XML 47 R36.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swaps
The following table summarizes our interest rate swaps as of June 30, 2024 and December 31, 2023:
Expiration date
Fixed rate
Notional amount
June 30, 2024December 31, 2023
February 27, 20251.629%$250$250
March 27, 20253.214%1,0001,000
February 8, 20263.695%1,5001,500
Total interest rate swaps$2,750$2,750
Schedule of Fair Values of Derivative Instruments in Condensed Consolidated Balance Sheets
Fair Values of Derivative Instruments in the Condensed Consolidated Balance Sheets:
 
 Asset derivativesLiability derivatives
 June 30, 2024December 31, 2023June 30, 2024December 31, 2023
 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$42.1 Other current assets$33.1 Other accrued &
current liabilities		$— Other accrued &
current liabilities		$— 
Net investment hedge derivative:
Cross-currency swapsOther current assets— Other current assets— Other accrued &
current liabilities		22.4 Other accrued &
current liabilities		34.1 
Total derivatives designated as hedging instruments$42.1 $33.1 $22.4 $34.1 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsOther current
assets		$1.5 Other current
assets		$8.0 Other accrued &
current liabilities		$0.5 Other accrued &
current liabilities		$2.3 
Total derivatives not designated as hedging instruments$1.5 $8.0 $0.5 $2.3 
Total derivatives$43.6 $41.1 $22.9 $36.4 
Schedule of Effect of Derivative Instruments on Condensed Consolidated Statement of Operations and Comprehensive Income (Loss)
The Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss):
Amount of pre-tax net gain or (loss) recognized in OCI on derivative
Amount of gain or (loss) reclassified from accumulated OCI into incomeAmount of gain or (loss) recognized in income on derivative
Three months ended June 30, Three months ended June 30, Three months ended June 30,
Derivatives designated as hedging instruments20242023Location of gain or (loss) reclassified from accumulated OCI into income20242023Location of gain or (loss) recognized in income on derivative20242023
Cash flow hedge derivative:
   Interest rate swaps$(0.5)$24.9 Interest expense$9.9 $18.7 Interest expense$9.9 $18.7 
Net investment hedge derivative:
   Cross-currency swaps$4.7 $(5.8) $— $—  $— $— 
Amount of pre-tax net gain or (loss) recognized in OCI on derivative
Amount of gain or (loss) reclassified from accumulated OCI into incomeAmount of gain or (loss) recognized in income on derivative
Six months ended June 30,
Six months ended June 30,
Six months ended June 30,
Derivatives designated as hedging instruments20242023Location of gain or (loss) reclassified from accumulated OCI into income20242023Location of gain or (loss) recognized in income on derivative20242023
Cash flow hedge derivative:
   Interest rate swaps$5.8 $10.4 Interest expense$31.1 $33.0 Interest expense$31.1 $33.0 
Net investment hedge derivative:
   Cross-currency swaps$11.3 $(9.1) $— $—  $— $— 

Amount of gain (loss) recognized in income on derivatives
Three months ended June 30, Six months ended June 30,
Derivatives not designated as hedging instrumentsLocation of gain or (loss) recognized in income on derivatives2024202320242023
Foreign exchange forward contractsNon-operating income (expense) – net$(5.2)$7.1 $(4.2)$10.9 
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table summarizes fair value measurements by level at June 30, 2024 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 June 30, 2024
Assets:
Cash equivalents (1)
$0.4 $— $— $0.4 
Other current assets:
Foreign exchange forwards (2)
$— $1.5 $— $1.5 
Interest rate swap arrangements (3)
$— $42.1 $— $42.1 
Liabilities:
Other accrued and current liabilities:
Foreign exchange forwards (2)
$— $0.5 $— $0.5 
Cross-currency swap arrangements (3)
$— $22.4 $— $22.4 

The following table summarizes fair value measurements by level at December 31, 2023 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, 2023
Assets:
Cash equivalents (1)
$0.9 $— $— $0.9 
Other current assets:
Foreign exchange forwards (2)
$— $8.0 $— $8.0 
Interest rate swap arrangements (3)
$— $33.1 $— $33.1 
Liabilities:
Other accrued and current liabilities:
Foreign exchange forwards (2)
$— $2.3 $— $2.3 
Cross-currency swap arrangements (3)
$— $34.1 $— $34.1 
(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)Fair value is determined based on observable market data and considers a factor for nonperformance in the valuation.
(3)Fair value is determined based on observable market data.
Schedule of Estimated Fair Values of Financial Instruments Based on Valuation Models 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:
 
 Balance at
 June 30, 2024December 31, 2023
 Carrying
amount		Fair valueCarrying
amount		Fair value
Long-term debt (1)
$455.3 $420.9 $454.9 $420.3 
Revolving facility$120.0 $113.0 $25.0 $24.6 
Term loans (2)
$3,076.1 $2,927.4 $3,065.3 $3,003.9 
(1)Represents the 5.000% Senior Unsecured Notes.
(2)Includes short-term and long-term portions of the Term Loan Facility.