XML 66 R43.htm IDEA: XBRL DOCUMENT v3.22.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheet
Fair Values of Derivative Instruments in the Consolidated Balance Sheets
 
 Asset derivativesLiability derivatives
December 31,December 31,
 2022202120222021
 Balance sheet
location		Fair valueBalance sheet
location		Fair valueBalance sheet
location		Fair valueBalance sheet
location		Fair value
Derivatives designated as hedging instruments:
Cash flow hedge derivative:
Interest rate swapsOther current assets$65.7 Other current assets$10.1 Other accrued &
current liabilities		$— Other accrued &
current liabilities		$— 
Net investment hedge derivative:
Cross-currency swapsOther current assets— Other current assets— Other accrued &
current liabilities		17.1 Other accrued &
current liabilities		— 
Total derivatives designated as hedging instruments$65.7 $10.1 $17.1 $— 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsOther current
assets		$3.5 Other current
assets		$1.9 Other accrued &
current liabilities		$0.3 Other accrued &
current liabilities		$0.7 
Total derivatives not designated as hedging instruments$3.5 $1.9 $0.3 $0.7 
Total derivatives$69.2 $12.0 $17.4 $0.7 
Schedule of Effect of Derivative Instruments on Consolidated Statement of Operations and Comprehensive Income (Loss)
The Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income (Loss)

 Amount of pre-tax gain or (loss) recognized in OCI on derivative
Year Ended December 31,
Derivatives designated as hedging instruments202220212020
Cash flow hedge derivative:
     Interest rate swaps$55.6 $11.1 $0.9 
Net investment hedge derivative:
     Cross-currency swaps$2.9 $— $— 
  Amount of gain or (loss) reclassified from accumulated OCI into income
Year Ended December 31,
Derivatives designated as hedging instrumentsLocation of gain or (loss) reclassified from accumulated OCI into income202220212020
Cash flow hedge derivative:
     Interest rate swapsInterest expense$13.2 $(3.4)$(2.8)


 Amount of gain or (loss) recognized in income on derivative
Year Ended December 31,
Derivatives designated as hedging instrumentsLocation of gain or (loss) reclassified from accumulated OCI into income202220212020
Cash flow hedge derivative:
     Interest rate swapsInterest expense$13.2 $(3.4)$(2.8)


Amount of gain (loss) recognized in income on derivatives
Year Ended December 31,
Derivatives not designated as hedging
instruments		Location of gain or (loss) recognized in
income on derivatives		202220212020
Make-whole derivative liabilityNon-operating income (expenses) – net$— $— $(32.8)
Foreign exchange collarNon-operating income (expenses) – net$— $(2.5)$23.5 
Foreign exchange forward contractsNon-operating income (expenses) – net$(12.1)$1.4 $9.0 
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis The following table summarizes fair value measurements by level at December 31, 2022 for assets and liabilities measured at fair value on a recurring basis:
Quoted prices in
active markets
for identical
assets (Level I)		Significant other
observable
inputs (Level II)		Significant
unobservable
inputs
(Level III)		Balance at December 31, 2022
Assets:
Cash equivalents (1)
$0.9 $— $— $0.9 
Other current assets:
Foreign exchange forwards (2)
$— $3.5 $— $3.5 
Interest rate swap arrangements (3)
$— $65.7 $— $65.7 
Liabilities:
Other accrued and current liabilities:
Foreign exchange forwards (2)
$— $0.3 $— $0.3 
Cross-currency swap arrangements (3)
$— $17.1 $— $17.1 
The following table summarizes fair value measurements by level at December 31, 2021 for assets and liabilities measured at fair value on a recurring basis:
Quoted prices in
active markets
for identical
assets (Level I)		Significant other
observable
inputs (Level II)		Significant
unobservable
inputs
(Level III)		Balance at December 31, 2021
Assets:
Cash equivalents (1)
$1.7 $— $— $1.7 
Other current assets:
Foreign exchange forwards (2)
$— $1.9 $— $1.9 
Interest rate swap arrangements (3)
$— $10.1 $— $10.1 
Other accrued and current liabilities:
Foreign exchange forwards (2)
$— $0.7 $— $0.7 
(1)The carrying value of cash equivalents represents fair value as they consist of highly liquid investments with an initial term from the date of purchase by the Company to maturity of three months or less.
(2)Primarily represents foreign currency forward contracts. Fair value is determined based on observable market data and considers a factor for nonperformance in the valuation.
(3)Represents interest rate swap agreements. Fair value is determined based on observable market data.
Schedule of Carrying Amount and Estimated Fair Value of Liabilities The estimated fair values of other financial instruments subject to fair value disclosures, determined based on valuation models using discounted cash flow methodologies with market data inputs from globally recognized data providers and third-party quotes from major financial institutions (categorized as Level II in the fair value hierarchy), are as follows:
 
 December 31,
 20222021
 Carrying
amount		Fair valueCarrying
amount		Fair value
Long-term debt (1)
$454.0 $390.9 $866.4 $924.5 
Revolving facility$50.3 $49.9 $160.0 $162.7 
Term loan facility (2)
$3,080.6 $3,085.9 $2,718.4 $2,840.7 

(1)Includes the 5.00% Senior Unsecured Notes at December 31, 2022, and the 5.000% Senior Unsecured Notes and the 6.875% Senior Secured Notes at December 31, 2021.
(2)Includes short-term and long-term portions of the Term Loan Facility.