XML 36 R23.htm IDEA: XBRL DOCUMENT
v3.23.3

Financial Instruments and Fair Value Measurement (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
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, 2023 |  | December 31, 2022 |  | Balance Sheet Classification
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value |
| (In millions) |  |
Assets |  |  |  |  |  |  |  |  |
Derivatives designated as hedges: |  |  |  |  |  |  |  |  |
Cross currency swaps | $ | 197.0 |  |  | $ | 47.4 |  |  | $ | 197.0 |  |  | $ | 46.6 |  |  | Other financial assets (non-current)
Interest rate swaps | 291.3 |  |  | 6.9 |  |  | 293.3 |  |  | 9.6 |  |  | Other financial assets (non-current)
Total | $ | 488.3 |  |  | $ | 54.3 |  |  | $ | 490.3 |  |  | $ | 56.2 |  |  |
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
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
| (In millions) |  |
Derivatives designated as hedges: |  |  |  |  |  |  |  |  |  |  |
Cross currency swaps | $ | 3.0 |  |  | $ | 9.2 |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  |  |  | Interest and other financial expense, net
Interest rate swaps | (1.7) |  |  | 6.2 |  |  | — |  |  | — |  |  |  |  | Interest and other financial expense, net
Total | $ | 1.3 |  |  | $ | 15.4 |  |  | $ | 0.4 |  |  | $ | 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
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
| (In millions) |  |
Derivatives designated as hedges: |  |  |  |  |  |  |  |  |  |  |
Cross currency swaps | $ | — |  |  | $ | 30.1 |  |  | $ | 1.2 |  |  | $ | 1.3 |  |  |  |  | Interest and other financial expense, net
Interest rate swaps | (2.6) |  |  | 15.9 |  |  | — |  |  | — |  |  |  |  | Interest and other financial expense, net
Total | $ | (2.6) |  |  | $ | 46.0 |  |  | $ | 1.2 |  |  | $ | 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 Condensed Consolidated Balance Sheets.
| September 30, 2023 |  | December 31, 2022
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
| (In millions)
Non-derivatives: |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Term-Loan | $ | 611.8 |  |  | $ | 605.8 |  |  | $ | 616.2 |  |  | $ | 596.8 |
China Term loan | 57.1 |  |  | 55.0 |  |  | 47.5 |  |  | 42.9 |
Total | $ | 668.9 |  |  | $ | 660.8 |  |  | $ | 663.7 |  |  | $ | 639.7 |

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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -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 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: 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 + 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration