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Fair Value Measurements and Other Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy of Financial Instruments | Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels to the fair value hierarchy as follows: Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly Level 3 - unobservable inputs for which there is little or no market data, which may require the reporting entity to develop its own assumptions. The fair value, measured on a recurring basis, of our financial instruments, using the fair value hierarchy under U.S. GAAP are included in the table below.
|  | March 31, 2020 |  |  |  |  |  |
(In millions) |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents |  | $ | 42.6 |  |  | $ | 42.6 |  |  | $ | — |  |  | $ | — |
Other current assets |  | $ | 1.4 |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | — |
Derivative financial and hedging instruments net asset (liability): |  |  |  |  |  |  |  |
Foreign currency forward and option contracts |  | $ | 2.0 |  |  | $ | — |  |  | $ | 2.0 |  |  | $ | — |
|  | December 31, 2019 |  |  |  |  |  |
(In millions) |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents |  | $ | 41.4 |  |  | $ | 41.4 |  |  | $ | — |  |  | $ | — |
Other current assets |  | $ | 14.4 |  |  | $ | 14.4 |  |  | $ | — |  |  | $ | — |
Derivative financial and hedging instruments net asset (liability): |  |  |  |  |  |  |  |
Foreign currency forward and option contracts |  | $ | (1.2) |  |  | $ | — |  |  | $ | (1.2) |  |  | $ | — |
Carrying Amounts and Estimated Fair Values of Debt | The table below shows the carrying amounts and estimated fair values of our debt, excluding our lease liabilities.
|  |  |  | March 31, 2020 |  |  |  | December 31, 2019 |  |
(In millions) |  | Interest rate |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Term Loan A Facility due August 2022 |  |  |  | $ | 474.5 |  |  | $ | 474.5 |  |  | $ | 474.6 |  |  | $ | 474.6 |
Term Loan A Facility due July 2023(1) |  |  |  | 221.8 |  |  | 221.8 |  |  | 223.8 |  |  | 223.8 |
Senior Notes due December 2022 |  | 4.875 | % |  | 422.2 |  |  | 429.0 |  |  | 421.9 |  |  | 450.1 |
Senior Notes due April 2023 |  | 5.250 | % |  | 422.2 |  |  | 435.0 |  |  | 422.0 |  |  | 454.1 |
Senior Notes due September 2023 |  | 4.500 | % |  | 439.7 |  |  | 463.4 |  |  | 445.6 |  |  | 509.5 |
Senior Notes due December 2024 |  | 5.125 | % |  | 422.1 |  |  | 423.8 |  |  | 421.9 |  |  | 458.9 |
Senior Notes due September 2025 |  | 5.500 | % |  | 397.5 |  |  | 403.8 |  |  | 397.4 |  |  | 441.2 |
Senior Notes due December 2027 |  | 4.000 | % |  | 420.5 |  |  | 389.7 |  |  | 420.4 |  |  | 431.5 |
Senior Notes due July 2033 |  | 6.875 | % |  | 445.7 |  |  | 450.1 |  |  | 445.7 |  |  | 528.8 |
Other foreign borrowings(1) |  |  |  | 163.4 |  |  | 163.5 |  |  | 12.1 |  |  | 12.4 |
Other domestic borrowings |  |  |  | 5.0 |  |  | 5.0 |  |  | 89.0 |  |  | 89.0 |
Total debt(2) |  |  |  | $ | 3,834.6 |  |  | $ | 3,859.6 |  |  | $ | 3,774.4 |  |  | $ | 4,073.9 |
(1)Includes borrowings denominated in currencies other than US dollars. (2)The carrying amount and estimated fair value of debt exclude lease liabilities.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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