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

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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 September 30, 2022 and December 31, 2021.

	September 30, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Prepaid expenses and other current assets:
Interest rate swaps (1)	$	—	$	7.1	$	—	$	7.1	$	—	$	—	$	—	$	—
Cross-currency swaps (2)	—		76.7		—		76.7		—		17.7		—		17.7
Foreign currency forward contracts (1)	—		0.2		—		0.2		—		—		—		—
Other assets:
Cross-currency swaps (2)	—		34.3		—		34.3		—		8.3		—		8.3
Investments in equity securities	0.6		—		—		0.6		0.7		—		—		0.7
Liabilities:
Other accrued liabilities:
Interest rate swaps (1)	—		—		—		—		—		24.3		—		24.3
Contingent consideration	—		—		7.0		7.0		—		—		7.8		7.8
Other liabilities:
Interest rate swaps (1)	—		—		—		—		—		1.9		—		1.9
Long-term borrowings:
2024 Dollar Term Loans	—		1,997.6		—		1,997.6		—		2,038.5		—		2,038.5
2025 Euro Senior Notes	—		400.4		—		400.4		—		513.7		—		513.7
2027 Dollar Senior Notes	—		445.3		—		445.3		—		522.9		—		522.9
2029 Dollar Senior Notes	—		547.7		—		547.7		—		679.5		—		679.5

(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 during the three and nine months ended September 30, 2022.

	Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance December 31, 2021	$	7.8
Change in fair value	—
Ending balance at March 31, 2022	7.8
Change in fair value	(0.3)
Ending balance at June 30, 2022	7.5
Change in fair value	(0.5)
Ending balance at September 30, 2022	$	7.0

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:

	September 30, 2022		December 31, 2021
AOCI:
Interest rate swaps (cash flow hedges)	$	(7.1)	$	26.3
Foreign currency forward contracts (cash flow hedges)	(0.2)		—
Cross-currency swaps (net investment hedges)	(135.6)		(26.0)
Total AOCI	$	(142.9)	$	0.3

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 three and nine months ended September 30, 2022 and 2021 for these cash flow and net investment hedges.

		For the Three Months Ended September 30,
		2022				2021
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 (Gain) Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income
Interest rate caps	Interest expense, net	$	—	$	—	$	—	$	0.7
Interest rate swaps	Interest expense, net	(2.5)		0.1		0.9		7.5
Foreign currency forward contracts	Cost of goods sold	(0.1)		—		—		0.1
Cross-currency swaps	Interest expense, net	(65.5)		(5.4)		(20.4)		(4.8)

		For the Nine Months Ended September 30,
		2022				2021
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 (Gain) Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income
Interest rate caps	Interest expense, net	$	—	$	—	$	—	$	1.9
Interest rate swaps	Interest expense, net	(21.8)		11.6		0.3		21.7
Foreign currency forward contracts	Cost of goods sold	(0.2)		—		—		0.2
Cross-currency swaps	Interest expense, net	(124.9)		(15.3)		(50.3)		(14.3)

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 under ASC 815, Derivatives and hedging, are recorded in earnings as follows:

Derivatives Not Designated as Hedging Instruments under ASC 815	Location of Loss (Gain) Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Foreign currency forward contracts	Other expense (income), net	$	5.2	$	(0.9)	$	7.8	$	(6.8)