Fair Value Measurement of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement of Asset and Liabilities

The following financial assets and liabilities are recorded at fair value on a recurring basis (in millions):


		As of March 31, 2025
						Fair Value Measurements at Reporting Date Using:
Description		Recorded Balance				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedges, current and long-term
Foreign currency forward contracts		$	41.3			$	-			$	41.3			$	-
Cross-currency interest rate swaps			34.3				-				34.3				-
Total Assets		$	75.6			$	-			$	75.6			$	-

Liabilities
Derivatives designated as hedges, current and long-term
Foreign currency forward contracts		$	4.6			$	-			$	4.6			$	-
Cross-currency interest rate swaps			12.8				-				12.8				-
Interest rate swaps			136.3				-				136.3				-
Contingent payments related to acquisitions			137.7				-				-				137.7
Total Liabilities		$	291.4			$	-			$	153.7			$	137.7


		As of December 31, 2024
						Fair Value Measurements at Reporting Date Using:
Description		Recorded Balance				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedges, current and long-term
Foreign currency forward contracts		$	89.5			$	-			$	89.5			$	-
Cross-currency interest rate swaps			50.3				-				50.3				-
Derivatives not designated as hedges, current and long-term
Foreign currency forward contracts			1.8				-				1.8				-
Total Assets		$	141.6			$	-			$	141.6			$	-

Liabilities
Derivatives designated as hedges, current and long-term
Foreign currency forward contracts		$	1.8			$	-			$	1.8			$	-
Cross-currency interest rate swaps			14.2				-				14.2				-
Interest rate swaps			158.6				-				158.6				-
Derivatives not designated as hedges, current and long-term
Foreign currency forward contracts			0.8				-				0.8				-
Contingent payments related to acquisitions			180.7				-				-				180.7
Total Liabilities		$	356.1			$	-			$	175.4			$	180.7

Fair Value Liabilities Measured on Recurring Basis

The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) (in millions):


		Level 3 - Liabilities
Contingent payments related to acquisitions
Beginning balance December 31, 2024		$	180.7
Change in estimates			1.7
Settlements			(45.2	)
Foreign currency impact			0.6
Ending balance March 31, 2025		$	137.7