Fair Value Measurements, Equity Investments and Other Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Hierarchy of Financial Instruments

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, 2024
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	46.4	$	46.4	$	—	$	—

Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	4.4	$	—	$	4.4	$	—

Cross-currency swaps	$	(8.8)	$	—	$	(8.8)	$	—


	December 31, 2023
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	40.2	$	40.2	$	—	$	—

Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	0.8	$	—	$	0.8	$	—

Cross-currency swaps	$	(19.9)	$	—	$	(19.9)	$	—

Carrying Value of Investments Without Readily Determinable Fair Values

The following carrying value of these investments were included within Other non-current assets in our Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023:


(In millions)	March 31, 2024		December 31, 2023
Carrying value at the beginning of period	$	13.8	$	13.3
Purchases	—		—
Impairments or downward adjustments	—		—
Upward adjustments	—		—
Currency translation on investments	(0.3)		0.5
Carrying value at the end of period	$	13.5	$	13.8

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, 2024				December 31, 2023
(In millions)	Interest rate		Carrying Amount		Fair Value		Carrying Amount		Fair Value


Term Loan A due March 2027(1)			$	1,025.7	$	1,025.7	$	1,050.1	$	1,050.1




Senior Notes due September 2025	5.500	%	399.3		398.6		399.1		400.7
Senior Secured Notes due October 2026	1.573	%	597.3		541.7		597.0		539.5
Senior Notes due December 2027	4.000	%	422.7		397.9		422.5		399.4
Senior Notes due February 2028	6.125	%	765.3		775.7		764.8		780.8
Senior Notes due April 2029	5.000	%	421.8		407.4		421.7		410.8
Senior Notes due February 2031	7.250	%	421.0		441.9		420.9		450.3
Senior Notes due July 2033	6.875	%	446.7		468.5		446.7		477.0
Other foreign borrowings(1)			84.6		84.6		94.1		94.1
Other domestic borrowings			57.1		57.1		65.9		65.0
Total debt(2)			$	4,641.5	$	4,599.1	$	4,682.8	$	4,667.7

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

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