XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.23.3

FAIR VALUE | 9 Months Ended
--- | ---
Sep. 30, 2023
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE We utilize fair value measures for both financial and non-financial assets and liabilities. Items measured at fair value on a recurring basis Fair value measurements are established using a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following categories: •Level 1: Quoted prices 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. Short-term investments in this category are valued using discounted cash flow techniques with all significant inputs derived from or supported by observable market data. Derivative assets and liabilities in this category are valued using models that consider various assumptions and information from market-corroborated sources. The models used are primarily industry-standard models that consider items such as quoted prices, market interest rate curves applicable to the instruments being valued as of the end of each period, discounted cash flows, volatility factors, current market, and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. •Level 3: Unobservable inputs that are not corroborated by market data. The areas in which we utilize fair value measures of financial assets and liabilities are presented in the table below.
| As of September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Bank time deposits with original maturities of three months or less | $ | — |  |  | $ | 115.0 |  |  | $ | — |  |  | $ | 115.0 |
Derivative assets (Note 14) | — |  |  | 2.8 |  |  | — |  |  | 2.8 |
Diversified investments associated with the ESU program | 46.5 |  |  | — |  |  | — |  |  | 46.5 |
Total assets | $ | 46.5 |  |  | $ | 117.8 |  |  | $ | — |  |  | $ | 164.3 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities (Note 14) | $ | — |  |  | $ | 6.9 |  |  | $ | — |  |  | $ | 6.9 |
Liabilities associated with the ESU program | 47.9 |  |  | — |  |  | — |  |  | 47.9 |
Total liabilities | $ | 47.9 |  |  | $ | 6.9 |  |  | $ | — |  |  | $ | 54.8 |
| As of December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Bank time deposits with original maturities of three months or less | $ | — |  |  | $ | 129.0 |  |  | $ | — |  |  | $ | 129.0 |
Derivative assets (Note 14) | — |  |  | 2.9 |  |  | — |  |  | 2.9 |
Diversified investments associated with the ESU program | 42.8 |  |  | — |  |  | — |  |  | 42.8 |
Total assets | $ | 42.8 |  |  | $ | 131.9 |  |  | $ | — |  |  | $ | 174.7 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities (Note 14) | $ | — |  |  | $ | 5.9 |  |  | $ | — |  |  | $ | 5.9 |
Liabilities associated with the ESU program | 44.0 |  |  | — |  |  | — |  |  | 44.0 |
Total liabilities | $ | 44.0 |  |  | $ | 5.9 |  |  | $ | — |  |  | $ | 49.9 |
There were no transfers between Level 1 and Level 2 for any of the periods presented. The fair value for fixed rate debt (Level 1) was approximately $260.0 less than carrying value of $1,785.9 at September 30, 2023 and was approximately $210.0 less than carrying value of $1,784.4 at December 31, 2022. Items measured at fair value on a non-recurring basis The primary areas in which we utilize fair value measurements of non-financial assets and liabilities are allocating purchase price to the assets and liabilities of acquired companies and evaluating long-term assets (including goodwill) for potential impairment. Determining fair values for these items requires significant judgment and includes a variety of methods and models that utilize significant Level 3 inputs.

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 The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration