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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of financial instruments measured at fair value on a recurring basis | The following tables set forth the Company’s financial instruments measured at fair value on a recurring basis and present them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):
March 31, 2024 |  | Total |  |  | Quoted Prices in Active Markets Available (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and money market funds |  | $ | 88.5 |  |  | $ | — |  |  | $ | 88.5 |  |  | $ | — |
Interest rate and cross-currency swap agreements |  |  | 24.4 |  |  |  | — |  |  |  | 24.4 |  |  |  | — |
Forward currency contracts |  |  | 11.4 |  |  |  | — |  |  |  | 11.4 |  |  |  | — |
Embedded derivatives in purchase and delivery contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fixed price commodity contracts |  |  | 0.4 |  |  |  | — |  |  |  | 0.4 |  |  |  | — |
Debt securities available for sale |  |  | 1.2 |  |  |  | — |  |  |  | — |  |  |  | 1.2 |
Total assets recorded at fair value |  | $ | 125.9 |  |  | $ | — |  |  | $ | 124.7 |  |  | $ | 1.2 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 25.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 25.2 |
Hybrid instruments liability |  |  | 69.3 |  |  |  | — |  |  |  | — |  |  |  | 69.3 |
Liability awards |  |  | 0.6 |  |  |  | — |  |  |  | — |  |  |  | 0.6 |
Interest rate and cross-currency swap agreements |  |  | 17.8 |  |  |  | — |  |  |  | 17.8 |  |  |  | — |
Forward currency contracts |  |  | 1.5 |  |  |  | — |  |  |  | 1.5 |  |  |  | — |
Embedded derivatives in purchase and delivery contracts |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |  |  |  | — |
Total liabilities recorded at fair value |  | $ | 114.6 |  |  | $ | — |  |  | $ | 19.5 |  |  | $ | 95.1 |
December 31, 2023 |  | Total |  |  | Quoted Prices in Active Markets Available (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and money market funds |  | $ | 226.9 |  |  | $ | — |  |  | $ | 226.9 |  |  | $ | — |
Interest rate and cross-currency swap agreements |  |  | 20.3 |  |  |  | — |  |  |  | 20.3 |  |  |  | — |
Forward currency contracts |  |  | 1.3 |  |  |  | — |  |  |  | 1.3 |  |  |  | — |
Embedded derivatives in purchase and delivery contracts |  |  | 1.2 |  |  |  | — |  |  |  | 1.2 |  |  |  | — |
Fixed price commodity contracts |  |  | 0.3 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |
Debt securities available for sale |  |  | 1.2 |  |  |  | — |  |  |  | — |  |  |  | 1.2 |
Total assets recorded at fair value |  | $ | 251.2 |  |  | $ | — |  |  | $ | 250.0 |  |  | $ | 1.2 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 12.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 12.3 |
Hybrid instruments liability |  |  | 70.5 |  |  |  | — |  |  |  | — |  |  |  | 70.5 |
Liability awards |  |  | 0.7 |  |  |  | — |  |  |  | — |  |  |  | 0.7 |
Interest rate and cross-currency swap agreements |  |  | 26.8 |  |  |  | — |  |  |  | 26.8 |  |  |  | — |
Forward currency contracts |  |  | 0.6 |  |  |  | — |  |  |  | 0.6 |  |  |  | — |
Total liabilities recorded at fair value |  | $ | 110.9 |  |  | $ | — |  |  | $ | 27.4 |  |  | $ | 83.5 |
Schedule of changes in contingent consideration liabilities | The following table sets forth the changes in contingent consideration liabilities (in millions):
Balance at December 31, 2023 |  | $ | 12.3 |
Current period additions |  |  | 13.4 |
Current period adjustments |  |  | 0.9 |
Current period settlements |  |  | (1.2 | )
Foreign currency effect |  |  | (0.2 | )
Balance at March 31, 2024 |  | $ | 25.2 |
Schedule of changes in hybrid instrument liability | The following table sets forth the changes in hybrid instruments liability (in millions):
Balance at December 31, 2023 |  | $ | 70.5 |
Acquisitions |  |  | — |
Current period adjustments |  |  | 0.5 |
Foreign currency effect |  |  | (1.7 | )
Balance at March 31, 2024 |  | $ | 69.3 |

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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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