Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at December 31, 2021 and December 31, 2020.



	December 31, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Prepaid expenses and other current assets:

Cross-currency swaps (2)	$	—	$	17.7	$	—	$	17.7	$	—	$	16.7	$	—	$	16.7

Other assets:


Cross-currency swaps (2)	—		8.3		—		8.3		—		—		—		—
Investments in equity securities	0.7		—		—		0.7		0.8		—		—		0.8
Liabilities
Other accrued liabilities:
Interest rate caps (1)	—		—		—		—		—		2.0		—		2.0
Interest rate swaps (1)	—		24.3		—		24.3		—		28.9		—		28.9

Contingent consideration	—		—		7.8		7.8		—		—		—		—
Other liabilities:

Interest rate swaps (1)	—		1.9		—		1.9		—		31.1		—		31.1
Cross-currency swaps (2)	—		—		—		—		—		52.0		—		52.0

Long-term borrowings:
2024 Dollar Term Loans	—		2,038.5		—		2,038.5		—		2,043.0		—		2,043.0
2025 Euro Senior Notes	—		513.7		—		513.7		—		564.3		—		564.3
2027 Dollar Senior Notes	—		522.9		—		522.9		—		533.1		—		533.1
2029 Dollar Senior Notes	—		679.5		—		679.5		—		704.6		—		704.6

(1) Cash flow hedge

(2) Net investment hedge

Schedule of Fair Value, Liability Activity

The table below presents a roll forward of activity for the Level 3 liabilities for the year ended December 31, 2021.


	Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance January 1, 2021	$	—






Business acquisition	7.3

Change in fair value	0.5








Ending balance at December 31, 2021	$	7.8

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair values of derivative instruments that qualify and have been designated as cash flow and net investment hedges included in AOCI:


	December 31,
	2021		2020
AOCI:
Interest rate caps (cash flow hedges)	$	—	$	2.6
Interest rate swaps (cash flow hedges)	26.3		60.0
Foreign currency forward contracts (cash flow hedges)	—		0.3
Cross-currency swaps (net investment hedges)	(26.0)		35.2
Total AOCI	$	0.3	$	98.1

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables set forth the locations and amounts recognized during the year ended December 31, 2021, 2020 and 2019 for these cash flow and net investment hedges.


		Year Ended December 31,
		2021				2020				2019
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss (Gain) Recognized in Income on Derivatives	Net Amount of Gain Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income		Net Amount of Loss Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income		Net Amount of Loss (Gain) Recognized in OCI on Derivatives		Amount of (Gain) Loss Recognized in Income
Interest rate caps	Interest expense, net	$	—	$	2.6	$	1.2	$	2.1	$	6.2	$	(0.7)
Interest rate swaps	Interest expense, net	(4.4)		29.3		49.4		18.8		27.5		1.3
Foreign currency forward contracts	Cost of goods sold	—		0.3		0.3		—		—		—
Cross-currency swaps	Interest expense, net	(80.7)		(19.5)		42.6		(15.0)		(31.9)		(14.7)

Derivatives Not Designated as Hedging Instruments

Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment are recorded in earnings as follows:


Derivatives Not Designated as Hedging Instruments under ASC 815	Location of (Gain) Loss Recognized in Income on Derivatives	Year Ended December 31,
		2021		2020		2019
Foreign currency forward contracts	Other (income) expense, net	$	(7.3)	$	3.3	$	2.8