v3.22.2.2
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 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 Condensed Consolidated Balance Sheets:
 
 Asset derivativesLiability derivatives
 September 30, 2022December 31, 2021September 30, 2022December 31, 2021
 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 SwapsSwap derivative assets$69.4 Swap derivative assets$10.1 Other accrued &
current liabilities		$— Other accrued &
current liabilities		$— 
Net investment hedge derivative:
Cross-currency swapsSwap derivative assets9.8  — — — 
Total derivatives designated as hedging instruments:$79.2 $10.1 $— $— 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsOther current
assets		$5.6 Other current
assets		$1.9 Other accrued &
current liabilities		$2.1 Other accrued &
current liabilities		$0.7 
Total derivatives not designated as hedging instruments:$5.6 $1.9 $2.1 $0.7 
Total derivatives$84.8 $12.0 $2.1 $0.7 
Schedule of Effect of Derivative Instruments on 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 gain or (loss) recognized in OCI on derivativeAmount of gain or (loss) reclassified from accumulated OCI into incomeAmount of gain or (loss) recognized in income on derivative
Three months ended September 30, Three months ended September 30, Three months ended September 30,
Derivatives designated as hedging instruments20222021Location of gain or (loss) reclassified from accumulated OCI into income20222021Location of gain or (loss) recognized in income on derivative20222021
Cash flow hedge derivative:
   Interest rate swaps$17.0 $(0.2)Interest expense$4.8 $(0.9)Interest expense$4.8 $(0.9)
Net investment hedge derivative:
   Cross-currency swaps$22.4 $—  $— $—  $— $— 
Amount of pre-tax gain or (loss) recognized in OCI on derivativeAmount of gain or (loss) reclassified from accumulated OCI into incomeAmount of gain or (loss) recognized in income on derivative
Nine months ended September 30, Nine months ended September 30, Nine months ended September 30,
Derivatives designated as hedging instruments20222021Location of gain or (loss) reclassified from accumulated OCI into income20222021Location of gain or (loss) recognized in income on derivative20222021
Cash flow hedge derivative
   Interest rate swaps$59.3 $1.4 Interest expense$3.9 $(2.4)Interest expense$3.9 $(2.4)
Net investment hedge derivative
   Cross-currency swaps$29.9 $—  $— $—  $— $— 

Amount of gain (loss) recognized in income on derivatives
Three months ended September 30, Nine months ended September 30,
Derivatives not designated as hedging instrumentsLocation of gain or (loss) recognized in income on derivatives2022202120222021
Foreign exchange collarNon-operating income (expense) – net$— $— $— $(2.5)
Foreign exchange forward contractsNon-operating income (expense) – net$(14.4)$(3.6)$(29.3)$(2.1)
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis The following table summarizes fair value measurements by level at September 30, 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 September 30, 2022
Assets:
Cash equivalents (1)
$0.8 $— $— $0.8 
Other current assets:
Foreign exchange forwards (2)
$— $5.6 $— $5.6 
Swap arrangements (3)
$— $79.2 $— $79.2 
Liabilities:
Other accrued and current liabilities:
Foreign exchange forwards (2)
$— $2.1 $— $2.1 
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 
Swap arrangements (3)
$— $10.1 $— $10.1 
Liabilities:
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 and cross currency swap agreements of $69.4 million and $9.8 million, respectively. 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:
 
 Balance at
 September 30, 2022December 31, 2021
 Carrying
amount		Fair valueCarrying
amount		Fair value
Long-term debt (1)
$453.8 $375.2 $866.4 $924.5 
Revolving facility$46.2 $47.1 $160.0 $162.7 
Term loans (2)
$3,084.8 $3,204.8 $2,718.4 $2,840.7 
(1)Includes the 5.000% Senior Unsecured Notes at September 30, 2022, and the 5.000% Senior Unsecured Notes and 6.875% Senior Secured Notes at December 31, 2021.
(2)Includes short-term and long-term portions of the term loans.