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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of financial instruments recorded at fair value on a recurring basis The following tables set forth the Company’s financial instruments and presents them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):

December 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

 

$

17.2

 

 

$

—

 

 

$

17.2

 

 

$

—

 

Interest rate and cross-currency swap agreements (note 23)

 

 

21.8

 

 

 

—

 

 

 

21.8

 

 

 

—

 

Forward currency contracts

 

 

6.0

 

 

 

—

 

 

 

6.0

 

 

 

—

 

Total assets recorded at fair value

 

$

45.0

 

 

$

—

 

 

$

45.0

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 24)

 

$

17.3

 

 

$

—

 

 

$

—

 

 

$

17.3

 

Hybrid instruments liabilities (note 25)

 

 

78.1

 

 

 

—

 

 

 

—

 

 

 

78.1

 

Interest rate and cross-currency swap agreements (note 23)

 

 

17.2

 

 

 

—

 

 

 

17.2

 

 

 

—

 

Forward currency contracts

 

 

0.5

 

 

 

—

 

 

 

0.5

 

 

 

—

 

Equity interest purchase option liability (a)

 

 

14.9

 

 

 

—

 

 

 

—

 

 

 

14.9

 

Total liabilities recorded at fair value

 

$

128.0

 

 

$

—

 

 

$

17.7

 

 

$

110.3

 
a)
Equity interest purchase option liability is related to NovAliX, refer to Note 5, Minority and equity-method investments for more information

 

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 (note 23)

 

 

20.3

 

 

 

—

 

 

 

20.3

 

 

 

—

 

Forward currency contracts

 

 

1.3

 

 

 

—

 

 

 

1.3

 

 

 

—

 

Total assets recorded at fair value

 

$

248.5

 

 

$

—

 

 

$

248.5

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 24)

 

$

12.3

 

 

$

—

 

 

$

—

 

 

$

12.3

 

Hybrid instruments liabilities (note 25)

 

 

70.5

 

 

 

—

 

 

 

—

 

 

 

70.5

 

Interest rate and cross-currency swap agreements (note 23)

 

 

26.8

 

 

 

—

 

 

 

26.8

 

 

 

—

 

Forward currency contracts

 

 

0.6

 

 

 

—

 

 

 

0.6

 

 

 

—

 

Total liabilities recorded at fair value

 

$

110.2

 

 

$

—

 

 

$

27.4

 

 

$

82.8