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

9 Months Ended

Sep. 30, 2023

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, 2023 and December 31, 2022.

	September 30, 2023								December 31, 2022
	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)	$	—	$	0.8	$	—	$	0.8	$	—	$	2.3	$	—	$	2.3
Cross-currency swaps (2)	—		4.5		—		4.5		—		35.0		—		35.0
Other assets:
Cross-currency swaps (2)	—		7.2		—		7.2		—		14.0		—		14.0
Investments in equity securities	0.5		—		—		0.5		1.0		—		—		1.0
Liabilities:
Other accrued liabilities:
Contingent consideration	—		—		—		—		—		—		7.2		7.2
Long-term borrowings:
2029 Dollar Term Loans	—		1,846.1		—		1,846.1		—		1,976.3		—		1,976.3
2025 Euro Senior Notes	—		468.2		—		468.2		—		460.8		—		460.8
2027 Dollar Senior Notes	—		465.0		—		465.0		—		462.8		—		462.8
2029 Dollar Senior Notes	—		582.4		—		582.4		—		581.1		—		581.1

(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 nine months ended September 30, 2023.

	Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance December 31, 2022	$	7.2
Payments	(6.9)
Change in fair value	(0.3)
Ending balance at September 30, 2023	$	—

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, 2023 and 2022 for the Company's cash flow and net investment hedges.

		Three Months Ended September 30,
		2023				2022
Derivatives in Cash Flow and Net Investment Hedges	Location of (Gain) Loss Recognized in Income on Derivatives	Net Amount of Gain Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income
Interest rate swaps	Interest expense, net	$	—	$	(0.4)	$	(2.5)	$	0.1
Foreign currency forward contracts	Cost of goods sold	—		—		(0.1)		—
Cross-currency swaps	Interest expense, net	(14.0)		(1.8)		(65.5)		(5.4)

		Nine Months Ended September 30,
		2023				2022
Derivatives in Cash Flow and Net Investment Hedges	Location of (Gain) Loss Recognized in Income on Derivatives	Net Amount of (Gain) Loss Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income
Interest rate swaps	Interest expense, net	$	(1.5)	$	(3.0)	$	(21.8)	$	11.6
Foreign currency forward contracts	Cost of goods sold	—		(0.2)		(0.2)		—
Cross-currency swaps	Interest expense, net	0.2		(7.7)		(124.9)		(15.3)

Schedule of 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,
		2023		2022		2023		2022
Foreign currency forward contracts	Other expense, net	$	4.2	$	5.2	$	(2.7)	$	7.8