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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
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, 2023 and December 31, 2022.
|  | June 30, 2023 |  | December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (1) |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 2.3 |  |  | $ | — |  |  | $ | 2.3 |
Cross-currency swaps (2) |  | — |  |  | 2.9 |  |  | — |  |  | 2.9 |  |  | — |  |  | 35.0 |  |  | — |  |  | 35.0 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps (2) |  | — |  |  | 2.2 |  |  | — |  |  | 2.2 |  |  | — |  |  | 14.0 |  |  | — |  |  | 14.0 |
Investments in equity securities |  | 0.5 |  |  | — |  |  | — |  |  | 0.5 |  |  | 1.0 |  |  | — |  |  | — |  |  | 1.0 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other accrued liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps (2) |  | — |  |  | 5.6 |  |  | — |  |  | 5.6 |  |  | — |  |  | — |  |  | — |  |  | — |
Contingent consideration |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.2 |  |  | 7.2 |
Long-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2029 Dollar Term Loans |  | — |  |  | 1,851.9 |  |  | — |  |  | 1,851.9 |  |  | — |  |  | 1,976.3 |  |  | — |  |  | 1,976.3 |
2025 Euro Senior Notes |  | — |  |  | 483.6 |  |  | — |  |  | 483.6 |  |  | — |  |  | 460.8 |  |  | — |  |  | 460.8 |
2027 Dollar Senior Notes |  | — |  |  | 473.8 |  |  | — |  |  | 473.8 |  |  | — |  |  | 462.8 |  |  | — |  |  | 462.8 |
2029 Dollar Senior Notes |  | — |  |  | 595.8 |  |  | — |  |  | 595.8 |  |  | — |  |  | 581.1 |  |  | — |  |  | 581.1 |
(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 during the six months ended June 30, 2023.
|  | Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance December 31, 2022 |  | $ | 7.2 |
Payments |  | (6.9) |
Change in fair value |  | (0.3) |
Ending balance at June 30, 2023 |  | $ | — |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table sets forth the locations and amounts recognized during the three and six months ended June 30, 2023 and 2022 for the Company's cash flow and net investment hedges.
|  |  |  | Three Months Ended June 30,
|  |  |  | 2023 |  | 2022
Derivatives in Cash Flow and Net Investment Hedges |  | Location of (Gain) Loss Recognized in Income on Derivatives |  | Net Amount of (Gain) Loss Recognized in OCI on Derivatives |  | Amount of Gain Recognized in Income |  | Net Amount of Gain Recognized in OCI on Derivatives |  | Amount of Loss (Gain) Recognized in Income
Interest rate swaps |  | Interest expense, net |  | $ | (0.9) |  |  | $ | (0.2) |  |  | $ | (6.9) |  |  | $ | 4.4 |
Foreign currency forward contracts |  | Cost of goods sold |  | — |  |  | (0.1) |  |  | (0.1) |  |  | — |
Cross-currency swaps |  | Interest expense, net |  | 7.5 |  |  | (1.7) |  |  | (53.8) |  |  | (5.1) |
|  |  |  | Six Months Ended June 30,
|  |  |  | 2023 |  | 2022
Derivatives in Cash Flow and Net Investment Hedges |  | Location of (Gain) Loss Recognized in Income on Derivatives |  | Net Amount of (Gain) Loss Recognized in OCI on Derivatives |  | Amount of Gain Recognized in Income |  | Net Amount of Gain Recognized in OCI on Derivatives |  | Amount of Loss (Gain) Recognized in Income
Interest rate swaps |  | Interest expense, net |  | $ | (1.5) |  |  | $ | (2.6) |  |  | $ | (19.3) |  |  | $ | 11.5 |
Foreign currency forward contracts |  | Cost of goods sold |  | — |  |  | (0.2) |  |  | (0.1) |  |  | — |
Cross-currency swaps |  | Interest expense, net |  | 14.2 |  |  | (5.9) |  |  | (59.4) |  |  | (9.9) |
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 under ASC 815, Derivatives and hedging, are recorded in earnings as follows:
Derivatives Not Designated as Hedging Instruments under ASC 815 |  | Location of (Gain) Loss Recognized in Income on Derivatives |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Foreign currency forward contracts |  | Other expense, net |  | $ | (4.0) |  |  | $ | 2.3 |  |  | $ | (6.9) |  |  | $ | 2.6 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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