer based on the terms and conditions and relative risk associated with each of these securities (unobservable inputs - Level 3).

(2)We reduce the liability generally at the earlier of the completion of the related underlying project milestones or the expiration of the guarantees or bonds. We amortize the asset based on the expiration terms of each of the securities. We record the reduction of the liability and the amortization of the asset to “Other income (expense), net.”

(3)Balance associated with the guarantees and bonds is reflected within “Other long-term liabilities,” while the balance associated with the indemnification assets is reflected within “Other assets.”