XML 35 R24.htm IDEA: XBRL DOCUMENT v3.22.2.2

Financial Instruments and Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Derivatives Instruments

The following table summarizes outstanding financial instruments that are measured at fair value on a recurring basis:

			September 30, 2022												December 31, 2021												Balance Sheet Classification
			Notional Amount						Fair Value						Notional Amount						Fair Value
			(In millions)
Assets
Derivatives designated as hedges:
Cross currency swaps			$	197.0					$	59.8					$	197.0					$	4.3					Other financial assets (non-current)
Interest rate swaps			268.1						7.5						—						—						Other financial assets (non-current)
Total			$	465.1					$	67.3					$	197.0					$	4.3
Liabilities
Derivatives designated as hedges:
Interest rate swaps			—						—						311.5						8.6						Other liabilities (non-current)
Total			$	—					$	—					$	311.5					$	8.6

The following tables summarize the pre-tax effect of derivative and non-derivative instruments recorded in Accumulated other comprehensive income (loss) (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:

			Effect of Financial Instruments
			Three Months Ended Sep 30,
			Gain (Loss) Recognized in AOCI												Gain (Loss) Reclassified from AOCI to Income																		Income Statement Classification
			2022						2021						2022						2021
			(In millions)
Derivatives designated as hedges:
Cross currency swaps			$	9.2					$	(3.2)					$	0.4					$	—											Interest and other financial expense, net
Interest rate swaps			6.2						0.3						—						—												Interest and other financial expense, net
Total			$	15.4					$	(2.9)					$	0.4					$	—

			Effect of Financial Instruments
			Nine Months Ended September 30,
			Gain (Loss) Recognized in AOCI												Gain (Loss) Reclassified from AOCI to Income																		Income Statement Classification
			2022						2021						2022						2021
			(In millions)
Derivatives designated as hedges:
Cross currency swaps			$	30.1					$	(1.3)					$	1.3					$	—											Interest and other financial expense, net
Interest rate swaps			15.9						0.8						—						—												Interest and other financial expense, net
Total			$	46.0					$	(0.5)					$	1.3					$	—

Schedule of Fair Value Measurements Not Recurring

The following table presents the carrying value and estimated fair value of our financial instruments that are not measured at fair value on a recurring basis for the periods presented. Short-term and long-term debt are recorded at amortized cost in the Consolidated Balance Sheets.

			September 30, 2022												December 31, 2021
			Notional Amount						Fair Value						Notional Amount						Fair Value
			(In millions)
Non-derivatives:
Liabilities:
Term loan			$	589.5					$	560.8					$	639.0					$	637.2

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ 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 https://asc.fasb.org/extlink&oid=126976982&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 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 3: 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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration