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Fair Value Measurements, Equity Investments and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Financial Instruments

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.

						December 31, 2023
(In millions)						Total Fair Value						Level 1						Level 2						Level 3
Cash equivalents						$	40.2					$	40.2					$	—					$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts						$	0.8					$	—					$	0.8					$	—
Cross-currency swaps						$	(19.9)					$	—					$	(19.9)					$	—

						December 31, 2022
(In millions)						Total Fair Value						Level 1						Level 2						Level 3
Cash equivalents						$	122.5					$	122.5					$	—					$	—
Derivative financial and hedging instruments net asset:
Foreign currency forward contracts						$	4.7					$	—					$	4.7					$	—

Carrying Value of Investments Without Readily Determinable Fair Value

The following carrying value of these investments were included within Other non-current assets in our Consolidated Balance Sheets.

						December 31,
(In millions)						2023						2022						2021
Carrying value at the beginning of period						$	13.3					$	45.8					$	25.4
Purchases						—						—						14.7
Impairments or downward adjustments						—						(31.6)						—
Upward adjustments						—						—						6.6
Currency translation on investments						0.5						(0.9)						(0.9)
Carrying value at the end of period						$	13.8					$	13.3					$	45.8

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:

												December 31, 2023												December 31, 2022
(In millions)						Interest rate						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Term Loan A due March 2027(1)												$	1,050.1					$	1,050.1					$	506.6					$	506.6
Senior Notes due September 2023(1)						4.500		%				—						—						426.0						427.3
Senior Notes due December 2024						5.125		%				—						—						423.5						419.7
Senior Notes due September 2025						5.500		%				399.1						400.7						398.7						398.6
Senior Secured Notes due October 2026						1.573		%				597.0						539.5						596.0						521.7
Senior Notes due December 2027						4.000		%				422.5						399.4						421.9						386.6
Senior Notes due February 2028						6.125		%				764.8						780.8						—						—
Senior Notes due April 2029						5.000		%				421.7						410.8						421.2						400.2
Senior Notes due February 2031						7.250		%				420.9						450.3						—						—
Senior Notes due July 2033						6.875		%				446.7						477.0						446.4						448.8
Other foreign borrowings(1)												94.1						94.1						6.6						6.6
Other domestic borrowings												65.9						65.0						7.9						7.9
Total debt(2)												$	4,682.8					$	4,667.7					$	3,654.8					$	3,524.0

       

(1)Includes borrowings denominated in currencies other than U.S. dollars.

(2)The carrying amount and estimated fair value of debt exclude lease liabilities.

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