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Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative [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 December 31, 2021 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(111.8)— (111.8)
Reclassifications58.1 (58.1)— 
Accretion— 11.6 11.6 
Fair value loss (3)
33.8 39.3 73.1 
Balance at December 31, 2020$100.5 $123.1 $223.6 
Payments(83.2)— (83.2)
Reclassifications49.4 (49.4)— 
Accretion— 9.0 9.0 
Fair value loss (3)
— 50.3 50.3 
Balance at December 31, 2021$66.7 $133.0 $199.7 
____________
(1)Included in other current liabilities in the consolidated balance sheets.
(2)Included in other long-term obligations in the consolidated balance sheets.
(3)Included in litigation settlements and other contingencies, net in the 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:
December 31, 2021
(In millions)Level 1Level 2Level 3Total
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds$50.9 $— $— $50.9 
Total cash equivalents50.9 — — 50.9 
Equity securities:
Exchange traded funds50.3 — — 50.3 
Marketable securities0.7 — — 0.7 
Total equity securities51.0 — — 51.0 
Available-for-sale fixed income investments:
Corporate bonds— 16.6 — 16.6 
U.S. Treasuries— 14.6 — 14.6 
Agency mortgage-backed securities— 2.0 — 2.0 
Asset backed securities— 4.6 — 4.6 
Other— 0.4 — 0.4 
Total available-for-sale fixed income investments— 38.2 — 38.2 
Foreign exchange derivative assets— 144.6 — 144.6 
Total assets at recurring fair value measurement$101.9 $182.8 $— $284.7 
Financial Liabilities
Foreign exchange derivative liabilities$— $61.0 $— $61.0 
Contingent consideration— — 199.7 199.7 
Total liabilities at recurring fair value measurement$— $61.0 $199.7 $260.7 
December 31, 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 funds45.1 — — 45.1 
Marketable securities0.7 — — 0.7 
Total equity securities45.8 — — 45.8 
Available-for-sale fixed income investments:
Corporate bonds— 17.8 — 17.8 
U.S. Treasuries— 14.4 — 14.4 
Agency mortgage-backed securities— 1.9 — 1.9 
Asset backed securities— 4.6 — 4.6 
Other— 0.4 — 0.4 
Total available-for-sale fixed income investments— 39.1 — 39.1 
Foreign exchange derivative assets— 118.6 — 118.6 
Total assets at recurring fair value measurement$46.7 $157.7 $— $204.4 
Financial Liabilities
Foreign exchange derivative liabilities$— $103.6 $— $103.6 
Contingent consideration— — 223.6 223.6 
Total liabilities at recurring fair value measurement$— $103.6 $223.6 $327.2 
Schedule of Available-for-Sale Securities Reconciliation
The amortized cost and estimated fair value of available-for-sale fixed income securities, included in prepaid expenses and other current assets, were as follows:
(In millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2021
Debt securities$38.1 $0.1 $— $38.2 
$38.1 $0.1 $— $38.2 
December 31, 2020
Debt securities$37.5 $1.6 $— $39.1 
$37.5 $1.6 $— $39.1 
Maturities Of Available-for-Sale Debt Securities At Fair Value
Maturities of available-for-sale debt securities at fair value as of December 31, 2021, were as follows:
(In millions) 
Mature within one year$1.2 
Mature in one to five years19.7 
Mature in five years and later17.3 
$38.2 
Cash flow hedging relationships  
Derivative [Line Items]  
Effect of Derivative Instruments on the Consolidated Statements of Operations
The following tables summarize information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk:

Amount of Gains/(Losses) Recognized in EarningsAmount of Gain Excluded from the Assessment of Hedge Effectiveness
Year Ended December 31,Year Ended December 31,
(In millions)Location of Gain/(Loss)202120202019202120202019
Derivative Financial Instruments in Fair Value Hedge Relationships (1) :
Interest rate swaps
Interest expense (3)
$— $22.1 $18.7 $— $— $— 
2023 Senior Notes (3.125% coupon)
Interest expense (3)
— (22.1)(18.7)— — — 
Derivative Financial Instruments in Cash Flow Hedging Relationships :
Foreign currency forward contracts
Other expense, net (5)
— — — — 7.1 — 
Derivative Financial Instruments Not Designated as Hedging Instruments:
Foreign currency option and forward contracts
Other expense, net (3)
39.3 (10.1)(17.3)— — — 
Total$39.3 $(10.1)$(17.3)$— $7.1 $— 
Amount of Gains/(Losses) Recognized in AOCE (Net of Tax) on DerivativesAmount of Gains/(Losses) Reclassified from AOCE into Earnings
Year Ended December 31,Year Ended December 31,
(In millions)Location of Gain/(Loss)202120202019202120202019
Derivative Financial Instruments in Cash Flow Hedging Relationships (2) :
Foreign currency forward contracts
Net sales (4)
$45.8 $20.6 $16.6 $30.9 $4.8 $(0.7)
Interest rate swaps
Interest expense (4)
(3.4)— 3.0 (4.3)(4.5)(7.1)
Derivative Financial Instruments in Net Investment Hedging Relationships:
Foreign currency borrowings and forward contracts436.6 (346.4)56.7 — — — 
Total$479.0 $(325.8)$76.3 $26.6 $0.3 $(7.8)
____________
(1)In the first quarter of 2020, the Company terminated interest rate swaps designated as a fair value hedge resulting in net proceeds of approximately $45 million. The amount included in the above tables represents the fair value adjustment recognized at the date the interest rate swaps were settled.
(2)At December 31, 2021, the Company expects that approximately $21.0 million of pre-tax net gains on cash flow hedges will be reclassified from AOCE into earnings during the next twelve months.
(3)Represents the location of the gain/(loss) recognized in earnings on derivatives.
(4)Represents the location of the gain/(loss) reclassified from AOCE into earnings.
(5)Represents the location of the gain excluded from the assessment of hedge effectiveness.