Fair Value

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

6. FAIR VALUE

The fair value accounting guidance defines fair value as “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.”  The definition is based on an exit price rather than an entry price, regardless of whether the entity plans to hold or sell the asset. This guidance also establishes a fair value hierarchy to prioritize inputs used in measuring fair value as follows:

•Level 1:  Observable inputs such as quoted prices in active markets;

•Level 2:  Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3:  Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

FINANCIAL INSTRUMENTS  The estimated fair values of our financial assets and liabilities that are recognized at fair value on a recurring basis, using available market information and other observable data are as follows:

	December 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Input
	(in millions)
Balance Sheet Classification
Cash equivalents	$	206.7	$	206.7	$	271.3	$	271.3	Level 1
Prepaid expenses and other
Cash flow hedges - currency forward contracts	5.8		5.8		5.0		5.0		Level 2
Cash flow hedges - variable-to-fixed interest rate swap	4.9		4.9		0.9		0.9		Level 2
Nondesignated - currency forward contracts	0.2		0.2		1.9		1.9		Level 2
Other assets and deferred charges
Cash flow hedges - currency forward contracts	3.3		3.3		3.4		3.4		Level 2
Cash flow hedges - fixed-to-fixed cross-currency swap	—		—		1.1		1.1		Level 2
Cash flow hedges - variable-to-fixed interest rate swap	8.6		8.6		2.2		2.2		Level 2
Accrued expenses and other
Cash flow hedges - currency forward contracts	0.1		0.1		—		—		Level 2
Cash flow hedges - variable-to-fixed interest rate swap	17.8		17.8		7.9		7.9		Level 2
Postretirement benefits and other long-term liabilities
Cash flow hedges - currency forward contracts	0.1		0.1		—		—		Level 2
Cash flow hedges - fixed-to-fixed cross-currency swap	20.6		20.6		—		—		Level 2
Cash flow hedges - variable-to-fixed interest rate swap	32.1		32.1		18.4		18.4		Level 2

The carrying values of our cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments.  The carrying values of our borrowings under the foreign credit facilities approximate their fair values due to the frequent resetting of the interest rates.  We estimated the fair value of our outstanding debt using available market information and other observable data to be as follows: 

	December 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Input
	(in millions)
Revolving Credit Facility	$	—	$	—	$	—	$	—	Level 2
Term Loan A Facility	323.0		318.6		340.0		337.9		Level 2
Term Loan B Facility	1,088.8		1,071.1		1,188.8		1,174.0		Level 2
6.875% Notes due 2028	400.0		426.0		—		—		Level 2
6.625% Notes due 2022	—		—		450.0		455.4		Level 2
6.50% Notes due 2027	500.0		523.8		500.0		516.3		Level 2
6.25% Notes due 2026	400.0		411.0		400.0		409.0		Level 2
6.25% Notes due 2025	700.0		724.3		700.0		716.6		Level 2

Investments in our defined benefit pension plans are stated at fair value. See Note 7 - Employee Benefit Plans for additional fair value disclosures of our pension plan assets.