XML 52 R41.htm IDEA: XBRL DOCUMENT v3.23.2

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

6 Months Ended

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

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

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

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC

+ Details

Name:	us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration