Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2022

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, 2021 to March 31, 2022 is as follows:

(In millions)	Current Portion (1)		Long-Term Portion (2)		Total Contingent Consideration
Balance at December 31, 2021	$	66.7	$	133.0	$	199.7
Payments	(15.5)		—		(15.5)
Reclassifications	35.0		(35.0)		—
Accretion	—		1.9		1.9
Fair value loss (3)	—		12.3		12.3
Balance at March 31, 2022	$	86.2	$	112.2	$	198.4

____________

(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:

	March 31, 2022						December 31, 2021
(In millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds	$	0.4	$	—	$	—	$	50.9	$	—	$	—
Total cash equivalents	0.4		—		—		50.9		—		—
Equity securities:
Exchange traded funds	47.3		—		—		50.3		—		—
Marketable securities	0.7		—		—		0.7		—		—
Total equity securities	48.0		—		—		51.0		—		—
Available-for-sale fixed income investments:
Corporate bonds	—		15.9		—		—		16.6		—
U.S. Treasuries	—		13.6		—		—		14.6		—
Agency mortgage-backed securities	—		2.5		—		—		2.0		—
Asset backed securities	—		4.1		—		—		4.6		—
Other	—		0.5		—		—		0.4		—
Total available-for-sale fixed income investments	—		36.6		—		—		38.2		—
Foreign exchange derivative assets	—		202.8		—		—		144.6		—
Total assets at recurring fair value measurement	$	48.4	$	239.4	$	—	$	101.9	$	182.8	$	—
Financial Liabilities
Foreign exchange derivative liabilities	—		98.9		—		—		61.0		—
Contingent consideration	—		—		198.4		—		—		199.7
Total liabilities at recurring fair value measurement	$	—	$	98.9	$	198.4	$	—	$	61.0	$	199.7

Designated as Hedging Instrument

Derivatives, Fair Value [Line Items]

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

The following table summarizes the classification and fair values of derivative instruments in our condensed consolidated balance sheets:

	Asset Derivatives					Liability Derivatives
(In millions)	Balance Sheet Location	March 31, 2022 Fair Value		December 31, 2021 Fair Value		Balance Sheet Location	March 31, 2022 Fair Value		December 31, 2021 Fair Value
Derivatives designated as hedges:
Foreign currency forward contracts	Prepaid expenses & other current assets	$	63.9	$	62.0	Other current liabilities	$	7.6	$	4.3
Total derivatives designated as hedges		63.9		62.0			7.6		4.3
Derivatives not designated as hedges:
Foreign currency forward contracts	Prepaid expenses & other current assets	138.9		82.6		Other current liabilities	91.3		56.7
Total derivatives not designated as hedges		138.9		82.6			91.3		56.7
Total derivatives		$	202.8	$	144.6		$	98.9	$	61.0