FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2019

Recurring Fair Value Measurements

The following table presents the Company's financial assets and liabilities that are required to be measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of December 31, 2019 and 2018. There were no transfers between Level 1 and Level 2 during the years ended December 31, 2019 and 2018.



	December 31, 2019
				Quoted Prices in Active Markets		Significant Other Observable Inputs			Significant Unobservable Inputs
	Total			Level 1		Level 2			Level 3
Assets:
Interest rate swap agreements	$	—		$	—	$	—		$	—

Liabilities:
Interest rate swap agreements	$	(53.5	)	$	—	$	(53.5	)	$	—



	December 31, 2018
				Quoted Prices in Active Markets		Significant Other Observable Inputs			Significant Unobservable Inputs
	Total			Level 1		Level 2			Level 3
Assets:
Interest rate swap agreements	$	—		$	—	$	—		$	—

Liabilities:
Interest rate swap agreements	$	(22.4	)	$	—	$	(22.4	)	$	—

Non-recurring Fair Value Measurements

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a non-recurring basis as required by GAAP.

Assets measured at fair value on a non-recurring basis include goodwill, tangible assets, and intangible assets. Such assets are reviewed quarterly for impairment indicators. If a triggering event has occurred, the assets are re-measured when the estimated fair value of the corresponding asset group is less than the carrying value. The fair value measurements, in such instances, are based on significant unobservable inputs (Level 3).

Other Fair Value Measurements

As of December 31, 2019 and 2018, the carrying amounts reflected in the accompanying consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities approximated fair value due to the short-term nature of these instruments.

The table below presents the fair values for the Company's long-term debt as well as the input level used to determine these fair values as of December 31, 2019 and 2018. The carrying amounts exclude any debt issuance costs or original issuance discount (amounts in millions):



					Fair Value Measurement Using
	Total Carrying Value in Consolidated Balance Sheet				Unadjusted Quoted Prices in Active Markets for Identical Assets or Liabilities ⁽¹⁾(Level 1)
	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Liabilities not recorded at fair value in the Financial Statements:
Long-term debt, including the current portion:
US Term loan	$	1,743.5	$	1,761.2	$	1,464.5	$	1,648.9
EMEA Term loan	828.8		857.6		787.9		827.5
7.875% Senior unsecured notes	575.0		575.0		435.6		488.8
Revolving line of credit	140.0		59.0		140.0		59.0
Other secured loans	4.3		18.1		4.3		18.1
Total long-term debt, including current portion	$	3,291.6	$	3,270.9	$	2,832.3	$	3,042.3

⁽¹⁾Fair value based on the bid quoted price, except for the revolving line of credit and other secured loans for which carrying value approximates fair value.

- 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.

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