Fair Value Measurements of Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities

9. Fair Value Measurements of Assets and Liabilities

The following financial assets and liabilities are recorded at fair value on a recurring basis (in millions):

	As of December 31, 2019
			Fair Value Measurements at Reporting Date Using:
Description	Recorded Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives, current and long-term
Foreign currency forward contracts	$	39.1	$	-	$	39.1	$	-
Interest rate swaps		60.5		-		60.5		-
Total Assets	$	99.6	$	-	$	99.6	$	-
Liabilities
Derivatives, current and long-term
Foreign currency forward contracts	$	0.6	$	-	$	0.6	$	-
Total Liabilities	$	0.6	$	-	$	0.6	$	-

	As of December 31, 2018
			Fair Value Measurements at Reporting Date Using:
Description	Recorded Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives, current and long-term
Foreign currency forward contracts	$	45.7	$	-	$	45.7	$	-
Interest rate swaps		17.9		-		17.9		-
Total Assets	$	63.6	$	-	$	63.6	$	-
Liabilities
Derivatives, current and long-term
Foreign currency forward contracts	$	0.5	$	-	$	0.5	$	-
Interest rate swaps		2.5		-		2.5		-
Total Liabilities	$	3.0	$	-	$	3.0	$	-

We value our foreign currency forward contracts using a market approach based on foreign currency exchange rates obtained from active markets, and we perform ongoing assessments of counterparty credit risk.  

We value our interest rate swaps using a market approach based on publicly available market yield curves, foreign currency exchange rates and the terms of our swaps, and we perform ongoing assessments of counterparty credit risk.