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Financial Instruments and Risk Management (Tables)
9 Months Ended
Sep. 30, 2020
Derivatives, Fair Value [Line Items]  
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]
A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2019 to September 30, 2020 is as follows:
(In millions)
Current Portion (1)
Long-Term Portion (2)
Total Contingent Consideration
Balance at December 31, 2019$120.4 $130.3 $250.7 
Payments(82.1)— (82.1)
Reclassifications52.7 (52.7)— 
Accretion— 9.0 9.0 
Fair value loss (3)
33.8 1.8 35.6 
Balance at September 30, 2020$124.8 $88.4 $213.2 
____________
(1)Included in other current liabilities in the condensed consolidated balance sheets.
(2)Included in other long-term obligations in the condensed consolidated balance sheets.
(3)Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations.
Financial Assets and Liabilities Carried at Fair Value Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above:
 September 30, 2020
(In millions)Level 1Level 2Level 3Total
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds$0.9 $— $— $0.9 
Total cash equivalents0.9 — — 0.9 
Equity securities:
Exchange traded funds40.2 — — 40.2 
Marketable securities0.7 — — 0.7 
Total equity securities40.9 — — 40.9 
Available-for-sale fixed income investments:
Corporate bonds— 19.4 — 19.4 
U.S. Treasuries— 12.8 — 12.8 
Agency mortgage-backed securities— 1.8 — 1.8 
Asset backed securities— 4.5 — 4.5 
Other— 0.6 — 0.6 
Total available-for-sale fixed income investments— 39.1 — 39.1 
Foreign exchange derivative assets— 51.1 — 51.1 
Total assets at recurring fair value measurement$41.8 $90.2 $— $132.0 
Financial Liabilities
Foreign exchange derivative liabilities— 17.1 — 17.1 
Contingent consideration— — 213.2 213.2 
Total liabilities at recurring fair value measurement$— $17.1 $213.2 $230.3 
 December 31, 2019
(In millions)Level 1Level 2Level 3Total
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds$0.7 $— $— $0.7 
Total cash equivalents0.7 — — 0.7 
Equity securities:
Exchange traded funds38.3 — — 38.3 
Marketable securities0.7 — — 0.7 
Total equity securities39.0 — — 39.0 
Available-for-sale fixed income investments:
Corporate bonds— 10.8 — 10.8 
U.S. Treasuries— 9.5 — 9.5 
Agency mortgage-backed securities— 2.3 — 2.3 
Asset backed securities— 3.6 — 3.6 
Other— 0.6 — 0.6 
Total available-for-sale fixed income investments— 26.8 — 26.8 
Foreign exchange derivative assets— 21.0 — 21.0 
Interest rate swap derivative assets— 22.3 — 22.3 
Total assets at recurring fair value measurement$39.7 $70.1 $— $109.8 
Financial Liabilities
Foreign exchange derivative liabilities$— $12.9 $— $12.9 
Contingent consideration— — 250.7 250.7 
Total liabilities at recurring fair value measurement$— $12.9 $250.7 $263.6 
Fair Value Hedging Relationships  
Derivatives, Fair Value [Line Items]  
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations
The Effect of Derivative Instruments in the Condensed Consolidated Statement of Operations
Derivatives in Fair Value Hedging Relationships
 Location of Gain (Loss)
Recognized in Earnings
on Derivatives
Amount of Gain (Loss) Recognized in Earnings on Derivatives
(In millions)Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Interest rate swapsInterest expense$— $3.3 $22.1 $24.3 
Total$— $3.3 $22.1 $24.3 
 Location of Gain (Loss)
Recognized in Earnings
on Hedged Items
Amount of Gain (Loss) Recognized in Earnings on Hedged Items
(In millions)Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
2023 Senior Notes (3.125% coupon)Interest expense$— $(3.3)$(22.1)$(24.3)
Total$— $(3.3)$(22.1)$(24.3)
Cash Flow Hedging  
Derivatives, Fair Value [Line Items]  
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations
The Effect of Derivative Instruments in the Condensed Consolidated Statements of Comprehensive Earnings (Loss)
Derivatives in Cash Flow Hedging Relationships
 Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative
 Three Months EndedNine Months Ended
September 30,September 30,
(In millions)2020201920202019
Foreign currency forward contracts$29.5 $(8.4)$(0.5)$10.9 
Total$29.5 $(8.4)$(0.5)$10.9 
The Effect of Derivative Instruments in the Condensed Consolidated Statement of Operations
Derivatives in Cash Flow Hedging Relationships
 Location of Gain (Loss) Reclassified from AOCE into EarningsAmount of Gain (Loss) Reclassified from AOCE into Earnings
 Three Months EndedNine Months Ended
September 30,September 30,
(In millions)2020201920202019
Foreign currency forward contractsNet sales$5.1 $0.4 $2.3 $(1.2)
Interest rate swapsInterest expense(1.2)(1.8)(3.4)(5.4)
Total$3.9 $(1.4)$(1.1)$(6.6)
Net Investment Hedging  
Derivatives, Fair Value [Line Items]  
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations
The Effect of Derivative Instruments in the Condensed Consolidated Statements of Comprehensive Earnings (Loss)
Derivatives in Net Investment Hedging Relationships
 Amount of Gain (Loss) Recognized in AOCE
(Net of Tax) on Derivative
 Three Months EndedNine Months Ended
September 30,September 30,
(In millions)2020201920202019
Foreign currency borrowings and forward contracts$(109.0)$106.2 $(113.8)$126.9 
Total$(109.0)$106.2 $(113.8)$126.9 
Designated as Hedging Instrument  
Derivatives, Fair Value [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The Effect of Derivative Instruments in the Condensed Consolidated Balance Sheets
Fair Values of Derivative Instruments
Derivatives Designated as Hedging Instruments
 Asset Derivatives
 September 30, 2020December 31, 2019
(In millions)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Interest rate swapsPrepaid expenses and other current assets$— Prepaid expenses and other current assets$22.3 
Foreign currency forward contractsPrepaid expenses and other current assets12.5 Prepaid expenses and other current assets12.5 
Total$12.5 $34.8 
 Liability Derivatives
 September 30, 2020December 31, 2019
(In millions)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Foreign currency forward contractsOther current liabilities— Other current liabilities— 
Total$— $— 
Not Designated as Hedging Instruments  
Derivatives, Fair Value [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The Effect of Derivative Instruments in the Condensed Consolidated Balance Sheets
Fair Values of Derivative Instruments
Derivatives Not Designated as Hedging Instruments
 Asset Derivatives
 September 30, 2020December 31, 2019
(In millions)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Foreign currency forward contractsPrepaid expenses and other current assets$38.6 Prepaid expenses and other current assets$8.5 
Total$38.6 $8.5 
 Liability Derivatives
 September 30, 2020December 31, 2019
(In millions)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Foreign currency forward contractsOther current liabilities$17.1 Other current liabilities$12.9 
Total$17.1 $12.9 
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations
The Effect of Derivative Instruments in the Condensed Consolidated Statement of Operations
Derivatives Not Designated as Hedging Instruments
 Location of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
 Three Months EndedNine Months Ended
September 30,September 30,
(In millions)2020201920202019
Foreign currency option and forward contractsOther expense, net$9.8 $15.5 $22.9 $(12.0)
Total$9.8 $15.5 $22.9 $(12.0)