Fair Value Measurements and Other Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Financial Instruments

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels to the fair value hierarchy as follows:

Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly

Level 3 - unobservable inputs for which there is little or no market data, which may require the reporting entity to develop its own assumptions.

The fair value, measured on a recurring basis, of our financial instruments, using the fair value hierarchy under U.S. GAAP are included in the table below.

	March 31, 2020
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	42.6	$	42.6	$	—	$	—
Other current assets	$	1.4	$	1.4	$	—	$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward and option contracts	$	2.0	$	—	$	2.0	$	—

	December 31, 2019
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	41.4	$	41.4	$	—	$	—
Other current assets	$	14.4	$	14.4	$	—	$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward and option contracts	$	(1.2)	$	—	$	(1.2)	$	—

Carrying Amounts and Estimated Fair Values of Debt

The table below shows the carrying amounts and estimated fair values of our debt, excluding our lease liabilities.

			March 31, 2020				December 31, 2019
(In millions)	Interest rate		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan A Facility due August 2022			$	474.5	$	474.5	$	474.6	$	474.6
Term Loan A Facility due July 2023(1)			221.8		221.8		223.8		223.8
Senior Notes due December 2022	4.875	%	422.2		429.0		421.9		450.1
Senior Notes due April 2023	5.250	%	422.2		435.0		422.0		454.1
Senior Notes due September 2023	4.500	%	439.7		463.4		445.6		509.5
Senior Notes due December 2024	5.125	%	422.1		423.8		421.9		458.9
Senior Notes due September 2025	5.500	%	397.5		403.8		397.4		441.2
Senior Notes due December 2027	4.000	%	420.5		389.7		420.4		431.5
Senior Notes due July 2033	6.875	%	445.7		450.1		445.7		528.8
Other foreign borrowings(1)			163.4		163.5		12.1		12.4
Other domestic borrowings			5.0		5.0		89.0		89.0
Total debt(2)			$	3,834.6	$	3,859.6	$	3,774.4	$	4,073.9

⁽¹⁾Includes borrowings denominated in currencies other than US dollars.

(2)The carrying amount and estimated fair value of debt exclude lease liabilities.