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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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

The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at June 30, 2021 and December 31, 2020.

						June 30, 2021																								December 31, 2020
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Prepaid expenses and other current assets:
Cross-currency swaps (2)						$	—					$	17.1					$	—					$	17.1					$	—					$	16.7					$	—					$	16.7
Other assets:
Investments in equity securities						0.7						—						—						0.7						0.8						—						—						0.8
Liabilities:
Other accrued liabilities:
Interest rate caps (1)						—						1.0						—						1.0						—						2.0						—						2.0
Interest rate swaps (1)						—						29.2						—						29.2						—						28.9						—						28.9
Contingent consideration						—						—						4.4						4.4						—						—						—						—
Other liabilities:
Interest rate swaps (1)						—						16.0						—						16.0						—						31.1						—						31.1
Cross-currency swaps (2)						—						31.9						—						31.9						—						52.0						—						52.0
Contingent consideration						—						—						2.9						2.9						—						—						—						—
Long-term borrowings:
2024 Dollar Term Loans						—						2,045.0						—						2,045.0						—						2,043.0						—						2,043.0
2025 Euro Senior Notes						—						546.2						—						546.2						—						564.3						—						564.3
2027 Dollar Senior Notes						—						524.6						—						524.6						—						533.1						—						533.1
2029 Dollar Senior Notes						—						685.0						—						685.0						—						704.6						—						704.6

(1)    Cash flow hedge

(2)    Net investment hedge

Schedule of Fair Value, Liability Activity

The table below presents a roll forward of activity for the Level 3 liabilities for the three and six months ended June 30, 2021.

						Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance January 1, 2021						$	—
Activity						—
Ending balance at March 31, 2021						—
Business acquisition						7.3
Ending balance at June 30, 2021						$	7.3

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair values of derivative instruments that qualify and have been designated as cash flow and net investment hedges included in accumulated other comprehensive loss ("AOCI"):

						June 30, 2021						December 31, 2020
AOCI:
Interest rate caps (cash flow hedges)						$	1.4					$	2.6
Interest rate swaps (cash flow hedges)						45.2						60.0
Foreign currency forward contracts (cash flow hedges)						0.2						0.3
Cross-currency swaps (net investment hedges)						14.8						35.2
Total AOCI						$	61.6					$	98.1

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables set forth the locations and amounts recognized during the three and six months ended June 30, 2021 and 2020 for these cash flow and net investment hedges.

												For the Three Months Ended June 30,
												2021												2020
Derivatives in Cash Flow and Net Investment Hedges						Location of Loss (Gain) Recognized in Income on Derivatives						Net Amount of Loss (Gain) Recognized in OCI on Derivatives						Amount of Loss (Gain) Recognized in Income						Net Amount of Loss (Gain) Recognized in OCI on Derivatives						Amount of Loss (Gain) Recognized in Income
Interest rate caps						Interest expense, net						$	—					$	0.6					$	—					$	0.6
Interest rate swaps						Interest expense, net						0.9						7.2						6.1						2.9
Foreign currency forward contracts (1)						Cost of goods sold						0.1						0.1						—						—
Cross-currency swaps						Interest expense, net						(0.3)						(4.7)						3.1						(3.7)

(1)    Activity during the three months ended June 30, 2020 rounds to zero

												For the Six Months Ended June 30,
												2021												2020
Derivatives in Cash Flow and Net Investment Hedges						Location of Loss (Gain) Recognized in Income on Derivatives						Net Amount of (Gain) Recognized in OCI on Derivatives						Amount of Loss (Gain) Recognized in Income						Net Amount of Loss (Gain) Recognized in OCI on Derivatives						Amount of Loss (Gain) Recognized in Income
Interest rate caps						Interest expense, net						$	—					$	1.2					$	1.1					$	0.9
Interest rate swaps						Interest expense, net						(0.6)						14.2						47.6						4.5
Foreign currency forward contracts (1)						Cost of goods sold						—						0.1						—						—
Cross-currency swaps						Interest expense, net						(29.9)						(9.5)						(19.4)						(7.4)

(1)    Activity during the six months ended June 30, 2020 rounds to zero

Derivatives Not Designated as Hedging Instruments

Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment are recorded in earnings as follows:

Derivatives Not Designated as Hedging Instruments under ASC 815						Location of Gain (Loss) Recognized in Income (Loss) on Derivatives						Three Months Ended June 30,												Six Months Ended June 30,
												2021						2020						2021						2020
Foreign currency forward contracts						Other income, net						$	0.9					$	0.8					$	(5.9)					$	(0.9)

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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