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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. 

						Fair Value Measurements at September 30, 2023 Using
						Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(In thousands of dollars)			Total			(Level 1)			(Level 2)			(Level 3)
Assets
Derivative instruments			$	48,665		$	—		$	48,665		$	—
Total Assets			$	48,665		$	—		$	48,665		$	—
Liabilities
Derivative instruments			$	5,086		$	—		$	5,086		$	—
Contingent consideration			78,570			—			—			78,570
6% Senior notes			945,000			—			945,000			—
5.25% Senior notes			476,250			—			476,250			—
3.625% Senior notes			524,918			—			524,918			—
Term loan A-1			398,000			—			398,000			—
Term loan A-2			481,953			—			481,953			—
Term loan A-3			298,500			—			298,500			—
Term loan A-4			491,281			—			491,281			—
Term loan B			200,125			—			200,125			—
Revolver debt			395,523			—			395,523			—
Total Liabilities			$	4,295,206		$	—		$	4,216,636		$	78,570

						Fair Value Measurements at December 31, 2022 Using
						Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(In thousands of dollars)			Total			(Level 1)			(Level 2)			(Level 3)
Assets
Derivative instruments			$	20,324		$	—		$	20,324		$	—
Total Assets			$	20,324		$	—		$	20,324		$	—
Liabilities
Derivative instruments			$	5,406		$	—		$	5,406		$	—
Contingent consideration			169,903			—			—			169,903
6% Senior notes			977,200			—			977,200			—
5.25% Senior notes			485,700			—			485,700			—
3.625% Senior notes			533,155			—			533,155			—
Term loan A-1			398,000			—			398,000			—
Term loan A-2			488,813			—			488,813			—
Term loan B			199,000			—			199,000			—
Revolver debt			133,003			—			133,003			—
Total Liabilities			$	3,390,180		$	—		$	3,220,277		$	169,903

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The fair value measurement of the contingent consideration liability uses significant unobservable inputs (level 3). The changes in contingent consideration are due to the following:

(in thousands of dollars)			Contingent Consideration
Balance as of December 31, 2022			$	169,903
Out-of-period correction (1)			(85,144)
Total included in earnings during period			(11,002)
Exchange rate changes			4,813
Balance as of September 30, 2023			$	78,570

(1)    As disclosed in Note 2(g), the immaterial out-of-period correction made during the quarter ended July 1, 2023 resulted in a reduction of goodwill recorded associated with the FASA Acquisition of approximately $85.1 million.

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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No definition available.

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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

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